FICO 08 News?

[TheArcher]

I've tried googling for some recent news, but I can't find any. I know all about it and what it's going to do, but is it still tied up in court? I really don't want it to come out because it's going to hurt my wifes credit score because she's an authorized user on our credit card and our CC company won't make it a joint account. Anybody have any recent news on a possible rollout date? Last I heard was mid-May.

[MidnightVoice]

EQ not for long time, the others - maybe sometime sooner or later or not at all.

Summary seems to be - nobody has the faintest idea    But DW and I have spent a year preparing for it!!!

[TheArcher]

I really hope it stays on the shelf forever, or at least stays tied up in court for the next year. This fall me and my wife will be closing on a loan and if she falls off as an AU on a 50K CC limit her score is going to take a hit and that isn't going to help us out with our loan at all.

This entire AU not counting on the scoring system really irritates me. Just because a small amount of people piggy backed and cheated the system, millions of people that played by the rules are going to take a hit becuase they decided to change the rules in the middle of the game.

I wouldn't be as irritated about it if the CC companies would allow people to switch to joint accounts, but I've seen very little success in this area and my CC company wouldn't even consider it, they basically said "tough luck."

[Anonymous]

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@TheArcher wrote:

I really hope it stays on the shelf forever, or at least stays tied up in court for the next year. This fall me and my wife will be closing on a loan and if she falls off as an AU on a 50K CC limit her score is going to take a hit and that isn't going to help us out with our loan at all.

This entire AU not counting on the scoring system really irritates me. Just because a small amount of people piggy backed and cheated the system, millions of people that played by the rules are going to take a hit becuase they decided to change the rules in the middle of the game.

I wouldn't be as irritated about it if the CC companies would allow people to switch to joint accounts, but I've seen very little success in this area and my CC company wouldn't even consider it, they basically said "tough luck."

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Who is your CCC? The only one I've run into who won't allow it is Amex.

BOA and Citi were fine with Joint and that's how it now shows up on my credit reports.

[MidnightVoice]

Juniper won't, my CU will

[Anonymous]

Archer - you really need to get your wife a card, either individually or jointly, especially while the AU's still count on all 3 CRA's.    You really should have more than one credit card anyway.

[haulingthescoreup]

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@Anonymous wrote:

Archer - you really need to get your wife a card, either individually or jointly, especially while the AU's still count on all 3 CRA's. You really should have more than one credit card anyway.

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I very much agree. You both need to have more revolving credit in each of your names in this day and age, even if you only use the card once a month to buy a tank of gas. Even the most conservative users of credit ought to have three cards, maybe two bank cards and a store or gas card, or just three bank cards. Even if you're not a big credit user, the world of finance now expects you to be one, and it can truly be a PITA to accomplish anything like a mortgage without an established revolving credit history.

It's especially important that she have credit in her own name, not even joint user. If something were to happen to your credit, like a medical disaster that wiped out your insurance and forced you into bankruptcy, if she had independent credit, it could carry both of you through the BK recovery period.

There is also the gloomy reality that wives typically outlive their husbands, and if they haven't established their own separate credit, they face even more financial difficulties than they already encounter with widowhood. This is especially true of stay-at-home spouses. My mother stopped working once my dad finished his internship, but she always managed the family finances, and she has fantastic credit. He passed away in his early fifties, and she never went through the financial turmoil that so many widows do.

And don't think that this (bankruptcy and early widowhood) doesn't happen, because it most certainly does. I've read enough cases here just among our members.

[TheArcher]

LOL, it's AMEX.

Thanks for the advice guys. I know that we should get credit in her name, but we just never even thought about doing it. We will make some adjustments in the future though.

Message Edited by TheArcher on 05-02-2008 06:29 PM

[Anonymous]

Is that Card even being counted? 

The history is-

But is she getting credit for the 50K (or you for that matter) in UTL.

We have proven that 50K HELOC'S are ignored- IMO 50K CC will be as well.

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TheArcher wrote:

LOL, it's AMEX.

Thanks for the advice guys. I know that we should get credit in her name, but we just never even thought about doing it. We will make some adjustments in the future though.

Message Edited by TheArcher on 05-02-2008 06:29 PM

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[TheArcher]

Yes, it reports on both of our credit reports. It has a 50K limit, but it reports as $49,500 on our reports. It's only been that high for 3 years and it has always reported that high since I got the CLI that put it up there.

Message Edited by TheArcher on 05-02-2008 09:50 PM