What's Fair about Isaac?

[bigtim]

---

@MarineVietVet wrote:

---

@Anonymous wrote:

[Just in case anyone is interested FICO was founded in 1956 as Fair Isaac by engineer Bill Fair and mathematician Earl Isaac.]

I think Mr. Fair should have stuck to engineering and Mr. Isaac should have stuck to math.  FICO runs our lives now.  I'd like to get an ARCO card so I wouldn't have keep getting cash & go inside to pay & go back to get my refund & receipt.  But if I do, my score will go down.  Whenever I ask the FICO people a question, like if I apply for a gas card will it lower my score, the answer is always unsympathetic.  "Yes it WILL," as if I'm about to commit a crime & asked if I might end up in jail.  And they never tell by how much.   Being a FICO person must give you a real sense of power.

---

I didn't know I was a FICO person. I was just trying to answer a question about who Isaac is. I thought there might be other people who were curious about how the name FairIsaac came about. No more and no less. I didn't mean to offend you.

Message Edited by marinevietvet on 12-22-2009 06:29 PM

---

I think you may have misinterpreted the reply marine - I think ruby was speaking in "general", and not specific to you. Happy Holidays!

[Uborrow-Upay]

---

@Anonymous wrote:

Scenario - out of town.   Can't find a BP Amoco gas station - use Exxon/Mobil card.  Spend $13.50.  Pays $13.50 (electronically) before receiving bill.  Meanwhile FICO score drops from 804 to 802??  Reason?  Account not used for 6 months!  Charge appears almost immediately.  Payment takes 1-2 months even if paid in month of charge. 

Also - if you have too many accounts opened FICO drops - if you close same accounts - FICO drops.  Damned if you do and if you don't.  Like I said - what's Fair about Isaac.  And who in the heck IS Isaac? (smile).  But seriously, I have a number of accounts I wish to cancel - how bad would this affect my FICO and how long would it take to rebound?

---

ShondaWanda, welcome to the forums!

The higher your score is, the more "little" things affect it.  And your scores are outstanding, to say the least.  But for all practical purposes, once you get above 760 (and I hope someone else here can confirm this number), it doesn't make any difference at all on the offers or rates you'll receive for credit products.  It's all extra window dressing, and not as important to the lender as it is to you.

Scores are generated on demand only.  They don't even exist unless a request is made for them.  Why worry about something that doesn't even exist unless your seeking new credit (and it sounds as if you're doing just fine with credit lines).   

You're at the high end of the range, with lots of wiggle room to remain super prime. But if you want to close some accounts, and you want to get an idea of how that would affect your score, please post some added info.  The age of the accounts is important, as is the credit limits and the current amount of revolving debt you now have.  All of these things would factor into any change in score for you.

 But I've gotta say, whatever it is you've been doing...keep it up.  Your scores are phenomenal!

Hope this helped.

Message Edited by Uborrow-Upay on 12-22-2009 09:00 PM

[Anonymous]

WOW I definately dont work for Fair Isaac. I work in Fire-Safety but nice to know you jump to assumptions. I was just mentioning the reasons. And I promise my friends dad isnt the ONLY ONE who ever had good credit go south so thats an useless argument and hes not a deadbeat like I said situation was beyond his control. I am not interested in arguing with you I was just simply pointing out the reason behind the system. If you dont like it pay cash and dont apply for credit otherwise you have to play by THEIR game. If you dont like it make your own credit system and start your own credit reporting agency and show us how much better you can do it. I am done now.

[Lel]

Thread is locked and under moderator review.