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TIME: Understanding its relevance to FICO scoring.

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Gidgetmom
Frequent Contributor

Re: TIME: Understanding its relevance to FICO scoring.

The ah-ha moment!  It never occurred to me in processing this thread about people tanking their scores on purpose and just waiting seven years to start again with the same attitude.  Not my kind of people.

 

When it comes right down to it, as you stated yourself earlier, at a certain level of credit score, a 10-15 point distinction won't matter much as far as credit opportunities.  

 

P.S. You would never find me in a dark alley, late at night.  I'm blonde, not stupid!  Smiley Wink

Message 41 of 45
Anonymous
Not applicable

Re: TIME: Understanding its relevance to FICO scoring.


@sarge12 wrote:


Bad analogy at least for me, BBS. If I am in a dark alley late at night....I'm Packing....no reason to fear!


LOL, I can understand that!

Message 42 of 45
Anonymous
Not applicable

Re: TIME: Understanding its relevance to FICO scoring.

I'm glad this thread was able to facilitate some thought-provoking conversation.  I do appreciate all the different perspectives on this topic.  No doubt the FICO algorithm will never be "perfect" and that human eyes are likely to always "see" things a bit differently.  It's fun though to knock around ideas of how it could potentially be improved over time.

Message 43 of 45
Anonymous
Not applicable

Re: TIME: Understanding its relevance to FICO scoring.


@Gidgetmom wrote:

The ah-ha moment!  It never occurred to me in processing this thread about people tanking their scores on purpose and just waiting seven years to start again with the same attitude.  Not my kind of people.


My mom has had more bankruptcies than children by now. ^_^

Message 44 of 45
Anonymous
Not applicable

Re: TIME: Understanding its relevance to FICO scoring.

Very interesting post.  Sometimes I wonder about the plus or minus given for specific events.   People just out  of a bk by a few months with a score of 700.  Repeat bk with that same 700 score. Yet somebody with medical bills they can never pay from unforseen event 560 score.  Fair Issac seems to like low utiz so end up getting credit limits way above what we will use to appeal to Fair Issac.  MY TU score is being rewarded by an ancient card I thought was closed giving me a very high AAOA because it thinks its open. Score were supposed to take the human factor out of this; the real problem is what makes up these scores.  I recall when lenders did not use scores. I think it was worse.  25 years ago Mrs. Backwoods and myself   put a contract on a house with 20% down.  We had only 1 debt from her little  Ford Escort. We had a enough in savings to pay cash.  I had just sold a business and had no job and she was a purchasing agent for a Fortune 10 co.  We could pay the house just off her salary.  The auto system approved us but the underwriter was sure we woukd blow through all our savings.  He denied the loan.   It got real personal. Lender did get in a lot of trouble for some other shady deals both good and bad (as they say say in cooking I helped lick the spoon)  .  We had no derogs and only 1 car note and no lates and long history.  It still makes me be upset 25 years later. We did not buy the house and instead bought something else 2 years later that cost more 

Message 45 of 45
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