Comments on: New Credit Scoring Model Set for Release in 2009- Finally! http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/ For the Up To Date News Tue, 07 Feb 2012 22:26:40 +0000 hourly 1 http://wordpress.org/?v= By: glasnost http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/comment-page-1/#comment-4272 glasnost Fri, 19 Mar 2010 23:50:51 +0000 http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/#comment-4272 Well Done! I Like it! Well Done! I Like it!

]]> By: Kristy http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/comment-page-1/#comment-4035 Kristy Wed, 17 Feb 2010 16:54:51 +0000 http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/#comment-4035 I hear you cluckin' sista! I hear you cluckin’ sista!

]]> By: Michelle http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/comment-page-1/#comment-4032 Michelle Wed, 17 Feb 2010 15:59:46 +0000 http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/#comment-4032 I wish the entire credit system would be revamped. When I first got married I had pristine credit and kept it for a very long time. Then I had a high risk pregnancy that put me out of work way before FMLA and it seems we have been on a roller coaster every since. All of America understands the economic situation except for the lovely credit bureaus and its ridiculous the mortgage melt down has killed many of us...Everyone says refinance then you call the places and they say OMG you have a late on your mortgage- well would I need to refi if I could pay my mortgage and would there be a crisis if the payment wasnt an issue. Seriously it is a no win situation all the way around. So back to the colonial times the rich get richer the poor get poorer and those of us in the upper middle class pay the price for everyone... Gotta love it. I wish the entire credit system would be revamped. When I first got married I had pristine credit and kept it for a very long time. Then I had a high risk pregnancy that put me out of work way before FMLA and it seems we have been on a roller coaster every since. All of America understands the economic situation except for the lovely credit bureaus and its ridiculous the mortgage melt down has killed many of us…Everyone says refinance then you call the places and they say OMG you have a late on your mortgage- well would I need to refi if I could pay my mortgage and would there be a crisis if the payment wasnt an issue. Seriously it is a no win situation all the way around. So back to the colonial times the rich get richer the poor get poorer and those of us in the upper middle class pay the price for everyone… Gotta love it.

]]> By: tj http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/comment-page-1/#comment-1501 tj Sat, 10 Jan 2009 19:38:20 +0000 http://www.creditinfocenter.com/wordpress/2009/01/06/new-credit-scoring-model-set-for-release-in-2009-finally/#comment-1501 I agree - I have always thought that this whole FICO credit score system needed revamping and regulating - consumers are being hurt *and cheated) by it everyday. For example, someone explain to me why, if we pay our balances off in full every month, just because the credit card companies report to the credit bureaus our balances on the day they close our billing cycle and mail the statements out (which is the same day they report balance and status to the bureaus, in the case of my Citibank and Chase accounts), why this balance should be the one that FICO uses to determine our debt to available credit ratio. If I have a $5,000 credit limit on a card and charge $4,000 during a business trip, the card company will report my balance as $4,000 as of the date my statement was printed - then FICO dings my credit score because it looks like I'm carrying 80% of my ratio being tied up rather than their preferred 25% or 30%. What neither the credit card companies or bureaus or FICO take into account is the $4,000 payment I just sent in 5 days after I received my statement, bringing me back down to a zero balance. I think the credit card companies should have to re-report your accurate balance as soon as you make a payment. Then, when the next billing cycle posts and they again inform the credit bureaus of your new information, if you didn't charge anything new on your card and your balance is still zero, then great - your FICO score will reflect that. But if you charge anything during the new billing cycle (ie, use your credit!), once again, your balance will be reported as not zero. So this crazy reporting system never reflects your payments in full and zero balances, only whatever your balances are the day your billing cycles close. FICO constantly treats you like you have a balance all the time, when perhaps you only had it for a week and then paid it in full a week later. The whole system is messed up and way too much emphasis is placed on what our balances are in determining our credit score. The only thing FICO should be concerned with is the payment history and whether we pay on time or not. That is the true test of someone's credit worthiness - are they good for the money or not. However, I am glad to see that FICO will not give as much credit score enhacement to authorized users now - nor should they. Being put on someone else's credit card account when they're not the one who makes the payments, is a joke. A married couple are usually joint holders of an account therefore both should get full credit in their FICO scores for that, but if a spouse doesn't want to be legally liable for their husband's or wife's balance on a certain account, then they should not have the benefit of having that account count in their FICO score. Only the credit one obtains in their own name under their own social security number and that they are legally liable for should be used to determine credit worthiness scores. Just my thoughts..... I agree – I have always thought that this whole FICO credit score system needed revamping and regulating – consumers are being hurt *and cheated) by it everyday. For example, someone explain to me why, if we pay our balances off in full every month, just because the credit card companies report to the credit bureaus our balances on the day they close our billing cycle and mail the statements out (which is the same day they report balance and status to the bureaus, in the case of my Citibank and Chase accounts), why this balance should be the one that FICO uses to determine our debt to available credit ratio. If I have a $5,000 credit limit on a card and charge $4,000 during a business trip, the card company will report my balance as $4,000 as of the date my statement was printed – then FICO dings my credit score because it looks like I’m carrying 80% of my ratio being tied up rather than their preferred 25% or 30%. What neither the credit card companies or bureaus or FICO take into account is the $4,000 payment I just sent in 5 days after I received my statement, bringing me back down to a zero balance. I think the credit card companies should have to re-report your accurate balance as soon as you make a payment. Then, when the next billing cycle posts and they again inform the credit bureaus of your new information, if you didn’t charge anything new on your card and your balance is still zero, then great – your FICO score will reflect that. But if you charge anything during the new billing cycle (ie, use your credit!), once again, your balance will be reported as not zero. So this crazy reporting system never reflects your payments in full and zero balances, only whatever your balances are the day your billing cycles close. FICO constantly treats you like you have a balance all the time, when perhaps you only had it for a week and then paid it in full a week later. The whole system is messed up and way too much emphasis is placed on what our balances are in determining our credit score. The only thing FICO should be concerned with is the payment history and whether we pay on time or not. That is the true test of someone’s credit worthiness – are they good for the money or not.

However, I am glad to see that FICO will not give as much credit score enhacement to authorized users now – nor should they. Being put on someone else’s credit card account when they’re not the one who makes the payments, is a joke. A married couple are usually joint holders of an account therefore both should get full credit in their FICO scores for that, but if a spouse doesn’t want to be legally liable for their husband’s or wife’s balance on a certain account, then they should not have the benefit of having that account count in their FICO score. Only the credit one obtains in their own name under their own social security number and that they are legally liable for should be used to determine credit worthiness scores.

Just my thoughts…..

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