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Note to Mods: If this would be better in the General Credit, Understanding FICO Scoring or SmorgasBoard forums, please feel MORE than free to move! I'm posting it here in order to address the effect the current situation might be affecting those of us with less than perfect credit.
Mine and DH's scores took a nice rise since last month -- despite our util going UP (haven't got the hang of predicting WHEN the CCCs report to the CRAs yet) and our lates removal from earlier this year NOT being updated. All we did was pay our bills on time for one more month and decrease a few balances!
So my question is this:
Since so many Americans are being hurt by the credit crunch, is our rise due to THAT? Due to the fact that so many other Americans are maxxing out balances, becoming late on bills, etc? Is that part of the whole scoring algorithm?
Also, does anyone know if that effect will dissipate once everyone now in trouble starts to recover? I guess, while I don't want to "profit" from the misfortune of others (who have it worse than we do), I also don't want to see our scores plummet due to everyone's imminent recovery.
Just curious as what ya'lls thoughts are on this!
Hmmm ... I was under the impression that the scoring system is the scoring system, period (without other influences). I don't believe you compete with other people for a FICO score. Just thinking out loud, here. I have no clue.
Helpful?
Ha ha ha ha.
Many cc companies are lowering credit lines - which would lead, I suspect, to higher utility. And dip in scores.
Since so many Americans are being hurt by the credit crunch, is our rise due to THAT? Due to the fact that so many other Americans are maxxing out balances, becoming late on bills, etc? Is that part of the whole scoring algorithm?
no! FICO doesn't have any idea what's going on in the economy