New Fico Scoring System for 2008

[MidnightVoice]

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fused wrote:

 As for Bob's comments, well, I dunno what he's trying to convey.

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But you are a member of the Mod Sqad - you are supposed to know all the answers 

We depend on you to sort out the wheat from the chaff.

[fused]

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MidnightVoice wrote:

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fused wrote:

 As for Bob's comments, well, I dunno what he's trying to convey.

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But you are a member of the Mod Sqad - you are supposed to know all the answers 

We depend on you to sort out the wheat from the chaff.

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Nope! only the white from the rice!

[CreditBob]

I sent Tuscani an personal email. He works for fair Isaac and is the moderator on this forum. The things that the credit bureaus are doing with their new scoring system is different and was released prior to this. If I could figuare out how to paste the audi part of the news story from ITUNES I will. Does anyone know how to paste a audio file from ITUNES so I can release the news story on this????

[MidnightVoice]

Just write down the transcript - should be easy

[Anonymous]

The only thing that I got out of the new scoring system for Fico is that the new model will account for INCOME. which it doesn't at this point. Another thing that I heard significant is that the PIGGYBACK of credit is no longer going to help for example, your mothers good credit to obtain good credit yourself. Now it is everyman for himself. Authorized accounts will get you no where to acheive points you have to earn them on your own. I believe that the FICO system is good to begin with and I believe that it will be even better  so overall I am excited about it.\

I am 38 years old and when I was 19 I tried to learn everything about credit...PERIOD.. Unfortunately I didn't have use of the internet til early 2000, however there is so much to know and what is even better is FICO is the granddaddy of them all and i appreciate this website.

[MidnightVoice]

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sherry wrote:

The only thing that I got out of the new scoring system for Fico is that the new model will account for INCOME. which it doesn't at this point.

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I don't think this is true, but I am not sure

[Tuscani]

Sorry all, I am not on the scoring team and cannot comment on what changes come with FICO08.

[Anonymous]

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sherry wrote:

The only thing that I got out of the new scoring system for Fico is that the new model will account for INCOME. which it doesn't at this point. Another thing that I heard significant is that the PIGGYBACK of credit is no longer going to help for example, your mothers good credit to obtain good credit yourself. Now it is everyman for himself. Authorized accounts will get you no where to acheive points you have to earn them on your own. I believe that the FICO system is good to begin with and I believe that it will be even better  so overall I am excited about it.\

I am 38 years old and when I was 19 I tried to learn everything about credit...PERIOD.. Unfortunately I didn't have use of the internet til early 2000, however there is so much to know and what is even better is FICO is the granddaddy of them all and i appreciate this website.

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Sherry could you share the source forthe comment about the new scoring model accout for income.  FICO has never been a gauge of one's ability to repay only their willingness.

[fused]

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sherry wrote:

The only thing that I got out of the new scoring system for Fico is that the new model will account for INCOME. which it doesn't at this point. Another thing that I heard significant is that the PIGGYBACK of credit is no longer going to help for example, your mothers good credit to obtain good credit yourself. Now it is everyman for himself. Authorized accounts will get you no where to acheive points you have to earn them on your own. I believe that the FICO system is good to begin with and I believe that it will be even better  so overall I am excited about it.\

I am 38 years old and when I was 19 I tried to learn everything about credit...PERIOD.. Unfortunately I didn't have use of the internet til early 2000, however there is so much to know and what is even better is FICO is the granddaddy of them all and i appreciate this website.

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Income does not factor in FICO scoring and this will hold true for FICO 2008 once it's launched.

[Anonymous]

Regarding FICO '08, bear in mind there is a lot of turbulence in the credit industry now, related to the subprime mortgage situation and housing market correction.