Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)


CalvinPPL wrote:
Without giving it any thought go to my site at prepaidlegal.com/hub/calvin34 and look at what pre paid legal services has to offer. I got mine and have used it on many credit issues my falt or not and for my Dad who's last name is Smith, Talk about mistakes and ID fraud, problems ect.
With better direction and the legal backing YOU will not to be PUSHED AROUND BY BULLY CARD COMPANIES. For next to nothing you can putthe ball in your court and stay out of court too!

Wow! The CROs are starting to hang out here and spam.
 
Mega Contributor
RobertEG
Posts: 17,256
Registered: ‎03-19-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)

This FICO forum is absolutely the best source of credit advice that exists in all of the Western World!  The knowledge given on here is fantastic.  I just have a simple observation.  I hate to categorize, but I must offer my comments, for it is important for one to know his goals before he can plot his path.

I see two broad categories of posts on here.  The first is from those who seek long term FICO increases, and the second from those who seek immediate point-pumps in order to secure immediate credit.

When you read these forums and their advice, it is important that you know what you are seeking.  Short term score boosts are usually secured at the expense of longer-term hits, but if instant credit is what you need, then go for it!  Get a quick  gator-aid, steroid boost in your current score, and get the new credit card or loan you need!  If you are in that category, then take the new credit inquiry hits, and increased % utililzation that will lag your newly secured credit by one to two months.  So it don’t matter, once you have the new princess bride in your bed!

But if a fix of months or more into the future is what one seeks, then the strategy is quite different.  New credit will catch you within two months, adding new inquiries at 10 points per pop, and if that new credit is used, it may individually be at a high %util that will kill.  Get a new $500 card, charge $400, and the short term effect is a 10-point inquiry hit that wont go away for a year, and new 80% util of that card. It may only be a perceived as a pimple on your overall %util, but %util of each card also counts.

I had a FICO score of 780 five years ago.  But then I had a divorce.  My FICO has not dipped much from then, but my financial situation clearly has, and I would not use my high FICO score now to obtain further debt!

I am a category 1 guy now, who wants to retain his FICO, but does not need it for immediate credit.  However, my younger ‘bro has a FICO more than 100 points lower than mine.  His FICO counts, for he wants to buy a new car, and a new house. NOW!

You reap what you sow, and can only harvest what you have reaped.

Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)
RobertEG- Very interesting and insightful post.


My "Repair" days are complete (still working on DW's) only time and persistence with the Fico god's are going to improve my scores.

I have gleaned so much information from here- the right thing for me to do is to give some back.
New Visitor
danima
Posts: 1
Registered: ‎10-31-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)
Can someone tell me how often are credit scores reviewed and updated?
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)


danima wrote:
Can someone tell me how often are credit scores reviewed and updated?


No one actually "reviews and updates" FICO scores. They are created when you (or a potential lender, etc) requests one. At that time, your most current credit report from whichever CRA (credit reporting agency, credit bureau) you want your score is crunched through the FICO formula, and voila, you have a score.
 
If you are hoping to see a score increase from some sort of action you took, nothing will change until the creditor reports the change to the CRA. And even then, the CRA has to post the change on your report for it to be relflected in your score. And THEN, you or someone else has to cough up the $$$ for the score to actually exist!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
MidnightVoice
Posts: 8,154
Registered: ‎03-25-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)
I wonder if we could get the 12 steps on a MyFICO tee shirt?  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)
Hey, I'd buy one!
 
What would be really useful, though, is for me to figure out how to turn the 12 Steps into a screensaver. :smileytongue:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
MidnightVoice
Posts: 8,154
Registered: ‎03-25-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)
[ Edited ]
How about a screen dump to jpeg and crop it?


Message Edited by MidnightVoice on 12-13-2007 11:02 AM
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)


MidnightVoice wrote:
How about a screen dump to jpeg and crop it?

Ermmm... Might save that one for after the holidays! :smileyhappy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
MidnightVoice
Posts: 8,154
Registered: ‎03-25-2007
Re: The MyFICO Forums 12 Step Program (For FICOholics)


haulingthescoreup wrote:


MidnightVoice wrote:
How about a screen dump to jpeg and crop it?

Ermmm... Might save that one for after the holidays! :smileyhappy:


Did you do it?  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid