Possible of recession & Fico 10.

Anonymous · ‎03-24-2020

Hello... What does everyone think if there is going to be a recession? How bad will it get? How should people plan for it? Lastly, How will this effect the pending FICO 10 & 10T?

Anonymous · ‎03-24-2020

I'm not up to speed on Fico 10, but this is already a major recession IMO. I expect it to be worse than 2008.

I ditched my city apartment, moved in with my in-laws in the burbs, cut myself down to extreme bare bones spending, and am saving every dollar that I can.

I typically fully utilize CC grace periods, but I have some new CC relationships with modest limits that I'd been using as my daily drivers and I went ahead and paid those off before the statement cut so high util balances don't report.

I'm making sure my credit profile shows no signs of financial distress at any time lenders potentially decide to take a peak.

I was in fact heading towards financial distress in 2008 and my lenders all saw it, took AA, slashed limits, raised my interest rates to 29.9% and I was in deep deep trouble. Not going to happen this time!

I'll buy my first property when this all bottoms out.

AverageJoesCredit · ‎03-24-2020

My need to find a sugamomma is even more important now.

Jnbmom · ‎03-24-2020

There are so many more important things to think about then a FICO 10 score 🥺

EXP 780 EQ 796 TU 810

sccredit · ‎03-24-2020

As Steeler said we are in a recession. I know technically that doesn't apply until July (2 consecutive quarters) but it is here. It's only going to get worse. It will eventually get better but it is going to take some time. The damage to the economy over the past couple weeks is irreversible in the short term and the longer this goes the longer the recovery will take.

M_Smart007 · ‎03-24-2020

@Jnbmom wrote:
There are so many more important things to think about then a FICO 10 score 🥺

+Million

Anonymous · ‎03-24-2020

@AverageJoesCredit wrote:
My need to find a sugamomma is even more important now.

+1

You and me both.

Iusedtolurk · ‎03-24-2020

@Anonymous wrote:
Hello... What does everyone think if there is going to be a recession? How bad will it get? How should people plan for it? Lastly, How will this effect the pending FICO 10 & 10T?

Hello... What does everyone think if there is going to be a recession?

Oh most definitely.

How bad will it get?

Historically Bad.

How should people plan for it?

Cut out all unnessary expenditures, cut down on spending, practice safe habits, buckle down and ride it out, as with any major crisis it will eventually be over and we will be back on the road to recovery.

Lastly, How will this effect the pending FICO 10 & 10T?

Probably a profile specific outcome for all concerned.

Good luck to everyone during this pandemic. Be safe and make sure your loved ones are safe.

We can always rebuild credit but we can't rebuild lost lives.

mrfufoppss · ‎03-24-2020

looking at the recent 401k balance go south i am worried about the economy..as far as fico 10 im not worried about point lost or point gained..i was just approved for a small emergency loan knowing fico 10 will Penalize me for it...BUT one thing i have learned so Far with my Credit journey Is (Banks/CU) dont care about your score more than they care about relationships and HOW WELL YOU PAY YOUR DEBT...I still get denied by certain banks with 750 plus fico scores because of History mainly..yet a person with a 690 fico would get approved for same card...as far as fico 10 goes i am going to focus on Payhistory with my Current Creditors than worry about my Score being High