ShanetheMortgageMan wrote:I am intrigued with the new algorithm.
MyFico is keeping the details under wraps. From what I understand your ranking is baset on "bucketing". Items in your Board file such as AAOP (average age of posts), number of posts, utilization (percentage of posts used relevantly), and negative accounts (posts deleted or edited for violating terms) are used to come up with a risk assesed profile bucketing you with other users that have a similar scorecard.
These buckets are then divided up into the scoring models, with some buckets limited as to how high they can score. As your profile changes, you can be moved from one bucket to another, or one branch to another, changing your overall score. That being said, no one really knows exactly how these algorithms work, and the information above has a high chance of being made up.
MidnightVoice wrote:lel- wrote:
This may very well be the best post that I've read on these boards!Very close to
--------------------------------------------------
------------------------------ TheNewWorldMan wrote:
Remember that credit bureaus use different methods to receive and process good versus bad credit information. Information that would negatively affect your credit rating--like a late pay or charge-off--is instantly beamed from the creditor to the agency via Department of Defense 256-megabit fiber optic lines and written to their servers in 8.6 milliseconds. Information that would positively affect your credit rating is scribed onto scrolls in special ink by Gregorian monks, which are then painstakingly illuminated. The Credit Scrolls are then placed onto camel caravans which wind their way to the credit bureau headquarters by way of Marrakesh, Dubai, and Tripoli. Once the caravan reaches Equifax, Experian or TransUnion, the scrolls are then laid out in the sun for a week so that the special ink can be read. (Note that the weather around the credit bureau headquarters is notoriously gloomy, like FICO itself, so finding seven consecutive days of sunshine can be quite an ordeal in and of itself.) Only then can the information finally be encoded into your credit files...
heh heh, thanks.
12 new ranks - now that reminds me of something, what is it now?
Ah yes that it:
The FICOHolics 12 Step Program - With apologies to Alcoholics Anonymous
1.) We admitted we had been powerless over credit--that our finances had become unmanageable.
2.) Came to believe that a Message Board greater than ourselves could restore our Credit Scores to sanity.
3.) Made a decision to turn our will and our credit lives over to the care of MyFICO Forums.
4.) Made a searching and fearless inventory of our finances.
5.) Admitted to MyFICO, to ourselves and to other board members the exact nature of our **bleep** ups, and our actual scores.
6.) Were entirely ready to have MyFICO members help us remove all these defects of our CRs.
7.) Humbly asked them to help us, and wrote GW letters.
8.) Made a list of all creditors, and became willing to make amends to them all if required, and DV them it was likely to do any good.
9.) Made direct disputes to such creditors wherever possible, except where illegal.
10.) Continued to take personal inventory (usually via web banking) and when we carried a balance quickly PIFfed it.
11.) Sought through constant reading of the board to be aware of all pitfalls and to not stray from the path of financial responsibility, and to stay at 1-9% Utilization
12.) Having had a financial awakening as the result of these steps, we tried to carry this message to others with credit problems, and to help more people straighten out their CRs, and become EpicContributors
(had to make minor modifications).
Starting Score: EQ 679, TU 697
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
