Wonderful url Timothy! Thanks for posting. Clears up a lot of questions I had.
I'm pondering this statement: "First the number of scorecards are increasing from ten to twelve. FICO groups consumers into “scorecards” depending on characteristics they meet. While FICO doesn’t reveal those scorecards (it’s part of their secret sauce), one example is the “had a bankruptcy” scorecard that you would be scored under if a bankruptcy appears on your credit file."
I'd love to know, as we all would, what those scorecards would be. Merely speculating, I could see where theoretically they could be(beside bk) foreclosure, collections, tax liens, wage garnishment, judgments, etc.
I consider those "fatal baddies"(items that will prohibit you from getting good scores no matter how good your current payment history is). And a scorecard(perhaps more) for those with a "pure" credit file(one that does not contain any of the above).
But i truly understand the propriatory nature of the FICO mysticism. Soooo I'll just keep pondering, and wondering.
I'm pondering this statement: "First the number of scorecards are increasing from ten to twelve. FICO groups consumers into “scorecards” depending on characteristics they meet. While FICO doesn’t reveal those scorecards (it’s part of their secret sauce), one example is the “had a bankruptcy” scorecard that you would be scored under if a bankruptcy appears on your credit file."
I'd love to know, as we all would, what those scorecards would be. Merely speculating, I could see where theoretically they could be(beside bk) foreclosure, collections, tax liens, wage garnishment, judgments, etc.
I consider those "fatal baddies"(items that will prohibit you from getting good scores no matter how good your current payment history is). And a scorecard(perhaps more) for those with a "pure" credit file(one that does not contain any of the above).
But i truly understand the propriatory nature of the FICO mysticism. Soooo I'll just keep pondering, and wondering.
Maybe once '08 rolls out those of use who have spent hundreds on MYFICO scores will get a freebie once '08 rolls out?
Just my wishfull thinking