What FICO model does CAPITAL ONE pull ??

[Anonymous]

They all need to update to FICO 8

[Anonymous]

Because of the whim of one consumer? Keep in mind that scores are comprised of a picture of your current and past credit history.

[Anonymous]

I get that but I'm sure I'm far from the only one who would benefit from such. As FICO directly explained to me, they update their score models to accurately reflect modern risk measurements as many of the old models are outdated -- hence the FICO 8 and 9 models which more accurately define such.

[Anonymous]

FICO 4 actually may be higher if you have a long installment loan history.

[myjourney]

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@Anonymous wrote:
I get that but I'm sure I'm far from the only one who would benefit from such. As FICO directly explained to me, they update their score models to accurately reflect modern risk measurements as many of the old models are outdated -- hence the FICO 8 and 9 models which more accurately define such.

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IMHO 

All models have there flaws 

Example the 08 models dings you if you don't have installment loans while letting medical collections under $100 not carry any ding. (backwards)

So while it may be good for some in most cases this could be hurting far more than its helping .....

How many people have paid off their loans and as a result of 08 now see their scores drop for completing a good thing? Far to many IMHO

[Anonymous]

Well that makes no sense as I have 20 student loans all current, an auto loan and my FICO 4 is about 50 points lower than my 8. Makes no sense to me either people.

This game of credit makes me nuts but at least I'm learning and getting somewhere !

[Anonymous]

Agree with MJ. I have two student loans in deferment that total 6k and considered paying them off before I came here. Never mind. They can remain deferred and when the time comes I'll make my small monthly payments. Think its crazy that eliminating any type of debt would ever be a negative but thats how it works.

[Anonymous]

They need to all get in one page!! I know it'll never happen but it is wishful thinking.

[myjourney]

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@Anonymous wrote:
Agree withMJ. I have two student loans in deferment that total6k and considered paying them off before I came here. Never mind. They can remain deferred and when the time comes I'll make my small monthly payments. Think its crazy that eliminating any type of debt would ever be a negative butthats how it works.

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My new approach for this is if a loan ends take out a 18-24 month loan .....weather I use the money or buy a CD with it ...Lol

Anything as long as it make more than the interest on the loan 

[Anonymous]

Credit wouldn't be exciting if they were all on the same page. Rewards and bonuses are an incentive to keep your credit top notch.