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If you score too high on this "FICO test" you lose!

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Barry
Administrator Emeritus

If you score too high on this "FICO test" you lose!

It may be the only test you flunk if you score too high: It's called the FICO test and it is a key element of the sometimes arcane new guidelines governing which homeowners qualify for "fast track" interest rate freezes...
 
Message 1 of 7
6 REPLIES 6
MidnightVoice
Super Contributor

Re: If you score too high on this "FICO test" you lose!



Barry wrote:
It may be the only test you flunk if you score too high: It's called the FICO test and it is a key element of the sometimes arcane new guidelines governing which homeowners qualify for "fast track" interest rate freezes...
 



Thanks in part to this place I am a total failure  Smiley Very Happy
 
And thanks for posting that - excellent information and fun as well
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
Message 2 of 7
Anonymous
Not applicable

Re: If you score too high on this "FICO test" you lose!

A rudimentary reading, here and elsewhere, and I daresay most anyone could manipulate the system and arbitrarily lower their credit score to qualify.
 
Max the CCs (although that might already have happened in some cases) and apply for some CCs they know they don't need or won't get.
 
Util maxing would be fastest and most temporary "fix" to this problem. Assuming one were very careful, like sticking CC cash advances in a bank CD, the damage might only last a few months.
 
The INQs only hurt for a year, and even then they don't hurt all that much.
 
Message 3 of 7
Anonymous
Not applicable

Re: If you score too high on this "FICO test" you lose!

To anyone in the subprime mortgage reset boat, my advice is to get with a mortgage broker, ASAP. Find out what your options are today, right now, without any sort of manipulation. Better to try and game the system by paying down CC balances, if possible, and game the system with a higher score via lower util.
 
JMHO
 
Message 4 of 7
Anonymous
Not applicable

Re: If you score too high on this "FICO test" you lose!

Again rewarding people for not changing bad borrowing habits in the five years they were in a teaser rate mortgage or making any effort to clean up the mess.  Looks like a reward if your credit has gotten worse.

Flies in the face of a capitalistic society... Sounds like Communism to me but we can't do anything about healthcare....somethng people can't live without.

Message Edited by Brammy on 12-17-2007 03:48 PM
Message 5 of 7
Anonymous
Not applicable

Re: If you score too high on this "FICO test" you lose!

Under capitalism, man exploits man. Under communism, it's just the opposite.
--John Kenneth Galbraith
Message 6 of 7
Anonymous
Not applicable

Re: If you score too high on this "FICO test" you lose!



Noah_Bodie wrote:
Under capitalism, man exploits man. Under communism, it's just the opposite.
--John Kenneth Galbraith


 
lol!!

Message 7 of 7
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