poadeleted21
Touchdown! Greaser!
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I agree that it's bull****, but it's factual bull****.
My FICO Score dropped 17 points
- Thread starter poadeleted21
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I agree that it's bull****, but it's factual bull****.
poadeleted21
Touchdown! Greaser!
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So, I opened up a new CC account (Had zero CC accounts a week ago). For reasons unknown, but I did it.
FICO score went up 68 points. This alert came in nearly a week before the card even arrived.
The algorithm is even dumber than I thought.
Agreed 100%......
So, I opened up a new CC account (Had zero CC accounts a week ago). For reasons unknown, but I did it.
FICO score went up 68 points. This alert came in nearly a week before the card even arrived.
The algorithm is even dumber than I thought.
It's not dumb, it just represents something other than what you think it does. It tells them how much money they are making off you and how likely they are to make more money off of you. When you cancel a card, that reduces their chances. When you pay off your mortgage or car loan, they aren't making money off you and those are durable goods, so your score goes down. If you apply for a new card, they assume you need it to spend money so depending on the limit, your score will go up. 68 points I bet you have over a $20k but under $50k limit.
In comparative relation, I have no score, they don't even see me when they look me up.
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poadeleted21
Touchdown! Greaser!
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So, being accepted for a card with a $20,000 credit limit, nearly a week before it even reaches my mailbox tells another company that they're likely to make money off me? Actually, you may be right. It was probably a dumbass move to get the card. But my savings is off limits and I have about $1500 that I can access at any point in time. I travel a lot and my reasoning was it might bail me out of a pinch at some point in time.
Dude, I had it so right you need to tell your buddy to put an Under Construction sign on my URL
read my edit.
Also, you have to remember, actuaries figure this out on models developed over time. In the insurance industry Actuaries are som of the scariest smart people I've met. I walked into Hurricane Floyd to work the Cat team for Allstate and my file manager was also an Actuary. When I showed up for my first set of files we went to lunch and got talking. He told me I was going to write $1.3xx.xxx dollars of checks that storm, mind you not all claims had been even called in yet, the storm was still on CNN. He was within $1000.
poadeleted21
Touchdown! Greaser!
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Dude, I had it so right you need to tell your buddy to put an Under Construction sign on my URL
I have the back end of a bottle of bourbon and some free time. I'll put the site back up now. I really haven't had the time lately.
Yeah, I used to carry an AMEX Centurian card from an owner. He left it with me for 4 years so he wouldn't use it.
I kept trying to give it back to him and he'd keep saying"Just hang on to it, I always need you to buy the boat stuff." When I moved to Aus the first time I told him, "Look, take this card back or adopt me and I'll live of it."He used to call it his Margin Call card because they can call it due at any moment.
I used it to cover a $450,000 refit bill, normally we handle those by a bank transfer, it went right through.Dr. O
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Yeah credit ratings are a joke.
I've told the story of a few years back on a whim checked my credit score. It was OK but not top notch (?)
I run my businesses, have significant cash in hand, own property in multiple states, have zero debt.
When I mentioned it to the president of the bank (a patient of mine) he laughed - he said I am a lending institutions nightmare.
Why?
Because you don't borrow money and we are not making anything off of you.
If you want a high score you have to be in debt.
I decided I preferred being a deadbeat .
I've told the story of a few years back on a whim checked my credit score. It was OK but not top notch (?)
I run my businesses, have significant cash in hand, own property in multiple states, have zero debt.
When I mentioned it to the president of the bank (a patient of mine) he laughed - he said I am a lending institutions nightmare.
Why?
Because you don't borrow money and we are not making anything off of you.
If you want a high score you have to be in debt.
I decided I preferred being a deadbeat .
FICO is not computed the way most people think, in fact the algorithm is a trade secret.
There are hints, like the amount of debt you carry, the number of credit cards you have and how active the accounts are and what balances you carry. But the score itself is a statistical derivation and the weighting methodology is not publicly known.
You can challenge your score with credit reporting agencies if they list an item on your rap sheet you believe to be in error. Beyond that, you are subject to the FICO score as arbitrary as it is if you ever need to borrow money, or apply for a credit card. Some employers also now use FICO to judge your integrity and sense of responsibility.
There are hints, like the amount of debt you carry, the number of credit cards you have and how active the accounts are and what balances you carry. But the score itself is a statistical derivation and the weighting methodology is not publicly known.
You can challenge your score with credit reporting agencies if they list an item on your rap sheet you believe to be in error. Beyond that, you are subject to the FICO score as arbitrary as it is if you ever need to borrow money, or apply for a credit card. Some employers also now use FICO to judge your integrity and sense of responsibility.
Jaybird180
Final Approach
You cannot challenge the score. The FCRA allows consumers to challenge incorrectly reported information or information they believe is erroneously reported. The score is derivation of many factors and IIRC the scoring model was changed about a year ago.
That's what I said also. Read it again. You can challenge incorrect items on your report. You cannot challenge the score because you don't know how it's computed. No one does, therefore no one can.