topic Re: FICO's Blacklist in Rebuilding Your Credit

FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 02:36:34 GMT

Can somebody please tell me why I'm on FICO's blacklist. I don't know what I've done wrong in life, but I certainly can't seem to do right by fico. Can one of you insider gurus please tell us about fico's blacklisted, exiled flock????

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 02:56:58 GMT

Look at your FICO score reports. They will tell you the negatives that are keeping your score down. If you are looking at scores from other sites, beware they won't be accurate and their advice will be off the wall. Only trust scores from here...

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 03:04:07 GMT

Want2Be - Cheer up We have all made mistakes with our credit, but thank heavens for this forum. Spend time reading here - and like the PP said, check your reports from here. They will guide you in the direction.

Re: FICO's Blacklist

MsKiwi — Mon, 01 Sep 2008 10:51:52 GMT

want2b_800s wrote:
Can somebody please tell me why I'm on FICO's blacklist. I don't know what I've done wrong in life, but I certainly can't seem to do right by fico. Can one of you insider gurus please tell us about fico's blacklisted, exiled flock????

You cannot be on a Fico blacklist, you can be on a creditors blacklist if you ever burned them in the past.

What is on your credit reports? You stated in another thread that you only have 1 late back in 02 for a 30 day, that should not be hurting your score that terribly much.

Do you have cc's? What kind? How many? What is your available CL on them? What are your balances? Do you carry high balances? You do need a mix for max fico points. Do you have any installments loans?

You could have a low fico for many reasons and remember Fico doesn't care how much money you make, it cares about how you handle the credit you do have and the kind of credit you have.
If you can give a snapshot at what's on your reports, you'll get a better answer to your question.

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 12:47:34 GMT

What is your overall age? AAoA?

Util?

Number of revolving? Type of revolving? Installments?

Inquiries?

Re: FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 17:45:27 GMT

On myfico/12...the late is the #2 reason for my "bad score" on TU, the 4th reason on EQ and the 3rd reason on EX, so I'm not sure that I believe it's not hurting that much. It's hopeless but...thanks for responding. It's just another way for creditors to get me to pay more for the credit i need. I have an auto loan for $14k (financed for $20k). I just recently bought my 16 year old a car for $23k thru tmcc, paid down to $16k. I have a 21 year credit file. Average age 8-10 years on most accounts (I have to double check that one), so again.....hmmmmm....this just doesn't make sense to me.

In fact on myfico...it says now that there's NOTHING good about my score...Funny...it used to say on time bill payments, history, etc... now it just says there's nothing good about my report....here we go again.

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 17:55:21 GMT

@want2b_800s wrote:
In fact on myfico...it says now that there's NOTHING good about my score...Funny...it used to say on time bill payments, history, etc... now it just says there's nothing good about my report....here we go again.

Did you try the FICO simulator?

Re: FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 18:02:51 GMT

lol..yep...here's what it says...

Our apologies, an error has occurred...
Thank you for visiting myFICO®,

We are unable to process your request at this time. Normally, this is due to the system being busy. Please try again later today or tomorrow. We apologize for any inconvenience.

Thank you
myFICO® Customer Care

Re: FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 18:03:22 GMT

it's the word "normally" that bothers me....

Re: FICO's Blacklist

cw81 — Mon, 01 Sep 2008 18:05:08 GMT

OP I posted in the other thread where you listed your accounts and your balances and it seems your utl is pretty high overall its like 67% and some of your individual cards you are maxed out like 7400 bal on a 8000 cl, 4000 cl, with a 3700 bal, 4250 cl with a 3300 bal and 2600 cl with a2126 bal . That is killing your score

Re: FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 18:25:18 GMT

ok...thanks for listening. I will keep working on my goal of 7 cards with 0 balance and the rest below 10%. I hope I'll see a difference. I guess it could be worse.

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 18:29:04 GMT

You need to be less concerned with what FICO says are things in your favor and not in your favor (some of those messages can be flakey) and more concerned about learning what aspects of your credit FICO places the most value on. Did you read Tuscani's Credit Scoring 101 sticky? This part is taken directly from the sticky:

"-30% affects Utilization. It is best to have several accounts with low balances distributed then it is to have fewer accounts maxed out. To figure utilization: Balance (divided) by Credit Limit = percentage. Lower than 10% recommended per account, this is one of the fastest means for increasing the over all credit score."

In another one of your threads you listed your cards along with the CL and balances on each. Your utilization is high and is the number one thing you can control to increase your score! FICO looks at your overall utilization (total available CL on all CCs combined, versus total balances on all CCs combined) and the utilization of each card individually (CL versus balance). You are taking hits on both of those factors. It's the second most important scoring point in the FICO system, with paying on time coming in first. Since you are already paying on time, utilization is the next logical thing for you to aggressively work on for a big score increase.

I understand it's frustrating to be given credit limits, pay on time, and then find out that it still hurts your score to actually use them beyond a small percentage of available credit. I didn't know that myself for years and years. But I read everything I could around here, got POed (lol), and then took the steps recommended by those who have learned the hard way. Lowering my utilization to below 10% increased my scores by almost 100 points in 3 months! Why not try it before you assume you have been somehow blacklisted? FICO doesn't know you personally and can't single you out - you're just another number in their computer system and another set of numbers to plug into their algorithm.

Remember, even after you pay the balances down and those payments are reflected on your individual CC statements, it takes some time for those balances to be reported to the CRAs. I know patience isn't easy, but it is absolutely necessary when trying to rebuild your scores and it pays off in the end. Good luck!

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 18:29:10 GMT

How many cards do you have?

FICO wants less than half your cards reporting a balance and your overall util between 1-9%.

If you are at extremely high util, you could be costing yourself 50 or more points.

If you have "too many" cards, I think that dings you as well.

Having balances on all of them, yep- that dings you too.

Re: FICO's Blacklist

Anonymous — Mon, 01 Sep 2008 18:35:43 GMT

You've also mentioned a large mortgage. Was that obtained fairly recently? I have read posts from some members, who have been told directly by CC companies, that they are not opening accounts for anyone who has obtained a mortgage in the last 3 years (give or take). The theory is that with the mortgage meltdown and the economy tanking, creditors are worried about all of those adjusting mortgages and increasing payments. They don't want to be the bank that takes another huge hit if a person suddenly has to max out their cards to pay for day to day expenses, if and when they are struggling to make a huge mortgage payment.

I'm not saying it's fair to exclude an entire group for that reason without examining other factors (like income), but apparently some creditors are doing it, so it may be another explanation for one or more of your CC denials.

Re: FICO's Blacklist

want2b_800s — Mon, 01 Sep 2008 19:08:11 GMT

Optimistic---you have given me such hope!!!! You are my idol! Thanks I really needed that boost and a couple of happy pills!