contractor wrote:
I'm old-school too (because I'm old) but I seriously doubt that what you want is possible. In the day, Bankers made decisions based on personal relationships. They knew everyone that banked with them and knew if they were a credit risk. Not very many people borrowed money because it was somewhat looked down upon. If you needed more money, you should work harder, not borrow it. Today people borrow money for everything, many times when they shouldn't. There is too much volume in the banking business for Bankers to become personally involved with the customer. We bank by phone, car, internet, mail and carrier pigeon. One on one relationship building is rare. Some sort of system has to exist to sort the wheat from the chaff (no offense meant, some of my best friends are chaff). Not saying FICO is good or bad, just saying something is necessary IMO.
You sound just like my father!! The trouble is, I now sound just like my father as well 
I remember the days when the institution that lent you money actually kept the debt and had an "interest" in you paying up. Now they work on commission and sell the loan, so they no have no need to get it right.
@Anonymous wrote:
I too get much further with machines than humans. Machines don't ask "why". lol
LOL .. thats what I said when I saw the post
glock2327 wrote:News bulletin..I managed in Consumer Finance for 18 years..We had a scoring system but also exercised independent jugement..such asverifing time ay POB..Time at RES. Debt pyt ratio..and Verified ay least 2 years income..We also collected our own accts.. That was with HFC ..Now Beneficial and the Associates ..now Citifinancial... Computerized grading for decision making is flawed..Just ask the millions in foreclosure and losing autos etc.
The FICO formula itself makes no decisions, it's only a tool that human beings can use to evaluate risk in lending to someone.
Human beings decide how they use that formula and the 'computerized grade' it provides - not fair to blame FICO if those human beings abdicate responsibility and choose to use that 'grade' exclusively in making those decisions. 
My personal experience has been that human beings are still very much involved, and that evaluation can and does often go beyond just what a FICO score appears to say about me.