It will be interesting to see how the future plays out. It appears to me that having an emergency fund is going to be crucial than ever to keep from having to tread water as mentioned up thread.
@Anonymous wrote:I think I'll stick with the tried and true, pay my bills on time, PIF on CCs, don't open unnecessary accounts, pay cash instead of swiping, and keep my utilazation under 10% when I do have to carry a balance. It's boring but darn near bulletproof to keep your score high.
How about only swipe if you have the cash to pay for it? I like the bonuses and perks I receive for swiping. Just make sure that interest paid on credit cards isn't more than the perks that you receive.
Utilization has to do with available credit whether you PIF or carry a balance. Most would agree you need to keep your UTI under 8.99% to continue to receive the FICO scoring bonus, however, who knows with the FICO score 10 and 10 T models.
Does personal loan include SSL? If so, a lot myfico members like myself would take a hit.
Starting Score: Ex08-732,Eq08-713,Tu08-717
Well...My Fico 8 went down 23 points on Experian because I payed $700 on the only credit card I have a balance on.
I have 9 cards, I owed 9500, paid it down to 8800 and I went from 689 to 666. I'm now afraid that if I pay more than the minimum my scores will still go down...but I need to pay it off because it's a card with 0% APR till Nov 2020. :'(
@Anonymous wrote:
@Subexistence wrote:
Does personal loan include SSL? If so, a lot myfico members like myself would take a hit.SSL is a secured loan, it's doubtful this will be seen as a negative.
Not all such loans report as secured. Hard to say TBH.
I had two more thoughts about FICO 10:
1) Trended data makes all sorts of sense, personal loan questions aside, we might not have to AZEO anymore as it's pretty simple to tell who the transactors are when it's obvious we're PIFing with balance = payment month after month.
2) I strongly suspect there may be a significant move towards this from a risk analysis perspective, and it just might be the first one that the GSE's seriously look at because they've grumbled in the past about scoring being somewhat manipulatable... and this new version quite possibly will have the least distortion from FICO strategists and the least punishing to people who don't know (the vast majority).
If the GSE's move, the mortgage tiers might move too. This would be F'n huge, though FICO is suggesting the average is going to be a wash so we'll see.
It's really too early to tell frankly how this is going to all play out but I'm pretty sure it's not going to suck for people on this forum other than people who are just debt shuffling on repeated 0% cards without making any progress... and that is a dangerous game to play given 0% offers might suddenly dry up anyway.
