05-23-2007 01:20 PM
05-23-2007 01:49 PM
I would tell you but I'd have to kill you. Sorry.
fused111 wrote:Very interesting, how did you find this out? Personally, do you think it would be fair for consumers if FICO had the capability to distinguish btw prime and subprime for loans and cc's and changed their scoring models accordingly? For example, reward those who have more prime TL's than those who do not.
Tuscani wrote:The FICO formula does not distinguish between prime/subprime per se. The way it identifies a 'consumer finance' account is through the bureau subscription code -- the lender's ID# at the bureau -- that, among other things, indicates what kind of business it is. (This is also how mortgage and auto inquiries are distinguished from other inquiry types.) I believe the reason why the suggestion above won't work is because the portion of these codes that provide this identification are industrywide and not unique to a particular lender, although a lender typically has multiple subscriber codes for different parts of the business. So, for example, while the score can tell if the lender is considered a consumer finance company, it can't identify a particular product of that lender's as prime/subprime.
05-23-2007 09:47 PM
05-24-2007 05:10 AM
You need to make decisions that improves your quality of life and situation. I could care less about the type of account or affects on my score if I am saving money and less stressed.
After learning this very insightful information, would it be safe to say, if someone is having debt trouble and needs to consolidate, they are better off choosing another titled loan (if they have that option)?
Citi Financial also other titled installments:
..Besides => "Bill Consolidation" = (negative)
What about these titles below.
I admit, I take out these loans some times for quick easy cash. Is this bad? Thank you in advance for your answers and opinions. :-)
05-24-2007 08:33 AM
Tuscani wrote:You need to make decisions that improves your quality of life and situation. I could care less about the type of account or affects on my score if I am saving money and less stressed.
05-24-2007 08:48 AM
05-24-2007 09:56 AM
MidnightVoice wrote:does more for the score than all the fiddling around in the world
05-24-2007 09:59 AM
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.