Time for the Government to put an end to FICO

[Anonymous]

I have tracked this thing and played the game for 3 years now..IM convinced it is nothing more than consumer fraud. An un-winnable game that sets you just running in circles.

One thing I have learned in my 45 years the best way to win some games is just not to play. Officially we are done. We have closed all open accounts except 1 Credit Card, moved all savings into a credit Union for now on we will pay cash for any car purchases, and we will only finance when we can find businesses that do not use this FICO fraud scam.

We have been following this policy faithfully for 4 months now...our savings is increasing our asset to Debt ratio is the best its ever been...and our credit union has been great...Don't be fooled you can live very well with a lousy FICO score....Just don't play their game. Pay cash don't play....you can't win!

[Anonymous]

Well, good luck with that.

As you will (or should) have learned from your three years of experience, lenders are free to use any scoring model they wish (or none). Most use Fico models, some use other models, and the largest institutions have their own proprietary scoring models. Fico has no monopoly. Fico provides formulas that predict risk in general. As with any such formula, there will be exceptions. There will be individuals who are approved but later default, and there will be individuals who are denied but who would have been perfect customers. The institutions that utilize credit scoring are interested in minimizing their risk. It is a numbers game, because those institutions don't have the time to extensively investigate every individual applicant, get to know them, learn to read their minds, etc.

Credit scoring is not perfect, but most of the problems are derived from errors in the underlying data provided to the credit bureaus, not from the credit formula or its designer.

Would you like to ban credit scoring entirely, and go back to the "good 'ol days", where loan approvals were dependent on human whim, and your gender or racial/ethnic background was often the reason for being declined, or having a high interest rate attached to your loan?

[Anonymous]

Yes its time to ban it from corporations using their own perverted formulates. Time to go back to the local bank and the loan officer. Like I said FICO has to go, the job was passed to these corporate fools and now look at the mess we have.

With our method the wife and I have added $767 per month to our income in save interest and fees by not PLAYING THE FICO GAME...Its like having a fourth small income stream. Cut up those credit cards America! Thumb you nose at FICO. find out if the company you are dealing with uses FICO if they do leave the paperwork on the desk and head for the door. Call you congressional Reps and tell them to put an end to FICO!

[Imhotrodcrazy]

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@Anonymous wrote:

I have tracked this thing and played the game for 3 years now..IM convinced it is nothing more than consumer fraud. An un-winnable game that sets you just running in circles.

One thing I have learned in my 45 years the best way to win some games is just not to play. Officially we are done. We have closed all open accounts except 1 Credit Card, moved all savings into a credit Union for now on we will pay cash for any car purchases, and we will only finance when we can find businesses that do not use this FICO fraud scam.

We have been following this policy faithfully for 4 months now...our savings is increasing our asset to Debt ratio is the best its ever been...and our credit union has been great...Don't be fooled you can live very well with a lousy FICO score....Just don't play their game. Pay cash don't play....you can't win!

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At 68 yrs of age I pretty much agree with you.  I have always been an advocate of paying cash whenever possible.  The exception being, if you want to buy a home.  I come from the days of  " your word was  your bond", and a handshake sealed the deal and it was as good as a contract.  I know that the majority of people will laugh at my thinking, but I have peace of mind knowing that I don't have any debt.  I deal with one bank only,  they treat me well and don't give me any trouble.  I charge a tank or two of gas each month and pay it within a couple of days.  I am like you, I don't play the games that make everyone else, but me, money.   I don't really need a fico score because I don't need to buy anything over time.  If I want something,  I pay cash.  If I can't afford to pay cash, then I can't afford it.  It doesn't bother me one bit.  Well, for what it is worth, that's my two cents worth. 

[Anonymous]

Well Hotrod its time to get back t that kind of thinking....I do feel sorry for young folks today, my house was bought in the time before FICO...Im glad that we do not have anything big we would have to finance anymore. I was think of buying a timeshare but I will put it off indefinitely now or until I can find a way to do it without financing it

[Anonymous]

This is the best of everything  you have written thus far:

Call you congressional Reps and tell them to put an end to FICO!

Let's tell the President to put aside Healthcare Reform, The oil spill  in the Gulf, Housing Crisis, Unemployment, the economy, education, taxes and tell him we need to focus on ending credit scoring altogether!! This is far too important.  Afterall, who needs credit scores? Lenders? Naah, they should be able to asses their risk by just looking at me and my income and job stability....why it shouldn't matter how I didn't pay my bills for several years?

I'd bet if you had a score 750 plus you wouldn't be writing such nonsense.

[Anonymous]

Now this is amusing...FICO cheerleaders!!!...lol. Only in corporatist America...all part of their PR firms image maker "FICO is your friend". Anyhow, I did find another "less one sided forum last night so I will continue my posting there....LOTS of angry people there!. In short up yours FICO, its time for the American people to give back some of the misery you and your slander, fraud, and terribly flawed system has caused.

[Imhotrodcrazy]

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@Anonymous wrote:

I'd bet if you had a score 750 plus you wouldn't be writing such nonsense.

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At my age I don't talk nonsense.  I don't need a 750 score because I have all the money I need.  In addition, I am not as narrow minded or brainwashed as some.  I was expressing my "opinion".   If you don't like it, ignore it. 

[Anonymous]

Used to have a 720 score until I quit playing the game. I have no idea what it has been for the past 6 months and could not care less....Lik I said ask if they use FICO, if they say yes leave the paperwork on the desk and head for the door

[cdtotten]

So based off reading your responses to other threads, you are mad that credit card companies increased your interest rates on open cards... refused to pay the new interest rates (and balances), had them charged off, and your score tanked. You then realized you couldn't obtain anymore credit... so you are on a tirade against myFico,not the lenders, to put an end to credit scoring because it isn't helping you.

The ironic part about all this you preach paying in cash and only buying what you can afford, but obviously you were carrying balances on your cards since you are mad about APRs. Your APR means jack squat when you pay your bill in full each month... there is no interest. It seems like you can't make up your mind between hating lender or scoring models. BTW, you praise CUs it seems, which I agree with, but most national credit unions use credit scores as well.