cancel
Showing results for 
Search instead for 
Did you mean: 

I really wish...

tag
Kenny
Moderator Emeritus

Re: I really wish...


SnackTrader wrote: 

Your reasoning on #1 is flawed. Credit scores are NOT our information, they are "rankings" developed based on our information. The information itself is held with the credit bureaus, and you do indeed have free access to that information. Www.annualcreditreport.com

Now, here is my completely unrelated rant: These forums and the world in general put a much higher emphasis on a score than what goes into the actual report. It is well established that not all 800 or 720 or 640 scores are alike. Some of this was already discussed in this thread (DTI, type of employment, etc). At the end of the day, I have very little interest in my actual score because I do everything that I can be to be creditworthy. I do understand, however, that these forums are hosted by a scoring company, and that a number is much easier for most people to understand than the details of their actual report. So perhaps instead THAT is what we should change about the credit culture of our nation.

My wish is that society develops a way to help people become more credit literate earlier in life. I think it would support economic growth and lead to significantly less dependence on credit scoring. 

***Runs and hides from MyFico kneebreakers***


Love this whole comment.  

Message 21 of 28
enharu
Super Contributor

Re: I really wish...


@SnackTrader wrote:

Your reasoning on #1 is flawed. Credit scores are NOT our information, they are "rankings" developed based on our information. The information itself is held with the credit bureaus, and you do indeed have free access to that information. Www.annualcreditreport.com

 

Now, here is my completely unrelated rant: These forums and the world in general put a much higher emphasis on a score than what goes into the actual report. It is well established that not all 800 or 720 or 640 scores are alike. Some of this was already discussed in this thread (DTI, type of employment, etc). At the end of the day, I have very little interest in my actual score because I do everything that I can be to be creditworthy. I do understand, however, that these forums are hosted by a scoring company, and that a number is much easier for most people to understand than the details of their actual report. So perhaps instead THAT is what we should change about the credit culture of our nation.

 

My wish is that society develops a way to help people become more credit literate earlier in life. I think it would support economic growth and lead to significantly less dependence on credit scoring. 

 

***Runs and hides from MyFico kneebreakers***


+1.

very good comment

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 22 of 28
wHiTeSoL
Valued Contributor

Re: I really wish...


@SnackTrader wrote:

@FixMyCredit1992 wrote:

1. That Credit Scores were free. Period. It's your own information, why do you have to pay for it? It's no different than paying to know your date of birth or your social security number.

 

2. That there was only one CB and it was ran by the government, or some non-profit organization as of such any pertaining info would be free. I don't see a need for more than one as various CC's pull from different CB's and report to different CB's and then the whole fact of scores varying across them makes it even more confusing and redundant.

 

3. Credit scores were black and white and not based upon some complex algorithm that is shrouded in secrecy, varies from CB to CB, and even uses different ones for lenders (TU 98, TU 04 etc).

 

4. You could easily know if your approved without applying if CCC's had "minimum score accepted" posted on all their cards. Seems silly to play the guessing game with your CS at risk.

 

5. There was a secured card that had as low as a $50 deposit and slowly increased it on payment history. Not everyone can plunk down $300 for a secured card, took a lot for me working part time.

 

 

 

 

 

 

 


Your reasoning on #1 is flawed. Credit scores are NOT our information, they are "rankings" developed based on our information. The information itself is held with the credit bureaus, and you do indeed have free access to that information. Www.annualcreditreport.com

 

Now, here is my completely unrelated rant: These forums and the world in general put a much higher emphasis on a score than what goes into the actual report. It is well established that not all 800 or 720 or 640 scores are alike. Some of this was already discussed in this thread (DTI, type of employment, etc). At the end of the day, I have very little interest in my actual score because I do everything that I can be to be creditworthy. I do understand, however, that these forums are hosted by a scoring company, and that a number is much easier for most people to understand than the details of their actual report. So perhaps instead THAT is what we should change about the credit culture of our nation.

 

My wish is that society develops a way to help people become more credit literate earlier in life. I think it would support economic growth and lead to significantly less dependence on credit scoring. 

 

***Runs and hides from MyFico kneebreakers***


I absolutly agree, It makes no sense whatsoever that you should be entitled to your fico credit score for free or any other "score". It is one company's proprietary score system and it just so happens it's well respected among large corporatations. Maybe you are confusing your credit report and credit score, as I do believe your credit report is your information and you should have a right to see it.

 

Imagine this, as a football/baseball/basketball scout you rank recruits by your own personal scoring system, should that athlete be entitled to know where you rank him or her before a draft?

