06-28-2012 09:56 AM
My credit score is 501, no loans for over six years, own all my cars and home with no payments, only negative items are ancient and two new cell phone accounts I am contesting b/c they hosed me on promises of rebates that never materialized so I cancelled them. I can't believe my score is lower then 100% of every person in this country, INCLUDING MYSELF? Anyway, what crack head designed this system and why are they still employing it? This means I could go to every death row inmate walkin to the chair and he or she will have the same or better credit score as I. WHAT's UP WITH DAT?
06-28-2012 03:13 PM
that seems rather odd... do you have any credit cards reporting or anything? Have you pulled your credit reports and looked for inconsistencies?
06-28-2012 06:16 PM
Well, it gets worse, years ago I had credit cards, car loans, and home loans. All loans are closed and paid with the exception of a couple over six years ago and those two car loans I got hosed when they tried to up my payoff by over six thousand. My mortgage company had its employees criminally charged and the bank went bust and got bought out. Overall, I never had a credit score that was great even when I had numerous things that were paid. I think the scoring is negatively biased and not based upon sufficient flexibility to account for equity prone individuals who gave up on credit. If it weren't for the silly cell phone cos I'd be event free for some time now. I do have a couple of random medical copays my ins co said they paid that are on my report. Either way, there were numerous good accounts that don't seem to matter even when they're for thousands and the med bills are a couple hundred. I think its about time I think of a more flexible probability schedule. This scoring is more adept at making Isaac money then representing reality. Cheers.
06-28-2012 06:28 PM
This means I could go to every death row inmate walkin to the chair and he or she will have the same or better credit score as I. WHAT's UP WITH DAT?
Technically, yes, but what does being on death row have to do with having a good credit score?
06-29-2012 07:17 AM
06-29-2012 09:34 AM
unfortunately, 1 bad thing will drag your score down (let alone several). While you are waiting for those negatives to deminish, you should get a cc for rebuilding. Since all of your loans are paid off, they arent doing much good with increasing your score any. I completely agree that it seems unfiar - my score dropped about 60 points because I did an app spree (only had 1 card at the time) and my UTI went up about 15%.
06-29-2012 09:43 AM
Not certain why the anger is in your post: people change in their financial habits over time, you may have been a great borrower in the past, but something 10 years ago, is of limited value today. Without current history, you're hosed.
Also 501? That sounds like a Vantage Score anyway, that's not FICO at all, but rather Experian, Equifax, Transunion.
At any rate there's a simple fix: go open up two or three credit cards, and some silly installment loan, and go on with life and watch the numbers rise. That's what I'm doing, and you're probably in a better situation than I am credit history wise but my score improvement is listed in my signature. It just takes time, nothing you can do about it except educate yourself, and play the game as you noted.
Not saying it's an equitable system, but it's what we have and life ain't exactly fair in all cases.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.