It makes sense. Only paying minumum while adding more debt looks like much more of a financial struggle or not good management.
@pipeguy wrote:Interesting thing is FICO scores have no memory based on cetain factors (not derogs) such as utility - this report says that they'll create a new "factor" to look at your memory or history over the last 24 months as far as utility and reward you if you keep your utility low or payments high - that's a new scoring concept as far as granting credit (might not be as far as computer models and it's probably done to some extent already for manual reviews).
If they're looking at it all it's done by computer today. Can effectively guaruntee that, lenders are at least that technically savvy and if they have to write the code to parse that, they'll write something to do first pass analytics on it before handing it to a human.
The problem is some of the large lenders don't report payments yet, Amex is one such and there are others that I could dig out looking at my reports, but it's been available to report since something like 2011 when EX pioneered it in their dataset.
Admittedly even I could build up a non-trivially sophisticated picture of someone's financial behavior (assuming they run their lives through their credit cards), if I ever do get to the credit-report-swapping stage of a relationship I will certainly be looking at that information.
@iv wrote:
@Revelate wrote:The problem is some of the large lenders don't report payments yet, Amex is one such and there are others that I could dig out looking at my reports, but it's been available to report since something like 2011 when EX pioneered it in their dataset.
It's more than not reporting yet. There are those who had been reporting full details, but stopped. (BOA and Chase, at least.)
See previous discussion on T/R scoring possibilities.
Ah thanks, that discussion happened when I was off the forums and missed it.
I haven't looked through it, but when did this happen? Apparently payment history on my EX report is truncated, but looking at my Chase Freedom I can still draw non-trivial information on it including card non-use, and payment pattern, and whether I'm a transactor or not when combined with the reporting date which is known to be the statement date for Chase (and presumably every lender knows this) even without the amount paid to be fair. It does lose how much the card is being used for though, only demonstrates where it's not vis a vis:
May 2015: $0 / May 29, 2015 / $25 / No data
Apr 2015: $0 / Feb 20, 2015 / $25 / No data
Mar 2015: $0 / Feb 20, 2015 / $25 / No data
Feb 2015: $0 / Feb 20, 2015 / $25 / No data
Jan 2015: $0 / Jan 05, 2015 / $25 / No data
Sat idle Mar/April by inspection.
Looking at an older report, oh I see, 3 month experiment for Chase:
Feb 2014: $0 / January 23, 2014 / $25 / $78
Jan 2014: $0 / January 23, 2014 / $25 / $78
Dec 2013: $0 / December 26, 2013 / $7 / $8
And yeah for BOFA:
Apr 2015: $0 / Jan 05, 2015 / $25 / $594
Interesting, hadn't ever noticed they'd stopped, thanks for the heads up! Have to read through the other thread, though I do wonder why they stopped... seems like lenders would've collusively wanted that information unless they felt that it opened up their higher-spending customers to poaching.