@Anonymous wrote:I would love to see trended data taken into consideration. I think in time it would create quite a change to consumer spending/payment patterns... and put to rest some of the argument that FICO scores are all about profit and such.
Hrm, why do you think people would change their habits? People still on average virtually ignore their credit score unfortunately. Under or unbanked 30% or whatever isn't going to be getting free credit scores from their banks / CC issuers nor are they likely going to be reading the sites that promote good credit or financial habits... much as they likely don't today.
I think the vast majority fall into my dad's trap of "we're doing OK" and then not really trying to ruthlessly maximize things like we do here.
@Anonymous wrote:I think it would depend on how impactful trended data is to scoring. If it's not much of an impact, you're absolutely right and it will have no effect. If it IS heavily considered, it could take people with good scores and make them fair, thus preventing them from securing loans at the most favorable rates, from getting approved for the cards they want, etc. If that's the case, it wouldn't take long for people to become more educated on the subject (outside of just us hardcores) as ignoring it could prevent people from obtaining the credit they want/need. I think the biggest factor here is how much scoring weight trended data is going to have.
Hrm, random thought: after people sort their forever home, how much do they focus on credit? I do know that I flatly lost my way in the few months post mortgage, though it didn't stick in my case.
Credit cards: no problem, at least in the current credit market.
Autos: can always get sorted at a 20% if you had to and some people don't understand interest rates I suspect. If you belong to a CU you can still get 6% even with mid 600's though.
Mortgage: irrelevant for folks in forever home if they're not looking to be future landlords
HELOC no biggie, that's a mid 600's score too if you check CU's.
Student: Fed loans are credit independent, private ones OK credit score is useful there.
We've been talking on other threads lately about people's habits regarding finances and mention has been made of many taking a pretty whateverish view of the world, wonder how much it's really any different with credit.
My hobby participating in soccer league that recently started issuing corporate cards (Amex, yay, and my god are they slow compared to their personal cards) and just casually talking to the people who have been trying to get one, their credit is throughly average (660ish for many). As is we're likely floating people's cash and check registrations on one of my personal credit cards for later reimbursement because this corporate card thing is working out so poorly and we parents effectively have to pay by credit card or we have to jump through all sorts of stupid hoops to fix that.
That little story doesn't mean much except to say when I've talked to them they have simply admitted their score like it isn't a big thing, whereas I'm internally thinking even with all my issues I was markedly higher than that for most of my tenure here on this forum.
@SouthJamaica wrote:Yes it is. Lenders are starting to roll it out. I recently had my TU Bankcard 9 pulled by Lake Michigan Credit Union, Marcus (the installment loan lender operated by Goldman Sachs) uses FICO 9 Classic on all applications it appears. Redstone FCU uses Classic 9 too. Someone reported the auto dealer he works for pulling the Auto 9 score.
I don't really have anything useful to contribute to the conversation... I just noticed the RFCU reference and had to comment since I was Born/Raised in Huntsville. It's a very localized CU, one that I have never seen mentioned here in the forums. Still, this is VERY good information to know for future endeavors w/them.. 
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