Fico Should be Abolished (education, worker, TV, bill)

[shanv3]

Originally Posted by ansible90

Pay your bill's on time and don't buy stuff that you can't afford.

Witch please.

I paid things off. But still they do as much as rhey can to keep my utilization above 30%.


Just using amex and trashing the rest.

[Three Wolves In Snow]

Originally Posted by jeffrow1

I've done and am doing just fine thank you. I just think pontificating about other peoples situations that you have no understanding of and smugly making judgments makes you look small.

What is smug to me is someone assuming that another has no real life experience, and is sharing things learned.

Assuming I have “no idea” what it’s like” doesn’t make me the smug, arrogant one here.

[tinytrump]

Originally Posted by UNC4Me

The credit bureau sends you an alert when you ship something to another address? I ship things to other addresses frequently. No alerts from BOA even though I use that CC exclusively. Never gotten an alert about anything directly from any of the credit bureaus. Maybe you have a credit monitoring product and need to manage your alerts?

Nope I won’t pay for that. When son moved I changed the address on my gift to them. Kredit karma n exp I think sent me “you have New address” I’m not lying. They track everything, that I do know. By your receipts at the a stores they gather information when use any card. I was a visa coord before became manager. I found some of my credit card thieves by usage. It’s all high tech and now you get robbed from France. But the CB wanted to change my address for me from a purchase.

[UNC4Me]

Originally Posted by tinytrump

Nope I won’t pay for that. When son moved I changed the address on my gift to them. Kredit karma n exp I think sent me “you have New address” I’m not lying. They track everything, that I do know. By your receipts at the a stores they gather information when use any card. I was a visa coord before became manager. I found some of my credit card thieves by usage. It’s all high tech and now you get robbed from France. But the CB wanted to change my address for me from a purchase.

Credit Karma is a credit tracking company and not afflicted with any credit bureau. The only way you’re getting alerts from them is if you signed up to check your credit. It’s free so you wouldn’t be paying for it. If you’re annoyed by their alerts, either change your Credit Karma account to stop alerts or delete it all together.

The fact is you can’t even change your address with the credit bureaus. You change it with your bank (or whoever) and they report the change to the credit bureaus in about 30-45 days. For someone who claims to have been in banking, your understanding of how credit bureau reporting works is surprisingly slim.

[Mircea]

Originally Posted by tinytrump

Once again the credit bureaus who are not government agencies nor are controlled by any, are slashing the Fico score up to 20% if you took out a consolidation loan.

That's a patently false statement, but thanks for misleading forum members just the same.

Which part of "Fair Isaacs Company" do you not understand?

That's what FICO is....an acronym for Fair Isaacs Company.

FICO is a privately-held company. FICO is not a credit reporting agency. FICO developed a statistical mathematical algorithm to asses credit-worthiness.

A long time ago, probably before you were born, there were lawsuits against FICO and the plaintiffs lost, because it was proven the FICO algorithm is a statistically valid model that is incredibly accurate.

Unless you see this -- FICO® -- prominently displayed on whatever report you're using, you are not seeing a true bona fide real FICO scoring system.

If you use creditsaysme or creditkarma or other free services, that is not a true FICO score, rather it is someone's differently twisted approximation of the FICO mathematical algorithm.

Experian-Boost is not a true FICO score, either, and nobody uses it except Experian. And the reason Experian uses it is because if you use free credit reporting/scoring websites, you'll notice it's only TransUnion and Equifax, because Experian will not allow them access.

Why? Because Experian wants you to pay them to see your score (although you can get it for free if you sign up, pay the fee, enroll in their program and then cancel your enrollment).

So, your car dealer or mortgage lender doesn't give a goddam about your Experian-Boost score, because they are using the FICO-8 scoring system.

The Experian-Boost score simply makes use of data from other other credit reporting agencies that you probably don't even know exist.

There is a separate credit reporting agency exclusively for banks and financial institutions. Bounce a check, write a bad check, over-draw your account, over-draw your account and don't pay it back, play check-kiting games and your name goes there....not to Experian or TransUnion or Equifax.

