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Understanding FICO® Scoring >
Re: Somethings you might not know about how FICO is calculated
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Somethings you might not know about how FICO is calculated
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crocpa
Regular Contributor
Posts: 89
Registered: 06-09-2007
Message 1 of 10
Viewed 27,061 times
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- How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.
Scoring models may be based on more than just information in your credit report. For example, the model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home. To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It’s likely to take some time to improve your score significantly |
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06-22-2007 05:54 PM
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Re: Somethings you might not know about how FICO is calculated
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MidnightVoice
Super Contributor
Posts: 7572
Registered: 03-25-2007
Message 2 of 10
Viewed 27,059 times
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Don't forget that applies to "scoring models". In the case of the most important scoring model (Thanks to Tusk): What types of information are NOT used in calculating my FICO score? 1. Your race, color, religion, national origin, sex or marital status 2. Your age 3. Your salary, occupation, title, employer, date employed or employment history 4. Where you live 5. Certain types of inquiries such as promotional, account review, insurance or employment related inquiries 6. Any information not found in your credit file 7. Any information that is not proven to be a predictive of future credit performance
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
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06-22-2007 05:58 PM
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Re: Somethings you might not know about how FICO is calculated
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MidnightVoice
Super Contributor
Posts: 7572
Registered: 03-25-2007
Message 4 of 10
Viewed 27,046 times
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ilovepizza wrote:
Gieco would not give me a quote unless they could title my job position in the computer. I wanted to give them some answer like Freedom Frog Sweeper to throw them off, but they should have a category for misc/unknown.
I am not sure Gieco would insure someone who did not know what their job was 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
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06-22-2007 06:13 PM
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Re: Somethings you might not know about how FICO is calculated
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 fused
Moderator
Posts: 13940
Registered: 03-12-2007
Message 6 of 10
Viewed 27,042 times
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MidnightVoice wrote:
ilovepizza wrote:
Gieco would not give me a quote unless they could title my job position in the computer. I wanted to give them some answer like Freedom Frog Sweeper to throw them off, but they should have a category for misc/unknown.
I am not sure Gieco would insure someone who did not know what their job was
I disagree! Don't you think they would insure a caveman!
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06-22-2007 06:16 PM
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Re: Somethings you might not know about how FICO is calculated
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ilovepizza
Super Contributor
Posts: 3050
Registered: 05-17-2007
Message 7 of 10
Viewed 27,027 times
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fused111 wrote:
MidnightVoice wrote:
ilovepizza wrote:
Gieco would not give me a quote unless they could title my job position in the computer. I wanted to give them some answer like Freedom Frog Sweeper to throw them off, but they should have a category for misc/unknown.
I am not sure Gieco would insure someone who did not know what their job was
I disagree! Don't you think they would insure a caveman!
I heard the caveman saved money too I wonder what the other insurance companies quoted him? lol
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06-22-2007 07:04 PM
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Re: Somethings you might not know about how FICO is calculated
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Noah_Bodie
Super Contributor
Posts: 4180
Registered: 03-11-2007
Message 8 of 10
Viewed 27,003 times
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MidnightVoice wrote: What types of information are NOT used in calculating my FICO score? 1. Your race, color, religion, national origin, sex or marital status 2. Your age 3. Your salary, occupation, title, employer, date employed or employment history 4. Where you live 5. Certain types of inquiries such as promotional, account review, insurance or employment related inquiries 6. Any information not found in your credit file 7. Any information that is not proven to be a predictive of future credit performance
For calculating your FICO score, true. However, to get a mortgage, more than a few of these items DO go into the calculation. Date employed and employment history. In a nutshell, have you been in the same job for 2+ years and in the same career field for 5+ years. Salary will definitely count for determining how much mortgage you can afford. They will look specifically at util and number of CCs. You could have an 800 and a prime lender might ask you to pay everything down to X percent util and close cards. Might want proof of X months income in the bank.
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06-22-2007 09:28 PM
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Re: Somethings you might not know about how FICO is calculated
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crocpa
Regular Contributor
Posts: 89
Registered: 06-09-2007
Message 10 of 10
Viewed 26,881 times
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Does anybody know if Credit Watch plans to issue instant alerts regarding score changes? This is a statement in their support section: If a new Equifax report is obtained by the subscriber, and this new score represents a change from the previous score received via a Score Alert or Credit Alert, this new report is then considered the “Score Alert” for this score change and no other Score Alert will be sent for this particular change. (This process will be changing shortly so that anytime there’s a score change a Score Alert will be sent, whether or not the subscriber has obtained a new Equifax report and score in the meantime.)
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06-24-2007 08:19 AM
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