topic Facts and Fallacies? in Understanding FICO® Scoring

Facts and Fallacies?

Namtac — Mon, 02 Jul 2007 01:02:18 GMT

It says that lenders consider more your FICO score.

What planet is that? Apply for anything on line and tell me they're like Jimmy Stewart in "It's a Wonderful Life." Good character and a firm handshake??? Ain't going to happen!

I love this site, but that statement seems disingenuous at best. Kind of like the very vague way they (don't) give you just one reason when your score changes - It could be any one of the following....

Re: Facts and Fallacies?

dog — Mon, 02 Jul 2007 01:06:23 GMT

i have seen a lot of people on here ask for manual reviews of their credit apps after denial....it seems that a lot of those people also get approved after the manual review. i would have to disagree with you.

Re: Facts and Fallacies?

fused — Mon, 02 Jul 2007 01:10:39 GMT

Namtac wrote:
It says that lenders consider more your FICO score.

What planet is that? Apply for anything on line and tell me they're like Jimmy Stewart in "It's a Wonderful Life." Good character and a firm handshake??? Ain't going to happen!

I love this site, but that statement seems disingenuous at best. Kind of like the very vague way they (don't) give you just one reason when your score changes - It could be any one of the following....

What are you trying to say?

Re: Facts and Fallacies?

Namtac — Mon, 02 Jul 2007 01:17:24 GMT

fused111 wrote:

Namtac wrote:
It says that lenders consider more your FICO score.

What planet is that? Apply for anything on line and tell me they're like Jimmy Stewart in "It's a Wonderful Life." Good character and a firm handshake??? Ain't going to happen!

I love this site, but that statement seems disingenuous at best. Kind of like the very vague way they (don't) give you just one reason when your score changes - It could be any one of the following....
What are you trying to say?

What am I trying to say?

That FICO speaks in a lot of broad generalities. I suppose it's to protect their proprietary scoring methodology. The number is basically the only thing that counts any more.

If my score rises or falls, how about a specific reason?

Re: Facts and Fallacies?

fused — Mon, 02 Jul 2007 01:31:44 GMT

Namtac wrote:
fused111 wrote:

Namtac wrote:
It says that lenders consider more your FICO score.

What planet is that? Apply for anything on line and tell me they're like Jimmy Stewart in "It's a Wonderful Life." Good character and a firm handshake??? Ain't going to happen!

I love this site, but that statement seems disingenuous at best. Kind of like the very vague way they (don't) give you just one reason when your score changes - It could be any one of the following....
What are you trying to say?

What am I trying to say?

That FICO speaks in a lot of broad generalities. I suppose it's to protect their proprietary scoring methodology. The number is basically the only thing that counts any more.

If my score rises or falls, how about a specific reason?

Yes FICO does but not the contributors who post here. Do you have specific questions? I would be happy to answer them if can. Otherwise there are many others here who can.

Re: Facts and Fallacies?

Noah_Bodie — Mon, 02 Jul 2007 04:08:11 GMT

Namtac wrote:
It says that lenders consider more your FICO score.
...
I love this site, but that statement seems disingenuous at best.

Lenders do consider more than your FICO score, and that's a fact.

Income, DTI, length of employment, years in your field, to name a few. If it's a bank, some will give you more consideration because you bank there and have a good history with them. I have two VISAs that I doubt I woulda gotten were it not for that I bank with one and have insurance with the other. Some lenders, AMEX and Cap 1 notably, blacklist and won't issue to you even IF you qualify.