This whole credit scoring system is so incredibly flawed it's embarassing

[Anonymous]

Yes! my FAKO  scores were sooooo much closer to my lender pull scores. MYFICO is a joke! I know there are different models blah blah blah but why are my FREE FAKO scores closer to what the lenders actually pull and they are not FICO all regardless of the model...

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@CreditCardDiva wrote:

It's definitely a scam, but I'm in, so I can't say much. But yeah, you get penalized for having too many cards, too few cards, low limits, high limits, paying in full, running a balance, applying for too much credit in a short time span, opening too many new accounts, not having the right "mix" of revolving/installment, not having a mortgage  - it's a mess It's not just about paying your bills on time.. I've seen folks with all manner of past financial mayhem get my "dream" cards, but I can't get any love for having a 90-day late (paid off), 6 years ago, because I lost my job.I have NEVER gotten any love, by paying my balance in full - the only way I will get a line increase is to let some interest accrue, pay it off...and then don't buy anything for a minute. It's a game...as soon as that happens, CLI...everytime.

I have had a credit analyst deny an increase...and then two weeks later, with no change, grant a CLI. FICO is a joke...and when folks say, "Don't count FAKO", I laugh. Credit Karma is pretty spot on, for me anyway, and it's not a true FICO score. I still don't understand FICO - There's different FICO scoring systems, so you don't know which one a creditor is using. The credit bureaus mix up your info with someone else who shares your name (happened to me), and take their time reporting the correct info....and you gotta do all the work to prove they don't have the right person. If you're not constantly monitoring your reports, there's no telling how it could end up.

I was just "co-ranting", OP....sometimes you need someone to say, "Yep, you're right!" LOL!

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[Anonymous]

I logged in just to give you kodos . What's more embarrassing is us running around like sheep doing everything we can to get points .

But there's nothing we can do . We're not united enough to make changes to the system.

[HiLine]

Another one of those rants... Let's just say that the victim mentality will not help. Every system has a set of rules. Knowing the rules and playing them to your advantage is how we survive and thrive.
Many of the "issues" you brought up have been clarified and discussed on this forum a million times. If you don't get it, you haven't read or thought about it enough. If you actually want to learn something, ask questions. Otherwise, we can't help you.

[Kostya1992]

And that's why I wont pay for a credit score, its a buisness.

[MarineVietVet]

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@kostyan1992 wrote:
And that's why I wont pay for a credit score, its a buisness.

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Any time one of us applies for credit, whether we are approved or not, we pay for a credit score.

[Involver]

Credit is a game. Granted it has significant real life ramifications, but like every other system everywhere there are rules that everyone must play by. The trick is to bend and take advantage of those rules to your own advantage. Once you get a few key tricks up your sleeve it's smooth sailing.

[Anonymous]

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@Involver wrote:
Credit is a game. Granted it has significant real life ramifications, but like every other system everywhere there are rules that everyone must play by. The trick is to bend and take advantage of those rules to your own advantage. Once you get a few key tricks up your sleeve it's smooth sailing.

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+1 Amend! Credit is like a pool game.

[oscar_actuary]

It's 87% common sense, at least, 10% simple business sense, and 3% workning the formula (game).

Common Sense

Pay what you owe when you owe it

Don't get in over your head

Have an emergency fund

Business Sense

Lenders have to have some way of allocating credit, profitably.  Which means they have to charge you more if you are more likely to not pay back.  Belive me, they spend a ton of effort and $$$$ to increase their profits - aka - check on who gets credit, how much, and at what raite.  I work now with a former account analyst from Cap One.

If you wnat to go the Dave Ramsey route (100% common sense), it won't help lenders as much when deciding your credit worthiness which may suit your style find.

Gaming the System

Manipulate your Utilization by paying before the statement cut off judiciously. 

When you do forget to pay, pick up the darn phone and ask for a pass and pay it now - and forget very infrequently.

[taxi818]

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@Involver wrote:
Credit is a game. Granted it has significant real life ramifications, but like every other system everywhere there are rules that everyone must play by. The trick is to bend and take advantage of those rules to your own advantage. Once you get a few key tricks up your sleeve it's smooth sailing.

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I must adMIT I learn a lot. And some tricks But I need to learn more. Any new tips. And or  trick advice appreciated. To get my Equifax score up?