Posted by jba/fl on 9/8/09 8:55am
Msg #303119

FICO scores are changing

Those with small blemishes on their record should benefit from the FICO 08 scoring change, while high-risk borrowers and those who "piggyback" are the likely losers.

http://articles.moneycentral.msn.com/Banking/YourCreditRating/the-new-math-of-FICO-credit-scores.aspx

Reply by 101livescan on 9/8/09 9:28am
Msg #303123

I don't know about you guys, but I'm starting to feel, at my age, who gives a hoot about what your credit score is. The Fair Isaac scoring system has way too much say about who has what credit score. A bank closing your 20 year old credit card you haven't used lately can lower your score by 20-30 pts. This is ridiculous. You know, I'm just paying my bills, on time, and to hell with the scoring system. I'm hoping I won't need to use credit on a go forward basis. It's a ridiculous scoring system, IMHO.

Reply by Lee/AR on 9/8/09 9:44am
Msg #303125

Agree... it IS a ridiculous system, but, sadly, it still IS. Your FICO score affects more things than you might realize...like how much you pay for homeowner's or auto insurance.

Reply by CH2inCA on 9/8/09 10:37am
Msg #303132

Didn't I see an earlier thread about our credit scores affecting (or is that effecting) our ability as Notaries to renew our Bond and EO insurance?

I've had several credit cards which had high limits but very low balances get dropped to marginally above the limit. Which really skews with my debt to credit ratio...so there goes my credit score even lower...

Sigh...

Reply by LKT/CA on 9/8/09 1:14pm
Msg #303158

<<<I don't know about you guys, but I'm starting to feel, at my age, who gives a hoot about what your credit score is. The Fair Isaac scoring system has way too much say about who has what credit score. A bank closing your 20 year old credit card you haven't used lately can lower your score by 20-30 pts. This is ridiculous. You know, I'm just paying my bills, on time, and to hell with the scoring system.>>>

LOL!!! I ssooo agree with you 101livescan. I've closed credit cards in the past with the stipulation to the companies that they are "closed by request of consumer"......and there was no hit to my credit score - all BS scare tactic, don't allow the cc companies to make a fool of you. I believe it's ALL bunch of baloney and I also believe it is the biggest scam ever. The cc companies want the accounts left open so consumers will run them all back up to the hilt at some point in the future. Closed accounts cannot be used, but open accounts can....when some new gadget with lots of bells and whistles comes out - and consumers are blindsided into believing they just "have to have it" - to keep up with the Jones'.

Has anyone closed an account lately, then actually saw that your FICO score is lower? If the cc company reduced your limit down to the balance owed, has that affected your score? Has anyone actually checked this out?

Reply by MW/VA on 9/8/09 1:49pm
Msg #303165

Like it or not, those #s are going to be more important moving forward. They are used to determine risk. They are being used for insurance, employment, etc. I don't say I agree with it. It's all about learning how to play the game. I only use cc's that I have in my business name now--they don't show up on my credit report. Currently it is said that a score of 750 or above is desirable. What really gets me is the VA refi's I do--I see lots of scores of 600 or less, and they get fantastic rates.
Go figure.

Reply by JanetK_CA on 9/8/09 3:23pm
Msg #303173

"What really gets me is the VA refi's I do--I see lots of scores of 600 or less, and they get fantastic rates."

Perhaps a perk for serving one's country - maybe even in a life threatening situation? I think our vets, most of whom are probably young, without the benefit of time to build up a credit score, deserve that benefit.

I also agree with your first statement, especially the "like it or not" part...

Reply by Shoshana/AZ on 9/8/09 3:33pm
Msg #303177

I totally agree with you. I don't think I'd be brave enough to put myself in such a life-threatening situation.