Message 23 of 28
longtimelurker
Epic Contributor

Re: I really wish...

While I agree with most of the outcomes, I think the arguments presented by some aren't convincing:  Basically, people are saying that you are entitled to your credit report, but not to the score.

 

To me, it seems there is no obvious reason why you should be entitled to your credit report.   Each CRA puts time and effort into constructing and maintaining the records, and reflect different accounts, inquiries etc.  So you could certainly imagine this to be declared as intellectual property.  Yes, it is fact-based, but which facts vary from CRA to CRA depending which lenders report what (and that sounds like it could be a trade secret!)

 

Because the report is so important and could have errors, we are now able to get it for free one a year (or more often in certain states).  But since the score is often the first thing used in an application cut off, the same argument could be used to get that free once a year.

Message 24 of 28
Repo-ed
Senior Contributor

Re: I really wish...

The LAST thing I want my government running besides our healthcare, is our credit scores.

 

That would be their /endgame

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 25 of 28
drkaje
Senior Contributor

Re: I really wish...

People becoming more financially literate would slow down the economy, LOL!


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 26 of 28
takeshi74
Senior Contributor

Re: I really wish...


@FixMyCredit1992 wrote:

That Credit Scores were free. Period. It's your own information, why do you have to pay for it? It's no different than paying to know your date of birth or your social security number.

Not quite.  As pointed out, credit reports are information that is collected and maintained by the CRA's.  They're businesses, not government agencies or charities.  FICO's scoring models are proprietary products.  Again, FICO is a business.  That said, reports do have a significant impact on consumers and that's why we have the free annual report.  It's if you want more than 1/year that you have to pay.  Additionally, if you're declined you are granted access to your report.

 

Your birthday and your SSN are just two data points that each person should already know so there's obviously no need to pay for those.  Apples and oranges.

 


@FixMyCredit1992 wrote:

That there was only one CB and it was ran by the government, or some non-profit organization as of such any pertaining info would be free. I don't see a need for more than one as various CC's pull from different CB's and report to different CB's and then the whole fact of scores varying across them makes it even more confusing and redundant.


I don't.  The last thing I want is to have getting my reports and scores like having to do anything with the DMV, the SSA, or any federal state or local agency.  Imagine if we had to stand in line for hours to get our credit report and score only to find out that we need form 229890XWYZ filled out in triplicate, stamped at an entirely different agency, etc.

 

Experian is bad enough as it is.  No need to make it even worse.

 


@FixMyCredit1992 wrote:

Credit scores were black and white and not based upon some complex algorithm that is shrouded in secrecy, varies from CB to CB, and even uses different ones for lenders (TU 98, TU 04 etc).

 

A useful algorithm is probably going to be complex.  If info varies from CRA to CRA it's a given that the scores can vary.  Not sure why you think one scoring model would suit all creditors.  Creditor select a given scoring model because they find it meets their underwriting critieria better.  It's not a one-size-fits-all matter and they're not just using different scoring models simply for their amusement.

 

One doesn't need to fully understand the scoring alogirthm to improve one's credit anyway and the users here prove that.  We know the factors at play and we know that working on these factors improves scores.  It would be a lot easier to game the system with a complete understanding of the algorithms but, again, it's really not necessary.  Anyone looking to work on their credit should do some due diligence and research.

 


@FixMyCredit1992 wrote:

You could easily know if your approved without applying if CCC's had "minimum score accepted" posted on all their cards. Seems silly to play the guessing game with your CS at risk.

 


As always, it's never about just one factor with credit.  It's not just about the score.  Two people with the same score and even the same creditor (to help rule out the underwriting differences from creditor to creditor) can have different results.  Looking at my own scoring history I have recently been at around 720 at two very different points in time.  With the earlier instance I wouldn't get many approvals and for the ones I did I got low limits and high APR's.  With the second I wasn't getting my highest limits but a lot more than my first 720 and middle of the road APR's.  The major difference in the two instances was I was at 60% utilization with the first 720 and at 13% with the 720.  Don't rely just on scores.  Always consider your entire credit picture.

 

Everything seems simple and easy to fix when you're blissfully unaware of the details.  While I agree with the sentiment of the OP it's based on a lack of understanding in many areas.  I'm not saying that the current system is ideal but we all have the same playing field to work with.  It's not intuitive and it can be confusing at first but spend some time and energy on it and you can definitely see improvements.

Message 27 of 28
Repo-ed
Senior Contributor

Re: I really wish...

^^^Great points

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 28 of 28
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.