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Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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SubPrimers...Very Good News!

For the last several weeks it has been rumored consumers with subprime CCs reporting on their CRs will see their FICO scores plummet once FICO'S new and improved scoring model debuts this September. JUST IN, THIS IS NOT GOING TO HAPPEN! So what will the new FICO scoring model do? Simply put, a better job of predicting subprime and prime risk than earlier versions of FICO scoring models. That's it!
 
 
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
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Re: SubPrimers...Very Good News!

I'm not at all surprised...retooling FICO to distinguish between prime and subprime would have opened up a big fat can of worms, not the least of which would be creating a legally defensible definition of "prime" and "sub-prime."
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: SubPrimers...Very Good News!



TheNewWorldMan wrote:
I'm not at all surprised...retooling FICO to distinguish between prime and subprime would have opened up a big fat can of worms, not the least of which would be creating a legally defensible definition of "prime" and "sub-prime."

Yes! I'm sure many at this forum are relieved.:smileyhappy:
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Contributor
Posts: 560
Registered: ‎05-03-2007
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Re: SubPrimers...Very Good News!

thanks fused!
 
i am happier than dogcrap to hear that, especially since the only cc accts that i have with any age to them are subprimes!  yay.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: SubPrimers...Very Good News!

Yep.. I thought I was correct when I originally said FICO can't differentiate between the two. However, after watching the FICO animation several weeks ago I began to question myself. I am glad we got the straight answer though.
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: SubPrimers...Very Good News!



fused111 wrote:


TheNewWorldMan wrote:
I'm not at all surprised...retooling FICO to distinguish between prime and subprime would have opened up a big fat can of worms, not the least of which would be creating a legally defensible definition of "prime" and "sub-prime."

Yes! I'm sure many at this forum are relieved.:smileyhappy:



You can keep the Orchard card. LOL.
Established Contributor
Posts: 560
Registered: ‎05-03-2007
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Re: SubPrimers...Very Good News!

orchard is my oldest card, i am not giving that one up for any damned thing
 
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: SubPrimers...Very Good News!



dog wrote:
orchard is my oldest card, i am not giving that one up for any damned thing



I was just teasing.
Established Contributor
Posts: 720
Registered: ‎05-04-2007
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Re: SubPrimers...Very Good News!


smallfry wrote:

I was just teasing.



Be careful who you tease. Dog is positively rabid about that Orchard card. :smileyhappy:
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: SubPrimers...Very Good News!

[ Edited ]


dog wrote:
orchard is my oldest card, i am not giving that one up for any damned thing
 


dog it will sure be nice when you receive your blue card, so you can whip it out and pay one of your power lunch tabs with your friends and cohorts w/o maxing it out! Steaks and cocktails for four with a $300 CL, not exactly priceless.:smileytongue:


Message Edited by fused111 on 07-10-2007 11:57 AM
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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