Fico Score

[nanrod98]

Just to again state what a rediculous scam this Fico is - once again I buy something at the end of the month say $1000 on CC and pay it off immediately but the Crazies don't pick the payment up because they work on the 1st of a month rather than a statement date. - note this is 24 days before I need to pay - the folowing month I manage to race to my CC site to pay off my card before the statement date and don't make any purchases after - my score goes down from 810 to 806 because I had a 100% reduction.I t's so stupid it's meanbingless.

BTW I have no loans, no debt and never intend to use a bank other than as a convenience to auto pay and park cash.

When I bribg this rediculous behavior of the Score-Scams to Chase, which is my CC company and a very good company - they are incredulous.

I thoroughly dislike scam artists that are completely ungoverned.

JD

[nanrod98]

Another example of this rediculous Bank scam - just paid cash for a new car - the Ford company ran a credit check - not that i am getting credit!!!! God forbicd - why would I put a penny of interest in these corrupt organizations.

The alarms went off and an alert went up - I wonder how much my score will go down for paying cash!

Rediculous - nefarious and controlling of the poor young consumer batteries that keep this country rolling along. Glad I'm not starting out with a college debt - no job and a new baby.

Sad

James

[sunshine7157]

I share your frustration with the banking industry, but have come to at least understand the role of the credit industry. I think of it more as a juggling competition. The whole FICO thing is just like being rated on your (financial) juggling skills. In this competition, the more (financial) balls you are able to juggle successfully, the higher your score. You drop one, your score goes down. Drop two (or consistently keep dropping the one) & it plummets further (and so on and so forth). If you refuse to juggle altogether, they have no way of scoring you so either you have a big old 0 or you start out at the lowest end of the curve. Nobody wants to extend credit to someone who cannot prove their ability and willingness to repay. That'd be like the juggling judges giving you glass balls to practice with your first time. Frustrating, yes. But I can see the reasoning behind it.

[DaveSignal]

I like the juggling analogy.

But, as for manipulating your FICO score by altering balances immediately before the statement cuts, this is not normal and not something that most people outside of credit forums would do.  It is a trick, similar to adding an AU account that you don't even plan to use, used to manipulate your score to take advantage of the fact that you have colluded with others who have studied the scoring factors and developed ways to trick the algorithm.

So, pointing out that it is sometimes tricky to manipulate your score to be higher than it normally would be seems like a strange complaint.  At least you know how to manipulate it by taking advantage of a lenders reporting schedule and can push your score higher if you need to prior to an application for new credit.  

[sunshine7157]

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@nanrod98 wrote:

Another example of this rediculous Bank scam - just paid cash for a new car - the Ford company ran a credit check - not that i am getting credit!!!! God forbicd - why would I put a penny of interest in these corrupt organizations.

The alarms went off and an alert went up - I wonder how much my score will go down for paying cash!

Rediculous - nefarious and controlling of the poor young consumer batteries that keep this country rolling along. Glad I'm not starting out with a college debt - no job and a new baby.

Sad

James

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They did the same thing (pulling credit report) when my son paid cash at a dealership. It was my understanding that they pulled the report more as confirmation of identity than actually needing to see his credit report. They said that it had something to do with their requirement to report x amounts of cash to to the IRS? or Homeland Security? as a result of 9/11 and the subsequent anti-terrorism efforts. In order to file this particular report, they needed the proper identity confirmation (that they could only get by pulling his report & having him answer the required identity questions).