Credit Scores: Not-So-Magic Numbers

[stefdr]

Good article from Business Week:

http://www.businessweek.com/magazine/content/08_07/b4071038384407.htm

[ImaBird]

So we're bad people for wanting to heal our credit and move forward in life? It almost makes us sound like criminals! How can they group us with people who use white-out correction fluid to change their credit scores?!

[piionline]

So we're bad people for wanting to heal our credit and move forward in life? It almost makes us sound like criminals! How can they group us with people who use white-out correction fluid to change their credit scores?!

Cause FairIsacc doesn't care about the people, they only follow the law cause they have to. we are not their customer, the only thing we provide them is our history.

I am highly curious to see what my credit score does. it was 629 when I started and now it is 750 (thanks creditinfocenter!)

We will find ways to "game the system" in otherwords still repair our damaged credit. But I like the fact that one late doesn't kill your score, but the authorized user removal hurts.

[Ahntara]

If I ever get a chance to meet James C. Blaine, I'll plant a BIG WET one on him! He sounds like an intelligent man.

[Methuss]

As stated in the article...it is not FICO scores that cause defaults but interest rates that increase. That goes for mortgages and credit cards. Hitting up a distressed consumer by doubling their interest rates doesn't help matters. Keeping it the same or lowering it does. This is one case where the stick does not promote compliance...the carrot does.

Of course bankers will never get that fact through their thick skulls.

[2001Badyear]

The lenders and realtors that helped cause this are looking for a scape goat for their problems. I watched people getting into homes with IOL's and ARM's that I just couldn't believe. These people, (banks, brokers, realtors etc.), got greedy and were all making lots of money, so they could care less what your scores were as long as they received their cut.

Combine this with people too stupid to understand what the loan was they were getting into (blinded by the glare of the shiny new door knocker) that are now about to get bailed out by the rest of us.....

FICO has nothing to do with this sub-prime meltdown and the very small percentage of people trying to clean up their credit, provided they are doing so within the law, are certainly entitled to do so. There were plenty of people warning years before the bubble that this was headed our way, but money for these people drove their decisions to loan in anyway they could, and loan they did.

[andrena67]

the person who wrote this must be perfect. Rules and regulations were made, that allow me to dispute my info on my credit report to get a better score. He'll get over it.

[Tony]

These are my FAKOS... via truecredit... how do these look... for fakos... and is it a good predictor for FICO

Thanks

TransUnion 638

Experian 596

Equifax 680