There is a separate credit reporting agency exclusively for utilities such as electric, gas, telephone, cable/satellite, cell-phone, etc. If you habitually pay late or don't pay or get disconnected, your name goes there....not to Experian or TransUnion or Equifax.

There is also a separate credit reporting agency for landlords so if you skip out on rent, damage the property, etc etc your name goes there.

If those accounts are turned over to a collection agency or junk debt buyer, your name goes there, and then it also goes to Experian, TransUnion and Equifax.

The second reason you're just plain wrong is FICO doesn't give a damn what kind of loan it is.

FICO doesn't care if it's a mortgage, HELCO, auto-loan, 2nd mortgage, 3rd mortgage, personal loan, business loan, commercial loan or student loan.

FICO does distinguish between revolving credit, financial installment credit, retail installment credit etc etc, but it doesn't care what kind of credit it is.

A secured credit card is treated just like an unsecured credit card.

The only thing FICO cares about is the age of the account, the credit limit, the running balance, the balance-to-limit ratio and the payment history.

Your FICO score did not drop because it was a consolidation loan. Your score dropped because you have a new account, the account is not "aged" (ie less than 6 months old), the payment history has not been established, and most likely you have too many installment accounts compared to revolving credit accounts, other credit accounts and other credit in general and probably your overall indebtedness was a factor as well.

Your FICO score will be lower if you have only credit cards, or only charge cards, or only retail installment accounts or only financial installment accounts or only other types of credit accounts.

FICO likes a good mix of credit cards, charge cards, retail installment, financial installment, and other credit.

The other reason you're just plain wrong is that credit reporting agencies are under the jurisdiction of the Federal Trade Commission (FTC) and are governed by the federal Fair Credit Reporting Act.

Finally, it seems people who are obsessed with their credit scores are typically pathetic emotionally disturbed people with nothing better to do.

[tinytrump]

Originally Posted by UNC4Me

Credit Karma is a credit tracking company and not afflicted with any credit bureau. The only way you’re getting alerts from them is if you signed up to check your credit. It’s free so you wouldn’t be paying for it. If you’re annoyed by their alerts, either change your Credit Karma account to stop alerts or delete it all together.
The fact is you can’t even change your address with the credit bureaus. You change it with your bank (or whoever) and they report the change to the credit bureaus in about 30-45 days. For someone who claims to have been in banking, your understanding of how credit bureau reporting works is surprisingly slim.

No simply left that career back in 2010 after the CEO was caught embezzling and shot himself. There was no credit karma back then that I know of. I have not pulled credit in a bit but they get your address from credit you apply for or change your card information and I don’t know what else. This alert just happened this year - never seen that before and have k Karma for a couple of years now. Will that address show up on my of addresses ? I’ll let you know.

[tinytrump]

Originally Posted by Mircea

That's a patently false statement, but thanks for misleading forum members just the same.

Which part of "Fair Isaacs Company" do you not understand?

That's what FICO is....an acronym for Fair Isaacs Company.

FICO is a privately-held company. FICO is not a credit reporting agency. FICO developed a statistical mathematical algorithm to asses credit-worthiness.

A long time ago, probably before you were born, there were lawsuits against FICO and the plaintiffs lost, because it was proven the FICO algorithm is a statistically valid model that is incredibly accurate.

Unless you see this -- FICO® -- prominently displayed on whatever report you're using, you are not seeing a true bona fide real FICO scoring system.

If you use creditsaysme or creditkarma or other free services, that is not a true FICO score, rather it is someone's differently twisted approximation of the FICO mathematical algorithm.

Experian-Boost is not a true FICO score, either, and nobody uses it except Experian. And the reason Experian uses it is because if you use free credit reporting/scoring websites, you'll notice it's only TransUnion and Equifax, because Experian will not allow them access.

Why? Because Experian wants you to pay them to see your score (although you can get it for free if you sign up, pay the fee, enroll in their program and then cancel your enrollment).

