Some of what you stated makes perfect sense to me, while some makes absolutely no sense (to me).
1. Consideration of financial assets - Well, this would help determine a persons ability to pay a certain debt, but, that's for the lender to determine, and not FICO. Remember, lenders look at much more than just FICO. As well, just because a person has tons of assets, does not mean that person does not already have other plans for them,nor does it mean it's at the person's disposal.
2. Inquiries. I agree. I mean, I understand that some apply for a bunch of things last minute when desperate, but, inquiries over a period of months, while maintaining great credit should evince the person is not in any type of hardship. Two years is way too long for inquiries to be considered; I'd say, 6-months to a year tops.
3. You only get hit with 30-day latenesses if you're at least 30-days late. I totally disagree with you here. If you're 30-days late, that could be a clear sign something is wrong. If you're 29 days late, it will not be reported as anything other than "paid as agreed".
4. Utilization. Yes, I totally agree with you here!!! Most people I know who charge their cards just keep putting everything on one card for convenience, and it's not a reflection of whether you're maxed out on finances and cannot afford to pay. If this is going to be considered, it should be on overall limits vs overall balances. Maxing out a $500 card when there are three or four more with $5000 limits each is not a sign to me that someone is having financial troubles!
5. Job history. I totally disagree with you here. Frequent changes of jobs has nothing to do with credit-worthiness, nor willingness/determination to pay. I know folks who constantly switch jobs and still maintain excellent credit. One of my old employees works at a place no longer than two or three months, and he's in the upper 700's, as he pays his bills! Shaky work history, and he's a pot-head, but, he refuses to ruin his credit.
6. Fixed payments. I think the current system is good. The standard for purchasing a vehicle or home are much lower than those of obtaining a credit card. I think most folks will pay their mortgage and car payments before paying credit cards. Why? Well, which would you rather give up? A house, a car, or a credit card you can use to purchase tons of things that cannot be taken from you? Makes plenty sense to me the way it is!
7. Income verification. Huh? The lenders already verify your income; why should that have anything to do with FICO? Plus, the amount a person makes has absolutely nothing to do with whether he/she will pay bills. I know more folks who don't make much money who are more responsible than folks who make much more. It seems the more a person makes, the more that person can lose if he/she stumbles, as the folks who make a lot tend to incur a lot of debt!
Alas, what you stated about missing a few payments but not being 30-days late doesn't make much sense. If you were less than 30-days late, your credit file should not show that you were 30-days late. 30-days late means just that...not a few days late. Either you are not telling us all the truth, or you need to send some letters out to your lenders telling them to fix your credit files!
