New FICO08

[MidnightVoice]

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dizzier wrote:

 She is a housewife, she has no income, she has no credit, she is not credit worthy. honestly, if i were a financial institution i wouldn't give a darn about whether someone was an AU for 30 years. that person as an individual, without the assistance of the spouse, is not credit worthy.

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C'mon ladies - I need some help strightening this out. 

And we might get onto the subject of Alimony and child support, whcih should get TNWM threatening to move to Kenya again!!!!!

[Dawn]

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MidnightVoice wrote:

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dizzier wrote:

 She is a housewife, she has no income, she has no credit, she is not credit worthy. honestly, if i were a financial institution i wouldn't give a darn about whether someone was an AU for 30 years. that person as an individual, without the assistance of the spouse, is not credit worthy.

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C'mon ladies - I need some help strightening this out. 

And we might get onto the subject of Alimony and child support, whcih should get TNWM threatening to move to Kenya again!!!!!

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You could cut and paste one of hauling's previous defenses. 

[Anonymous]

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@MidnightVoice wrote:

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@Anonymous wrote:

She is a housewife, she has no income, she has no credit, she is not credit worthy. honestly, if i were a financial institution i wouldn't give a darn about whether someone was an AU for 30 years. that person as an individual, without the assistance of the spouse, is not credit worthy.

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C'mon ladies - I need some help strightening this out.

And we might get onto the subject of Alimony and child support, whcih should get TNWM threatening to move to Kenya again!!!!!

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LOL contrary to popular belief i am indeed a woman too.

[Anonymous]

Tragically, some of us have not always been the responsible people we are today. Credit companies are increasingly less and less forgiving of ANY past transgression. All the stories about interest rates going up on cards that have never been late are not apocryphal. Too many people are being punished now for an infraction of the past. Piggybacking was a legitimate way of increasing your score. Someone close to you (usually) would give you some relief, so you could get the opportunity to prove that you are now the responsible adult deserving of a new loan or an interest rate that would not be described as usury (if that did indeed still exist). This is just another example of large companies backing us into a corner and people trying to find a way to get ahead. Some smart guy made a fortune here, if the credit companies could have gotten a piece of it they would have let it go on. In the meantime, we are all being punished (bye bye piggybacking) because a few people are "eating their crayons".

[Anonymous]

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@MidnightVoice wrote:

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@Anonymous wrote:
MV: but if you were to split then who would have the job and who would have the credit?

in credit you are viewed on your own merits unless it's a joint account, or you have a cosigner. if you want to be viewed as a couple by creditors then co-apply.

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I agree. But for many years this was not required. Life has changed and we need to change with it!

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exactly right! we do have to change with it. nix the AU and convert to joint is what i say! sounds like excellent change to me.

[MidnightVoice]

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dizzier wrote:


exactly right! we do have to change with it. nix the AU and convert to joint is what i say! sounds like excellent change to me.

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Everything DW and I want to be joint is now joint.  So if I am run over by a truck, all is well. 

[Anonymous]

well not really LOL. you would be dead/severly injury. i'm sure DW doesn't want that.

or does she... never mind... none of my business

[Anonymous]

There is absolutely NOTHING fair about FICO scores.

1) Regardless of the previous credit history, ANYONE can have scores in the high 600s as long as they have no new late payments and plenty of cash to settle debts and for expert advice.

2) Instead of AU accounts, people can purchase JOINT accounts.

Of course it's a lot riskier and it'll take a lot more cash to PURCHASE a joint account ($10,000 for a 10+ year old tradeline).  Since the joint account holder can use the account and a late payment by the account owner will be reported on the joint account holder's credit, both parties are taking risks.  But, with a properly written agreement, it's definitely doable for the wealthy.   Both account holders can monitor the account online and either one can have the account closed and quickly pay off the account before any late payments are reported. 

So, it's just a matter of more overhead, higher expenses and not just anyone can purchase good credit for a few hundred dollars.  It takes big bucks.

