Comments on: The Death of FICO? http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html Bridging the gap between saving money and investing Wed, 25 Nov 2009 23:42:13 -0800 http://wordpress.org/?v=2.8 hourly 1 By: dawn http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html/comment-page-1#comment-579339 dawn Fri, 24 Apr 2009 16:50:49 +0000 http://www.savingadvice.com/blog/?p=4374#comment-579339 FICO scores are not going away anytime soon. Lenders and banks need a standardized way to objectively measure the risk of loaning a given person money, and without the FICO formula and given the fact there are 300 million Americans in this country, assessing credit risk in any other way would be hugely impractical. For the record, the FICO scoring formula does look at your prior experiences with debt; in fact, that's a very large part of it. FICO scores are not going away anytime soon. Lenders and banks need a standardized way to objectively measure the risk of loaning a given person money, and without the FICO formula and given the fact there are 300 million Americans in this country, assessing credit risk in any other way would be hugely impractical.

For the record, the FICO scoring formula does look at your prior experiences with debt; in fact, that’s a very large part of it.

]]> By: Sandy http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html/comment-page-1#comment-577362 Sandy Tue, 21 Apr 2009 04:43:39 +0000 http://www.savingadvice.com/blog/?p=4374#comment-577362 It is really crazy to me that employers use your FICO to determine your job eligibility. Or course you wouldn't give a bank teller job to someone convicted of embezzlement but my FICO says nothing about my ability to do my job. Most people are one serious, catastrophic illness (think cancer or major surgery) away from a bad FICO through no fault of their own. First we were all just social security numbers and now we're just our FICO scores. That's just horrible. It is really crazy to me that employers use your FICO to determine your job eligibility. Or course you wouldn’t give a bank teller job to someone convicted of embezzlement but my FICO says nothing about my ability to do my job. Most people are one serious, catastrophic illness (think cancer or major surgery) away from a bad FICO through no fault of their own.

First we were all just social security numbers and now we’re just our FICO scores. That’s just horrible.

]]> By: The Death of FICO Scores? @ Credit Help Line http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html/comment-page-1#comment-576975 The Death of FICO Scores? @ Credit Help Line Mon, 20 Apr 2009 12:19:47 +0000 http://www.savingadvice.com/blog/?p=4374#comment-576975 [...] The Death of FICO? [...] [...] The Death of FICO? [...]

]]> By: Diane http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html/comment-page-1#comment-575581 Diane Fri, 17 Apr 2009 02:28:14 +0000 http://www.savingadvice.com/blog/?p=4374#comment-575581 I would like to believe you're right & that this will cause a change. So far I'm doing okay, good score, no loss of credit availability. I was lucky, as I'd just paid off nearly all my debt (other than mortgage) before everything hit the fan. Others I know are not so lucky, even though they've handled their credit properly, paid all bills on time, etc. Credit limits have been cut, interest rates raised, FICO scores dropped... I'd love to see credit determined by actual behavior and ability to pay, not some weird formula that is not accurate. I would like to believe you’re right & that this will cause a change.

So far I’m doing okay, good score, no loss of credit availability. I was lucky, as I’d just paid off nearly all my debt (other than mortgage) before everything hit the fan.

Others I know are not so lucky, even though they’ve handled their credit properly, paid all bills on time, etc. Credit limits have been cut, interest rates raised, FICO scores dropped…

I’d love to see credit determined by actual behavior and ability to pay, not some weird formula that is not accurate.

]]> By: justme http://www.savingadvice.com/blog/2009/04/16/104374_the-death-of-fico.html/comment-page-1#comment-575327 justme Thu, 16 Apr 2009 14:48:32 +0000 http://www.savingadvice.com/blog/?p=4374#comment-575327 I blame the fico for a lot of the crash and burn in our economy, how many forum question have we seen over the years of people manipulating their fico the number was good until it was released to the public then it became trash,I have never worried about my fico I just pay my bills and have always had a great fico,but if they manipulate the fico I will not change my plan top accomadate it,always makes me grit my teeth when people talk about getting this kind of debt or that trying to raise the fico the fico bit is a good racket for those selling it,very smart of them ,like other finacial products make people believe they cannot live without it and convince them they love it ,masses and masses of sheeples ;-) I blame the fico for a lot of the crash and burn in our economy, how many forum question have we seen over the years of people manipulating their fico

the number was good until it was released to the public then it became trash,I have never worried about my fico I just pay my bills and have always had a great fico,but if they manipulate the fico I will not change my plan top accomadate it,always makes me grit my teeth when people talk about getting this kind of debt or that trying to raise the fico
the fico bit is a good racket for those selling it,very smart of them ,like other finacial products make people believe they cannot live without it and convince them they love it ,masses and masses of sheeples ;-)

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