how fico scoring keeps the caste system alive and well in america.....

[Anonymous]

i could win the lottery and they would dump me in a pool with other lottery winners and then drop my scores 75 points....

[Anonymous]

i know all this FICO montoring your credit gets very frustrating to me, not only that I dont have a patient personality (terrible for FICO scoring) Take a Guy like me for instance, went through a divorce in 03 during the looong divorce the exwife destroyed my credit (late pays) (one charge off) in 3 years was only late on the SL because I thought it was deferred, all the late notices went to the ex-wifes house and of course she never gave me,,,btw her address shows on my credit report,,,and I never lived there.  auto loan 2 years never late,,,harley 3 years never late on,,,,,2 signature loans for 6k never late on,,,no collections on my CR now all off with a PFD,,,,,last year i made 120k from the company that I work at,,also own another company that paid me 25k ,,,,my scores dont have any clue as to why are TU 500 EQ 523 EX 530,,,ohh got an alert today my EX went up 5 points!!! wow how great 5 points is kinda like kissin your sister...haha not only that doing all the credit checkin gets freakin expensive why cant that show fico score watch as a good TL...haha Thank God I have a good banker who gets me a good interest rate on anything that I want other wise id be a 150k year income who coulndt qualify for a 25 dollar walmart card.  what I wanna know is how and the hell could a person ever get into the 800 club,,,do you have to sleep with Mr. FICO?

[Anonymous]

The only silver lining to getting dropped into a different pool as you improve your credit is that new "pool" usually gives you more headroom to improve your score in the long term.

[MidnightVoice]

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motoracer wrote:

  what I wanna know is how and the hell could a person ever get into the 800 club,,,do you have to sleep with Mr. FICO?

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Judging from this board, avoiding divorce seems to help 

[Anonymous]

If that is the case.....do you have Mr. Fico's phone number. I'd almost be willing to give it a try to get into the 800 club

[Anonymous]

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@Anonymous wrote:

If that is the case.....do you have Mr. Fico's phone number. I'd almost be willing to give it a try to get into the 800 club

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800 club formula is simple on paper. Difficult in life.

800 Club.
No negatives!
2 or fewer inquiries in 12 months.
No new credit in 3 months.
At least 1-2 installments closed.
A few credit cards about 10 years averaged that are used.
Revolviong UTL below 4 %.
(not sure about the CL, at least 1 credit card with a cl of min $10k)
If any open installments, low balance to high limit.

That pretty much gets you in the 800's from all that I have seen. If you know anyone that has this and does not hit 800's please post.

But really, 850 won't help you. 720+ does the trick and you can reach that even with out a perfect credit history. 720+ can still get you the best rates. Even 700+ club gets mostly everything you are looking for.

Message Edited by ilovepizza on 06-23-2007 11:44 PM

[Anonymous]

800 club formula is simple on paper. Difficult in life.

800 Club.
No negatives!
2 or fewer inquiries in 12 months.
No new credit in 3 months.
At least 1-2 installments closed.
A few credit cards about 10 years averaged that are used.
Revolviong UTL below 4 %.
(not sure about the CL, at least 1 credit card with a cl of min $10k)
If any open installments, low balance to high limit.

That pretty much gets you in the 800's from all that I have seen. If you know anyone that has this and does not hit 800's please post.

How true your formula is.........but that would be a hardie to hit.  The average person just doesn't have all that is required to achieve that. What really bugs me is the fact that FICO says "the majority of people never make late payments" and on and on with crap about how most people are in 750/800 range. I'd  like to see the statisic's to prove that calculation. If that were the case then why do you see so many avertisments on tv for cccs. They changed the BK laws a few year ago because so many peple were filing BK and they wanted to make it harder for people to file BK. Reading these fifferent forums, so-so many people like myself are trying to rebuild their credit. People I talk with on average are so far in debt and struggling to keep their heads above water-most are not keeping their heads above water.

 IMO...I'd say the average would be maybe 7 out of ten of us are in the pond with the little fish with 3 or 4 out of that 7 being in the scum in the bottom of the pond.

[Anonymous]

MidnightVoice wrote:

Judging from this board, avoiding divorce seems to help 

Divorce, job loss, and medical bills are the big three. IMHO, the divorce horror stories over on CIC are the most painful. Or, it could be that folks here are just keeping those details to themselves.

[smallfry]

If you manage to walk around long enough 800 is within reach. Just by looking at those parameters they really do not look difficult to attain as long as you can manage never to pay anything late. I can see it happening for me even with the BK. I was there once already I'll get there again.

[Anonymous]

i agree with smallfry in that none of the factors are that difficult to obtain (except for the time factor  ), assuming that none of those horrible life experiences like divorce, major illness, etc., occur.  the toughest part for most people, i think is to not run up them thar' credit cards like there's no tomorrow.  if my ex wife and i hadnt run those motherscratchers up, and then got divorced.....

(edited in hopes that my smiley works this time)

Message Edited by dog on 06-25-2007 10:05 PM