ADDING OCCUPATION AND JOB TO MY REPORT

[ADSOFT]

I READ THAT IF YOU SUBMIT YOUR PROFESSION AND PLACE OF EMPLOYMENT TO YOUR CREDIT REPORT THAT IT WILL RAISE YOUR SCORE.

Is this true and how do you do it?

[morrow]

No, thats not true. Credit is credit. Where you work and how much you make has nothing to do with your ability to maintain a positive credit report.

[kb9tbq]

There is a score card that gives indication as to the employment being used - just not certain as to how & on what scoring models this affects.

Only gets added by creditors when you first apply for credit & give them your employment information. Will take name & address of employer (the problem I have with this - is that the score card indecates that points are awarded for professions & as of yet I have seen nothing on the entry screen to even add this part).

[cookiemnster]

Ugh. Every time someone mentions that scorecard I get a little nuts. Seems everyone misunderstands it.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

That scorecard, if you LOOK AT IT, has a RED LINE GOING THROUGH THE MIDDLE OF IT.

*********That red line separates information typically gotten from a credit application (SUBJECTIVE INFO) from the info you get from a credit REPORT (OBJECTIVE INFO)***************

That comes from the transcript of the presentation given to the FTC, and that goes along with that stupid scorecard.

You can read it by going to http://www.ftc.gov/bcp/creditscoring/creditscorexscript.pdf. Start reading at about page 17.

~Cookie

[Edit by cookiemnster on Monday, April 28, 2003 @ 11:29 PM]

[Swede]

<blockquote>Originally posted by cookiemnster

Ugh. Every time someone mentions that scorecard I get a little nuts. Seems everyone misunderstands it.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

EMPLOYMENT AND OCCUPATION ARE NOT FACTORED INTO YOUR FICO SCORE.

That scorecard, if you LOOK AT IT, has a RED LINE GOING THROUGH THE MIDDLE OF IT.

*********That red line separates information typically gotten from a credit application (SUBJECTIVE INFO) from the info you get from a credit REPORT (OBJECTIVE INFO)***************

That comes from the transcript of the presentation given to the FTC, and that goes along with that stupid scorecard.

You can read it by going to http://www.ftc.gov/bcp/creditscoring/creditscorexscript.pdf. Start reading at about page 17.

</blockquote>

Hahahah-frustrating eh...!!!

[Gadgetguy]

I agree that it will not effect your score.

However, employment IS taken into account by lenders. You must have verifable employment to get nearly any loan. Obviously if I were a bank I would give a little preference to a bank president making $200k per year over a guy working at a fast food place for $12k per year (althought they are both honest employment). What would you do?

So is are we in agreement about the previous topic about "Professionals" (Doc's, Lawyers etc) are given some type of preference-in credit reporting or not?

-Gadgetguy

[Swede]

<blockquote>Originally posted by Gadgetguy

You must have verifable employment to get nearly any loan. Obviously if I were a bank I would give a little preference to a bank president making $200k per year over a guy working at a fast food place for $12k per year (althought they are both honest employment). What would you do?

</blockquote>

Obviously.

The topic was if employment is considered into the score. I think most of us know that it's easier to get a loan you pay cash for your groceries vs. using foodstamps.

[cookiemnster]

<blockquote>Originally posted by Gadgetguy

I agree that it will not effect your score.

However, employment IS taken into account by lenders. You must have verifable employment to get nearly any loan. Obviously if I were a bank I would give a little preference to a bank president making $200k per year over a guy working at a fast food place for $12k per year (althought they are both honest employment). What would you do?

So is are we in agreement about the previous topic about "Professionals" (Doc's, Lawyers etc) are given some type of preference-in credit reporting or not?

-Gadgetguy

</blockquote>

I agree and had actually written a paragraph here about lenders giving more weight to your profession and all that other stuff on the scorecard.

However, FICO - the scoring model - doesn't factor it in at all.

That's the agreement, because that's the truth.

[ADSOFT]

In the:

Credit Scores, what influences them, according to Fair Isaac

of the main website: The parent of this discusion board.

It has a table that state your occupation, and If you are a professional, it affects your score.

... What are they talking about. And If its not true, then let's clear it up or remove it.

