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@CreditCuriosity wrote:The major flaw i see with this score is they have no clue of income..
@CreditCuriosity: I do understand that argument around credit scoring in general. I just don't know how it would work in practice, because along with income they would have to know about liabilities. There sure are a lot of people making six-figures that live paycheck to paycheck.
Like you mentioned already, I am sure many of the lenders internal risk assessment systems will have information on us that tells them what they need to know without having to resort to this Resilience Index.
@Anonymous wrote:
@Anonymous yeah I was looking for the thread on that so I could evaluate whether I should switch
No. Just no. lol
With 21 credit cards don't you have everything covered already?
@Anonymous wrote:
@Anonymous wrote:
@Anonymous yeah I was looking for the thread on that so I could evaluate whether I should switch
No. Just no. lol
With 21 credit cards don't you have everything covered already?
This would just be a product change from freedom to flex
@CreditCuriosity wrote:The major flaw i see with this score is they have no clue of income..
Or stability in income, for that matter. For example, I've been employed at the same job for 18 years. I've been through (now) two recessions since I got hired and my annual income has only gone up through it all. Never had a gap in employment in my entire life since I was 16. Yet, the algorithm treats me that same as anyone who can't hold a steady job for more than 6 months or is currently unemployed.
Because of that, I don't see how this score could possibly be better than any bank's own internal metric, since at least the bank has your income and employment history from what you put on your app, which (to me) is an infinitely more important metric than basing it almost entirely on my loan to credit card ratio.
And, as we seem to have demonstrated in this thread, the stress score seems to accomplish almost the exact opposite of what it's intented for. People with strong credit profiles seem to almost universally have worse scores than people with thin and/or "dirty" profiles. So why in the world would any lender ever want to use this score?
@coreysw12 wrote:
@CreditCuriosity wrote:The major flaw i see with this score is they have no clue of income..
Or stability in income, for that matter. For example, I've been employed at the same job for 18 years. I've been through (now) two recessions since I got hired and my annual income has only gone up through it all. Never had a gap in employment in my entire life since I was 16. Yet, the algorithm treats me that same as anyone who can't hold a steady job for more than 6 months or is currently unemployed.
Because of that, I don't see how this score could possibly be better than any bank's own internal metric, since at least the bank has your income and employment history from what you put on your app, which (to me) is an infinitely more important metric than basing it almost entirely on my loan to credit card ratio.
And, as we seem to have demonstrated in this thread, the stress score seems to accomplish almost the exact opposite of what it's intented for. People with strong credit profiles seem to almost universally have worse scores than people with thin and/or "dirty" profiles. So why in the world would any lender ever want to use this score?
@coreysw12 very well said!
EQ FICO Resilience Index Leaderboard as of September 30, 2020 |
Breaking News |
CreditCuriosity has taken The Golden Chalice from K-in-Boston !
Dogbert is still KEEPER of The Golden Sword! for having the highest/worst score ever - a 76 !
Lulah is still sole possessor of the Gold Key with a score of 37 !
Welcome @coreysw12 , @Face_Value , and @GApeachy to the board! That makes 40 members who have shared their score!
This Resilience Index score is included with a myFICO subscription. It will be shown on the dashboard.
And as always - lower rating (higher number) doesn't mean that person has a bad credit profile in any way. This score is really sensitive to balance amounts and it doesn't matter if you have a 600 or 850. |
RECORD HOLDER | ||
Dogbert | 76 |
MEMBER NAME | SCORES | RED | HIGH | DATE |
RESILIENT [1-44] | ||||
GOLD KEY WINNER | ||||
Lulah | 37 | 0 | 37 | |
JWD1980 | 40 | 0 | 40 | |
Throckmorton's Wife | 40 | ? | 40 | |
LaHossBoss* | 43 | 0 | 41 | |
tacpoly | 43 | 0 | 43 | |
MODERATE [45-59] | ||||
FireMedic1 | 45 | 2 | 45 | |
PicoFico | 45 | 2 | 45 | |
EW800 | 46 | 2 | 46 | |
Thomas_Thumb | 48 | 2 | 48 | |
Tonya-E | 47 | 2 | 47 | |
Trudy | 49 | 2 | 49 | |
sjt | 51 | 2 | 47 | |
Chris865 [OP] | 52 | 2 | 52 | |
angelwingz | 53 | 2 | 53 | |
KLEXH25 | 53 | 2 | 53 | |
Credit4Growth | 54 | 2 | 54 | |
CassieCard | 55 | 2 | 53 | |
LaHossBoss SO | 55 | 2 | 52 | |
Flyingifr | 56 | 2 | 56 | |
kilroy8 | 56 | ? | 56 | |
TMB_ | 56 | 2 | 56 | |
Face_Value | 57 | 2 | 57 | |
sarge12 | 59 | 2 | 59 | |
SENSITIVE [60-69] | ||||
coreysw12 | 60 | 2 | 60 | |
CreditObsessedinFL | 60 | 2 | 56 | |
joeyv1985 | 62 | 2 | 62 | |
NRB525 | 63 | 2 | 63 | |
Remedios | 63 | 2 | 63 | |
KEEPER OF THE GOLDEN SWORD | ||||
Dogbert* | 64 | 2 | 64 | |
OmarGB9 | 64 | 2 | 64 | |
Revelate | 65 | 2 | 63 | |
RehabbingANDBlabbing | 66 | 2 | 66 | |
Birdman7 | 67 | 2 | 60 | |
Brian_Earl_Spilner | 68 | 2 | 61 | |
Dumbee | 68 | 2 | 56 | |
jayk1 | 69 | ? | 69 | |
VERY SENSITIVE [70-99] | ||||
Kenro* | 72 | ? | 72 | |
GApeachy | 73 | 3 | 73 | |
"Customer of the Year" Poulet Frit Kentucky | ||||
K-in-Boston* | 73 | 3 | 72 | |
GOLDEN CHALICE WINNER | ||||
CreditCuriosity | 75 | 3 | 75 |
* FORMER AWARD WINNERS * |
MEMBER NAME | AWARD | TROPHY | FOR | DATE |
Dogbert | GOLDEN CHALICE | Lowest rating: 76 | ||
JWD1980 | GOLD KEY | Highest Rating: 40 | ||
K-in-Boston | GOLDEN CHALICE | Lowest rating: 73 | ||
Kenro | GOLDEN CHALICE | Lowest rating: 72 | ||
Kenro | GOLDEN SWORD | Record Low Rating: 72 | ||
LaHossBoss | GOLD KEY | Highest rating: 41 | ||
Throckmorton's Wife | GOLD KEY | Highest Rating: 40 |
All awards are from this game: Adventure (1980) (Atari 2600) Level 1 play through
@Anonymous wrote:
@GApeachy wrote:@Anonymous The only utilization I have found on cr's are on Experian showing 23% total and <2% on cc's if I'm reading it right. I don't see a utilization on MyEquifax. Where else would I look? On my LOC I'm like 48% util. if that helps.
