Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
Re: MyFico Sucks

Repo-ed wrote:

HiLine wrote:

axxy wrote:



I think people should demand a right to know the exact real reasons for score changes


And why exactly do you think you're entitled to such a "right"? MyFICO comes up with an algorithm that determines a score from a bunch of items on a credit report. It is their private property, much like the design of an Apple product. Why should they reveal their trade secret to the entire world? They are a for-profit corporation, not a charity organization.

$1,000,000 question that could solve nearly every issue we face

Meh.  The algorithm may be a secret, but the way to get a high score is not.  


Pay on time, all the time.  Be conservative with how much debt you borrow and carry, and demonstrate a long history of responsible credit use over time.


Do those simple things, and you will qualify for vitually any credit offer.  At that point, who cares if your score is 760, 800, or 10,000?


Don't do those things, and the only people willing to lend to you will be predatory bottom feeders.  It's that simple.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL