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Credit scores and reports in general.

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Senior Contributor

Re: Credit scores and reports in general.


@retvet09 wrote:
This
"if there's more than one showing a balance it's a penalty for "too many accounts with balances," (This is not true, see above) and if all report a $0 balance then its a penalty for non-use."(This is true)

And this
" Everybody's profile is different. A score is just a numeric likelihood of default. I've gotten cards that required good credit despite having sub-prime scores because of the thickness of my file."

Is exactly what I mean. First the credit bureaus get you coming and going. Then there is no real way of knowing if you should apply because the creditors can't give you clear cut criteria that they want. Sometimes it's like playing pin the tail on the donkey. Given my credit score and bankruptcy status I shouldn't have been able to get the new Quicksilver card according to Capital One's blanket criteria. I did though. I spent almost an hour on the phone with USAA and got nowhere so I decided to wait until things on my end improve a little more. USAA told me all they can do is put the application in nothing more. Sometimes it's like swimming up stream in murky water. Every so often someone like Firemedic1 comes along and sheds some light where there is precious little.

Its all a game. You get a car loan. Once its almost paid off you get a bunch of points. You pay on time all the way to the end. When its paid off you lose 15-30 pts and more in some cases. Why? We did the right thing and get punished? Hogwash!!!!! So there's a lot of things FICO does that doesnt make 1 bit of sense.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 11 of 14
Super Contributor

Re: Credit scores and reports in general.


@retvet09 wrote:
This
"if there's more than one showing a balance it's a penalty for "too many accounts with balances," and if all report a $0 balance then its a penalty for non-use."

And this
" Everybody's profile is different. A score is just a numeric likelihood of default. I've gotten cards that required good credit despite having sub-prime scores because of the thickness of my file."

Is exactly what I mean. First the credit bureaus get you coming and going. Then there is no real way of knowing if you should apply because the creditors can't give you clear cut criteria that they want. Sometimes it's like playing pin the tail on the donkey. Given my credit score and bankruptcy status I shouldn't have been able to get the new Quicksilver card according to Capital One's blanket criteria. I did though. I spent almost an hour on the phone with USAA and got nowhere so I decided to wait until things on my end improve a little more. USAA told me all they can do is put the application in nothing more. Sometimes it's like swimming up stream in murky water. Every so often someone like Firemedic1 comes along and sheds some light where there is precious little.

The information you want is here if you search/ask for it. The bureaus aren't getting you coming and going. They simply report the information that's given to them. Scores like VantageScore and FICO are calculated by their respective companies to gauge the chance of you defaulting using secret formulas. Each lender has their own secret internal scoring for what's important to them. Any claims, like Chase or Amex will blacklist you for x years, is simply based on the prevalent trends. Nothing is set in stone when it comes to credit, and unfortunately, people forget that and use blanket statements. There will always be outliers.







Message 12 of 14
New Member

Re: Credit scores and reports in general.

Absolutely! That's what I was trying to say. You said it better.
Message 13 of 14
Senior Contributor

Re: Credit scores and reports in general.

Well at least it didnt go so bad tonight, You got 2 not 1 QS now! Congrats! All moaning and groaning aside. LOL!!!!!!!!!!!!!! Smiley Very Happy





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 14 of 14
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