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youngmike wrote:US District Court, Southern Dist. FL., # 07-80031 CIV, Middlebrooks/Johnson, check it out!
I am very interested in seeing this. Try and paste it in this thread.
RobertEG wrote:It has always irked me that the FICO simulators just give projected numbers, with no indication of where of how they were generated. I have put together a comprehensive Microsoft Excel spreadsheet that attempts to simulate FICO scores based on my best understanding of the many factors entering into the scoring algorithm. It is, of course, based only my assumptions, and is only approximate, but seems to work well for me in all my assumptions. It requires initial input of detailed past personal credit history, but once that is done, all that is needed is to update monthly and projectd future payments, etc., and projections can be made for at least a year into the future. I solicit review of FICO gurus on the assumptions I have made in this spreadsheet, and will gladly share it with anyone wanting to take a look. It is totally my work product, and thus public domain, and is totally non-commercial. In putting it together, regardless of its precision, it really shows me exactly where points are actually being lost and gained. I welcome iinput from those who have a better understanding of my assumptions than I have made.
This from the Score Basics link gets at my question:
DON'T:
1. Close unused credit cards as a short-term strategy to raise your score. NEVER close an open account unless it is costing you money!
According to a Fair Issac Corp rep, and my step-daughter' s account of something she heard Suze O say, the above means that, all other factors being equal...
Person A:
- One credit card with a limit of $5,000 with a $500 balance, spotless payment history over 18 months.
- A credit report showing five other PAID OFF AND CLOSED accounts, all with a spotless payment hisotry over 36-48 months.
Person B exactly the same, except the five paid off accounts remain open and have a credit limit totaling $7,500 - that is Person B has access to potential debt of $7,500.
Person A will have a lower Credit Score! Given that Person A has a substantial and spotless credit history and no ready access to additional debt I would think Person A would have a higher socre, but apparently I am wrong.
I'm no rocket surgeon, but can someone explain this counter-intuitive reasoning to me?
PF Flyer
pfflyer wrote:Person A will have a lower Credit Score! Given that Person A has a substantial and spotless credit history and no ready access to additional debt I would think Person A would have a higher socre, but apparently I am wrong.
I'm no rocket surgeon, but can someone explain this counter-intuitive reasoning to me?