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New Visitor
soulglo31
Posts: 2
Registered: ‎01-01-2008

FICO '08 POLICY

Is the general consensus about the new Fico '08 scoring system will help more Americans working to improve their credit, or help the mortgage industry?
Established Contributor
TexMontana
Posts: 678
Registered: ‎05-29-2007

Re: FICO '08 POLICY

I think it's designed to help reporting suscribers. Which we are not. :smileywink:
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Established Contributor
CreditDrama85
Posts: 1,018
Registered: ‎07-03-2007

Re: FICO '08 POLICY

my understanding is that those with thick credit histories and a good credit mix will see a score increase and those with thin credit histories with limited credit will receive fewer points.
Contributor
ladylpk74
Posts: 107
Registered: ‎10-26-2007

Re: FICO '08 POLICY

When exactly will all these changes take place? Or have they already?
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: FICO '08 POLICY



ladylpk74 wrote:
When exactly will all these changes take place? Or have they already?



That is a mystery.  EX and TU possibly this year, EQ says after they and FI have finished sueing each other.
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
Moderator Emeritus
fused
Posts: 16,254
Registered: ‎03-12-2007

Re: FICO '08 POLICY



CreditDrama85 wrote:
my understanding is that those with thick credit histories and a good credit mix will see a score increase and those with thin credit histories with limited credit will receive fewer points.


FICO 2008 will actually help those with thin files and those who have baddies that are old but still reporting. New buckets will be created for those with thin files and there will be even a greater emphasis on recent history, the last 24 months to be exact.
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Contributor
annah
Posts: 125
Registered: ‎12-19-2007

Re: FICO '08 POLICY

That's awesome. So, roughly, all of us that are on here should see a bump. :smileywink:
 
Figuring that we are on here now should be getting cleaned up, by the time fico 08 goes in, we should all have at least a 6 mo clear history. (or longer)
 
That's actually really good news for me, since I've only had one late (in july) within the last 3-4 years.
Established Contributor
CreditDrama85
Posts: 1,018
Registered: ‎07-03-2007

Re: FICO '08 POLICY

this new scoring method could also be a complete disaster. i guess we in due time, we will know

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