So, your car dealer or mortgage lender doesn't give a goddam about your Experian-Boost score, because they are using the FICO-8 scoring system.

The Experian-Boost score simply makes use of data from other other credit reporting agencies that you probably don't even know exist.

There is a separate credit reporting agency exclusively for banks and financial institutions. Bounce a check, write a bad check, over-draw your account, over-draw your account and don't pay it back, play check-kiting games and your name goes there....not to Experian or TransUnion or Equifax.

There is a separate credit reporting agency exclusively for utilities such as electric, gas, telephone, cable/satellite, cell-phone, etc. If you habitually pay late or don't pay or get disconnected, your name goes there....not to Experian or TransUnion or Equifax.

There is also a separate credit reporting agency for landlords so if you skip out on rent, damage the property, etc etc your name goes there.

If those accounts are turned over to a collection agency or junk debt buyer, your name goes there, and then it also goes to Experian, TransUnion and Equifax.

The second reason you're just plain wrong is FICO doesn't give a damn what kind of loan it is.

FICO doesn't care if it's a mortgage, HELCO, auto-loan, 2nd mortgage, 3rd mortgage, personal loan, business loan, commercial loan or student loan.

FICO does distinguish between revolving credit, financial installment credit, retail installment credit etc etc, but it doesn't care what kind of credit it is.

A secured credit card is treated just like an unsecured credit card.

The only thing FICO cares about is the age of the account, the credit limit, the running balance, the balance-to-limit ratio and the payment history.

Your FICO score did not drop because it was a consolidation loan. Your score dropped because you have a new account, the account is not "aged" (ie less than 6 months old), the payment history has not been established, and most likely you have too many installment accounts compared to revolving credit accounts, other credit accounts and other credit in general and probably your overall indebtedness was a factor as well.

Your FICO score will be lower if you have only credit cards, or only charge cards, or only retail installment accounts or only financial installment accounts or only other types of credit accounts.

FICO likes a good mix of credit cards, charge cards, retail installment, financial installment, and other credit.

The other reason you're just plain wrong is that credit reporting agencies are under the jurisdiction of the Federal Trade Commission (FTC) and are governed by the federal Fair Credit Reporting Act.

Finally, it seems people who are obsessed with their credit scores are typically pathetic emotionally disturbed people with nothing better to do.

Guess they pay you well. I did not chexsysyem still existed. I understand you tap into the bureaus and get what you pay for. They have diverted from the past and become more a la cart over the years. And yes there are more than one reporting agency as well as scores. When I did walk the halls of the banks I would go to The credit bureaus trainings. FICO etc are private and regulated but pretty much do what they want just like payday loans do. They change the rules midstream and that hurts people financially. There were regs. that stated if the CBI couldn’t prove the debt- it had to remove it in 30 days. Haha yea right. Good luck with that. I’m not obsessed with credit or FICO scores but yesterday I read the new changes in the news and I think they are large part of what keeps the middle class down. FICO etc regulate people’s lives. You get that ?

[RMESMH]

Originally Posted by shanv3

Witch please.

I paid things off. But still they do as much as rhey can to keep my utilization above 30%.


Just using amex and trashing the rest.

People used to be able to keep keep continual credit balances if so desired (thus keeping utilization ratio at zero). Then the idiotic credit card legislation was passed during the Obama administration, and that was no longer allowed.

[AfriqueNY]

Originally Posted by Taratova

My banker told me the next crisis will be the purchase of cars not homes . He said many people bought too much car and are now 3 months behind in their payments.. Ever look at the cost of some of those fancy trucks? 65K or better..

I agree.... But our economy depends on debt. If we don't buy buy buy and charge charge charge things would be really really bad here. Whole industries are based on credit . Without it they wouldn't exist. That means jobs and only people in civil service will survive. And even they will suffer as the tax base dwindles. It would be catastrophic if everyone in the US suddenly decided to live within their means...

[Mike930]

Originally Posted by ansible90

Pay your bill's on time and don't buy stuff that you can't afford.

What a concept.

+1.