I just find it odd that Eq. lists it under Mortgage (which is incorrect, not a heloc) but shows my resilience score red flag as lacking loan. Idk.
@GApeachy no I actually meant had you tested it and seen which one the algorithm was treating it as.
No, I never paid attention to the this score until I bought this last report. eta: How do you test?
@GApeachy wrote:
@Anonymous wrote:
@GApeachy wrote:@Anonymous The only utilization I have found on cr's are on Experian showing 23% total and <2% on cc's if I'm reading it right. I don't see a utilization on MyEquifax. Where else would I look? On my LOC I'm like 48% util. if that helps.
I just find it odd that Eq. lists it under Mortgage (which is incorrect, not a heloc) but shows my resilience score red flag as lacking loan. Idk.
@GApeachy no I actually meant had you tested it and seen which one the algorithm was treating it as.
No, I never paid attention to the this score until I bought this last report. eta: How do you test?
@GApeachy The test the LOC you would need to raise its utilization across known thresholds, either individual or enough for aggregate, to see if you get point loss at those thresholds; if so, it is being treated as a revolver. If not I would think it's being treated as a loan, unless you can cause aggregate installment utilization to cross a threshold to test.
what is your aggregate installment utilization?
@Anonymous wrote:Yeah I’m a little late myself I’m up to 67. I think I’ve been hanging out with @sarge12 or something. Same two flags increased balances, I think.
@Anonymous finally got around updating my scores as well. The increased number of revolvers with a balance cause some losses on a few. I switch scorecards to no new accounts November.
Fico pretends like this score matters, and I pretend like I actually care. In truth, if this score is used as a predictor of likely defaults, what exactly has fico 08 been claiming to be used for? It is really strange how those with high fico 08 scores seem to score badly on this new score. I think I might start a new index score to indicate the level the debtor really cares from 1-100 with low scores meaning the debtor cares less. I would do really well with that score, because the less these scores make any common sense, the less I care what they are. I will argue forever that the #1 factor in resilience of scores in a downturn is whether income is negatively affected. As far as that is concerned, my income increased due to the stimulus payments. It makes no sense at all that the same actions that help fico 08 scores used to predict defaults, would harm resilience to a downturn. It is also ridiculous to claim anything can predict resilience of a downturn due to a worldwide pandemic. They can't use history for such predictions because a worldwide pandemic of such scale has not ever happened in the modern era. Fico is just guessing at best for these scores, and the full economic impact of the pandemic and riots will surely affect the economy for years to come. Many small businesses going under will never recover, and that is just a fact.
@sarge12 wrote:
@Anonymous wrote:Yeah I’m a little late myself I’m up to 67. I think I’ve been hanging out with @sarge12 or something. Same two flags increased balances, I think.
@Anonymous finally got around updating my scores as well. The increased number of revolvers with a balance cause some losses on a few. I switch scorecards to no new accounts November.
Fico pretends like this score matters, and I pretend like I actually care. In truth, if this score is used as a predictor of likely defaults, what exactly has fico 08 been claiming to be used for? It is really strange how those with high fico 08 scores seem to score badly on this new score. I think I might start a new index score to indicate the level the debtor really cares from 1-100 with low scores meaning the debtor cares less. I would do really well with that score, because the less these scores make any common sense, the less I care what they are. I will argue forever that the #1 factor in resilience of scores in a downturn is whether income is negatively affected. As far as that is concerned, my income increased due to the stimulus payments. It makes no sense at all that the same actions that help fico 08 scores used to predict defaults, would harm resilience to a downturn. It is also ridiculous to claim anything can predict resilience of a downturn due to a worldwide pandemic. They can't use history for such predictions because a worldwide pandemic of such scale has not ever happened in the modern era. Fico is just guessing at best for these scores, and the full economic impact of the pandemic and riots will surely affect the economy for years to come. Many small businesses going under will never recover, and that is just a fact.
@sarge12 you know I agree.
@Anonymous I just read what I wrote above and it sounded like I was saying that you finally updated my scores, but I was letting you know I finally updated my scores in my siggy so that you can check them out. I wrote that wrong.
I didn't update in August. I apologize that sounded wrong, dictation left out the first word I, I'm gonna go edit it.