duha..

[Anonymous]

OK...

here goes.

I'm taking for granted that there are some credit guru's that hang out in here so
with that in mind I'm gonna hang out my proverbial arse and hopefully get edumacated.
OK... I screwed up. I ruined my credit as I thought that it didn't matter if I was late on a payment...I mean you can't feel it, see it, hear it, smell it, or taste it, right?
Well, I can taste it now. Roses it is not. So, now I gotts ta fix it. AND I have been a good boy. I have been working diligently on paying attention to the letters in the mail that look suspiciously like bills and, not just filing, (sometimes oval) but OPENING them too. Yes even sending off the check. ..on time. I have paid every thing on time and better (more than the min. payment) than expected. Some times to zero. Whoooo. My friends are wondering who I am. So far so good. Two years later... NEVER BEEN LATE. I know that because my friends now call me a cheap **bleep**, NO ,,, I am now a FICO junkie... And I have several subscriptions/perscriptions to credit reporting agencies. I even know when each CC reports (on the day) and timed my purchases around their schedule. I got so good that I would borrow from one and pay the others before they (the big three) even knew about it.
BUT, you gotta bake bread and you gotta show that you KNOW how to bake bread. ...I got that. My question for you Mr. Wizard is....

I pay my bills on time, some times to zero balance.. then I go out and use them (because I got dinged on my FICO score for NOT using them) and I go over 30 or 50% of
my credit balance.... Do I get dinged again? ...even lower score? Or is there a bell curve of sorts? Maybe I just entered into a new envelope and I gotta work my way back up again. But I'm doing everything to the book and my score is going down.
WTFO?

Computer hackers unite...! Figure out the dang formula that is called FICO and free America... the land of debt. Then maybe we could sell it to the government and retire...

Kind regards,
Diddlydog

[haulingthescoreup]

Hi, dog, I don't suppose that you're on Score Watch, are you? If so, did you get an alert with a score drop that indicated that you had been re-assigned? (I can tell you're familiar with this, as you're using the "envelope" term, which is another version of buckets, scorepools, and so forth.)

I have to admit, if all your lates are over 24 months, and everything else really is OK, and your util is low, I don't know what the problem is. I can also tell that you know how to time your payments, so I'd say let half or fewer of your CC's report a balance each month (maybe 3-4 max), and keep it between 1-9% on each card.

Also, if you are pulling FICO's (please say you aren't looking at FAKO's!), what happens when you play with the EQ and TU simulators? The projected numbers aren't guaranteed, but you can sort of see what it wants you to do with the best case scenarios. You can also play with the other scenarios and compare the projected scores. The higher the projected score increase, the more FICO values that behavior. And if it says pays down your revolving balance over 24 months, that just means behave yourself for the next two years. This is a vague and tedious way of trying to figure out what FICO wants, but sometimes it's all you get.

[Anonymous]

Thanks for the reply credithauler.

I have used truecredit.com (FACO)to find out what dates they report and as a day to day
tab keeper on certain accounts. Also I use myfico.com as a true FICO score. (score watch) Although I didn't find out about this forum until just recently. I wish I found it 2 yrs ago when I was making all the usual mistakes of trying to fix my credit.
(lots of great stuff here)
I have played with the credit sims and read all the info on theory of credit restoration. Even with a zero balance on my CC's the sim program operates as if I did have a balance. Which indicates that only time will heal all wounds... just like you said. From reading posts here and from what you said, I'm guessing that there are tiers of credit and when you graduate one, you start another at the bottom. FICO must have been developed in the 70's. You could say it's spineless with a lot of dead weight at the back end... the Dalton Humphrey of finance. I'm not far from a 700 score but it seems like the sound barrier... the closer you get the harder it gets to go through.
Now is the time to have excellent credit. With the demise of sub-prime lending. This is where the middle class continues to fade into lower class and the rich get richer.

Thanks for the feedback.

Diddly

[Anonymous]

Diddlydog wrote:

I didn't find out about this forum until just recently. I wish I found it 2 yrs ago

...

Which indicates that only time will heal all wounds

...

FICO must have been developed in the 70's.

...

Now is the time to have excellent credit. With the demise of sub-prime lending. This is where the middle class continues to fade into lower class and the rich get richer.

If you'd found this place 2 years ago, you'd have been awful lonely.

Umm, time ain't the only healer of wounds. A 2x4 and a kind word always beats a kind word alone.

Actually, FI dates back to 1956.

http://www.fairisaac.com/fic/en/company/history.htm

In time, and probably in my lifetime, there will be no middle class. The divide between the haves and the have nots will be almost as wide as the divide between serfs and lords. However, unlike the feudal days, most will probably be in the have part of the country. If the haves become too small of a minority, silly stupid like revolutions tend to spring up and get violent.