And that's of course the INTENTION of credit scoring:  redistributing assets from the working people to the wealthy.

I documented that Fair Isaac adds entirely fictitious late payments to artificially lower the FICO scores and many other FCRA violations at CreditLegislation.org

When I contacted Fair Isaac's Barry Paperno, he lied about those late payments and stated that they are  not included in the score. Then I proved to him that FICO scores DO rate those fictitious lates.  He demanded that we dispute with the CRA, which of course can not possibly delete late payments it is not reporting.  Finally Barry deleted the lates for my client.

Then I told my clients and subscribers to email Barry directly, but he refused to assist them.

And that's just ONE example of how Fair Isaac ARTIFICIALLY lowers scores and FORCES many millions into default and bankruptcy.

FICO scores do NOT predict defaults, they CAUSE defaults.

Just the facts ...

Christine

[Anonymous]

LOL well i've just had my dose of conspiracy theory for the day!

[Anonymous]

Fascism is defined by Encarta as, “any movement, ideology, or attitude that favors dictatorial government, centralized control of private enterprise, repression of all opposition, and extreme nationalism.”

What a complete joke. You guys are all arguing about something as if it's the end of the world. Yes, a lot of people will be negatively affected by this change; few more than me. I run a so called Credit Piggybacking company. I have a wife who is 9 months pregnant. I am a real person with a family to support. I recognize that I will soon need to adjust my business to reflect these changes if I want to survive. You think that FICO 08 will actually stop the AU benefit? Yes, if they ever get around to it. Fair Isaac’s latest press release says they do not have a timetable on this revision and when they do update their software, it will take 12-18 months for the lending institutions to go out and buy the update and install it in their system; much like your Windows operating system…just because they released Vista, doesn’t mean you are going to go out and buy it tomorrow. Even this revision won't stop people like me from exploiting every possible loophole in their system. No more AU's...no problem...I'll just start selling joint account holder positions, or primary loan positions on secured installment loans.

The FICO system is as flawed and fascist as the company that owns this very chat room (that will probably get edited out, too).

The credit scoring and recording system is extremely flawed, unrealistic, and unreliable. It used to be that you would have to dress up in your Sunday Best, wash the car, and get a haircut before walking in to the local bank to ask for a loan. The banking and lending institutions have demanded a more reliable and efficient system, thus EXP, EQX, and TU. These companies specialize in collecting private and personal information about you and everyone else in this country. Did they ask for your permission to collect this information about you? Did you sign an opt-in agreement? Nope. When they incorrectly report information about you (MyFico.com says over 79% of all credit reports contain misinformation) how easy is it for you to correct the error? If their error negatively affects you and causes you to lose out on an opportunity to buy a home, business, or lower interest rate on a loan, can you place a claim to recoup damages against their Errors & Omissions insurance like you can with any bank, financial advisor, mortgage broker, or real estate broker? Uh, yeah right.

Let's take this a step further, the bureaus now take all of this stolen (...waiting for the TU employee/moderator/Nazi to edit that one, too) information about you and sell it to the banking institution or retailer you choose to do business with. Did you know that every time you ask someone to pull your credit they have to pay the bureaus for it? And I am sure you got a cut of that fee, seeing as how it is YOUR information and all. No, you didn't? Neither does anyone else.

So, now we have established that the 3 bureaus collect extremely personal and private information about you without your permission. They sell it for a profit. You do not get any of that money. Can it be any worse? Let's take a look. MyFico.com TruCredit.com MyFreeCreditReport.com all of these places that have illegally stolen your information are now selling it BACK TO YOU! We are all a bunch of idiots (I am included in this insult, by the way)!!

My point is simply this: If someone is going to steal private and personal information from me and make a profit from it, make it next to impossible to fix any incorrect information while it negatively affects me, not pay any damages caused by the misinformation, not pay me or even ask my permission to hold, record, and sell this information about me, then it is up to me to locate and exploit my own way of earning my deserved commission through the faults in that very system.

Good luck to all of you. Heil Hitler…I mean FICO! (edit…?)