[Swede]

<blockquote>Originally posted by ADSOFT

In the:

Credit Scores, what influences them, according to Fair Isaac

of the main website: The parent of this discusion board.

It has a table that state your occupation, and If you are a professional, it affects your score.

</blockquote>

No the UnFair Isaac site states that is's NOT calculated in your score

What's Not in Your Score

http://www.myfico.com/myFICO/CreditCentral/ScoringWorks/FICOIgnores.asp

FICO scores consider a wide range of information on your credit report. However, they do not consider:

Your race, color, religion, national origin, sex and marital status.

US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.

Your age.

Other types of scores may consider your age, but FICO scores don't.

Your salary, occupation, title, employer, date employed or employment history.

Lenders may consider this information, however, as may other types of scores.

Where you live.

Any interest rate being charged on a particular credit card or other account.

Any items reported as child/family support obligations or rental agreements.

Certain types of inquiries (requests for your credit report).

The score does not count "consumer-initiated" inquiries - requests you have made for your credit report, in order to check it. It also does not count "promotional inquiries" - requests made by lenders in order to make you a "pre-approved" credit offer - or "administrative inquiries" - requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.

Any information not found in your credit report.

Any information that is not proven to be predictive of future credit performance.

Whether or not you are participating in a credit counseling of any kind.

HOWEVER

What's in Your Score

http://www.myfico.com/myFICO/CreditCentral/ScoreConsiders.asp

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

Payment History

Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)

Severity of delinquency (how long past due)

Amount past due on delinquent accounts or collection items

Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)

Number of past due items on file

Number of accounts paid as agreed

Amounts Owed

Amount owing on accounts

Amount owing on specific types of accounts

Lack of a specific type of balance, in some cases

Number of accounts with balances

Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)

Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

Length of Credit History

Time since accounts opened

Time since accounts opened, by specific type of account

Time since account activity

New Credit

Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account

Number of recent credit inquiries

Time since recent account opening(s), by type of account

Time since credit inquiry(s)

Re-establishment of positive credit history following past payment problems

Types of Credit Used

Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

Please note that:

A score takes into consideration all these categories of information, not just one or two.

No one piece of information or factor alone will determine your score.

The importance of any factor depends on the overall information in your credit report.

For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.

Your FICO score only looks at information in your credit report.

However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.

Your score considers both positive and negative information in your credit report.

Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score

[Edit by Swede on Tuesday, April 29, 2003 @ 12:50 PM]

[ADSOFT]

Ok,

... then let's update the information on the main web-site,

becuse it states that Occupation (professional status) and Savings accounts affect score.

... It's miss leading and frustrating because you think you've done everything the first month by disputing and begining to start paying everything on time. Then you go read the main board and it says you can update Occupation, Savings accounts etc.

.... Do you know what area I'm talking about.

[Swede]

<blockquote>Originally posted by ADSOFT

.... Do you know what area I'm talking about.

</blockquote>

Negative.

[thefall]

Also remember that if you still have any outstanding collections you don't want to advertise your employer to CA's.

*taken from the pamplet "How To Disappear Completely"

[Gadgetguy]

Oh, come on Swede...be nice.

Have a look at this link

http://www.creditinfocenter.com/creditreports/scoring/scoringinfluences.shtml

According to THIS WEBSITE it says under "Factors used to Score you"

3. Occupation (Professionals are given heavy weight)*

(I'm NOT crazy, I knew I had seen this somewhere...)

Anyone have any comments? Swede?

[Edit by Gadgetguy on Tuesday, April 29, 2003 @ 08:00 PM]

[Swede]

<blockquote>Originally posted by Gadgetguy

Oh, come on Swede...be nice.

</blockquote>

LOL, I'll try my best

<blockquote>Originally posted by Gadgetguy

Have a look at this link

http://www.creditinfocenter.com/creditreports/scoring/scoringinfluences.shtml

According to THIS WEBSITE it says under "Factors used to Score you"

3. Occupation (Professionals are given heavy weight)*

(I'm NOT crazy, I knew I had seen this somewhere...)

</blockquote>

Ok all I can say is that the information that it's not factored into the score comes straight from the horse's mouth so I'd go by that one.... :ooh: