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I Swear FICO IS A SCAM

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Revelate
Moderator Emeritus

Re: I Swear FICO IS A SCAM


@virgo wrote:

Everyone has valid points but, huge BUT. When you apply for anything, the first ping they get from anyone, is that pesky score. Then in a blink everything else follows.

 

A human being does not see this info unless it goes to manual review, which is why re cons work.

 

As for inq's if you get approved, i dont think the inq should remain.  I dont think you should get dinged twice, especially if approved.

 

Just my 2 cents

 


Well, we have a pretty good idea of what it takes to build a pretty report.

- Minimum 4 tradelines of which at least 3 should be revolving (credit cards)

- Minimum of 1 installment loan, 2 are better, SL's don't count in all cases unfortunately.  Auto loans and mortgages are unquestionably high value for underwriting.

- Never be late, never pay less than the minimum, and never, ever, miss a payment

- Play the revolving utilization game when you have to.

- Let time pass

 

- Oh always open your mail in case you get a nasty gram and take care of it before it becomes a problem Smiley Tongue

 

It's really not any more complicated than that on any of the scores, other than cleaning up old derogatories (or having them age off) and understanding that some scores such as the infamous auto-enhanced score really likes having a specific tradeline on your report, namely an auto loan in this case.  The hardest part for virtually everyone in this instant gratification society is letting time pass, and  most people (including myself) may not care about their credit until they actually need it... mortgage, or possibly auto loan application.  

 

The problem is we as humans suck at long-range planning, and the right time to fix your credit report is on the order of 3 (probably at least 2) years before you chase the big ticket item, otherwise expect a non-trivial interest rate on that car purchase, or outright not obtaining a mortgage at all.

 

End of the day if you know about credit, and that you might need it someday, you can manage it to you advantage regardless of the algorithm chosen, and the resultant score.

 

TLDR: a pretty report = a pretty score, regardless of which score is used.




        
Message 31 of 33
TrulyyBlessed
Regular Contributor

Re: I Swear FICO IS A SCAM


@Revelate wrote:

@virgo wrote:

Everyone has valid points but, huge BUT. When you apply for anything, the first ping they get from anyone, is that pesky score. Then in a blink everything else follows.

 

A human being does not see this info unless it goes to manual review, which is why re cons work.

 

As for inq's if you get approved, i dont think the inq should remain.  I dont think you should get dinged twice, especially if approved.

 

Just my 2 cents

 


Well, we have a pretty good idea of what it takes to build a pretty report.

- Minimum 4 tradelines of which at least 3 should be revolving (credit cards)

- Minimum of 1 installment loan, 2 are better, SL's don't count in all cases unfortunately.  Auto loans and mortgages are unquestionably high value for underwriting.

- Never be late, never pay less than the minimum, and never, ever, miss a payment

- Play the revolving utilization game when you have to.

- Let time pass

 

- Oh always open your mail in case you get a nasty gram and take care of it before it becomes a problem Smiley Tongue

 

It's really not any more complicated than that on any of the scores, other than cleaning up old derogatories (or having them age off) and understanding that some scores such as the infamous auto-enhanced score really likes having a specific tradeline on your report, namely an auto loan in this case.  The hardest part for virtually everyone in this instant gratification society is letting time pass, and  most people (including myself) may not care about their credit until they actually need it... mortgage, or possibly auto loan application.  

 

The problem is we as humans suck at long-range planning, and the right time to fix your credit report is on the order of 3 (probably at least 2) years before you chase the big ticket item, otherwise expect a non-trivial interest rate on that car purchase, or outright not obtaining a mortgage at all.

 

End of the day if you know about credit, and that you might need it someday, you can manage it to you advantage regardless of the algorithm chosen, and the resultant score.

 

TLDR: a pretty report = a pretty score, regardless of which score is used.


@Revelate that was truly an Awesome Post! I along with many others really needed to read this...Thanks!


Starting Score: Nov. 2012 585
Current Score: EQ 733 EX 777 TU 743 Goal Score: 750+






Message 32 of 33
IncrsCreditScore1
Valued Contributor

Re: I Swear FICO IS A SCAM


@virgo wrote:

Everyone has valid points but, huge BUT. When you apply for anything, the first ping they get from anyone, is that pesky score. Then in a blink everything else follows.

 

A human being does not see this info unless it goes to manual review, which is why re cons work.

 

As for inq's if you get approved, i dont think the inq should remain.  I dont think you should get dinged twice, especially if approved.

 

Just my 2 cents

 


+1.  This practice absolutely should be followed by all credit reporting agencies.

January 2018 Scores - EQ 797 | TU 800 | EX 798 | ~~Started Gardening Again on March 21, 2017
Message 33 of 33
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