lol...too funny! Hopefully it will include something that requires more timely updates to CRAs. I still don't know how creditors can get away with reporting 'average amounts' and not true balances. I think they missed the "fair" part of FCRA.
I also wonder if the FICO model has learned anything from all this turmoil. I'm sure there were plenty of people with thin file, high ficos and low incomes who walked away from their mortgages. In fact, I'm sure there were MANY people who were given credit due to high FICOs when they could not possibly afford the credit. Hopefully FICO '08/09 (or who knows, FICO'10) includes some sort of income component to round out the total risk picture. Not quite sure why it hasn't been factored in, but then again, I have dropped my scores 40 pts in 2 months, even though I paid off 40% of my util. AMAZING and have no "baddies." I think something is wrong with the formula!!!!
Also I've read here on the forums how people with multiple collections, charge offs, etc have 700+ scores....hmmmm.....I would think THEY WOULD BE A GREATER risk than someone without charge offs and collections..call me crazy but hopefully FICO '08 wouldn't let that person have a 700+ score just because they play the util game well. I believe we'll hear more about this as this financial train wreck gets more media.
Message Edited by want2b_800s on 09-30-2008 09:37 PM
Message Edited by want2b_800s on 09-30-2008 09:38 PM
Message Edited by want2b_800s on 09-30-2008 09:38 PM
I also wonder if the FICO model has learned anything from all this turmoil. I'm sure there were plenty of people with thin file, high ficos and low incomes who walked away from their mortgages. In fact, I'm sure there were MANY people who were given credit due to high FICOs when they could not possibly afford the credit. Hopefully FICO '08/09 (or who knows, FICO'10) includes some sort of income component to round out the total risk picture. Not quite sure why it hasn't been factored in, but then again, I have dropped my scores 40 pts in 2 months, even though I paid off 40% of my util. AMAZING and have no "baddies." I think something is wrong with the formula!!!!
Also I've read here on the forums how people with multiple collections, charge offs, etc have 700+ scores....hmmmm.....I would think THEY WOULD BE A GREATER risk than someone without charge offs and collections..call me crazy but hopefully FICO '08 wouldn't let that person have a 700+ score just because they play the util game well. I believe we'll hear more about this as this financial train wreck gets more media.
Message Edited by want2b_800s on 09-30-2008 09:37 PM
Message Edited by want2b_800s on 09-30-2008 09:38 PM
Message Edited by want2b_800s on 09-30-2008 09:38 PM
