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  • FICO Credit Score Calculations Change Today

    This is pretty major news for those of us living in the USA:

    FICO Credit Score Calculations Change Today

    "The new FICO system—called FICO 08 (apparently it was meant to debut last year)—has tweaked many factors, hoping to distinguish between consumers who've made an isolated mistake and those with habitual credit troubles."

    So far from what I've read, it sounds like changes for the better. :row__627:

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    Stoop and you'll be stepped on; stand tall and you'll be shot at.

    -Carlos A. Urbizo-


  • #2
    Re: FICO Credit Score Calculations Change Today

    FICO is an "I love owing people money more than you" ranking.

    get out of debt... pay cash for everything.... laugh at everyone else.

    I got 9 years left.
    Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. -Albert Einstein
    The two most common elements in the universe are Hydrogen and stupidity. -Harlan Ellison

    If all else fails: "rm -rf /"

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    • #3
      Re: FICO Credit Score Calculations Change Today

      I love (sarcasm) the fact that Closing down accounts will LOWER your score more.. So I have these BS store cards or Citi BS Visa etc cards that I dont use and I kill them off..and I take a hit??? I dont understand that.. You would think that I would be less of a Risk not having access to the Credit card..therfore a better score... I know I took a 2 point hit when I Closed an Old, no balance Card. GRRR>.
      |TG|ARMA Pathfinder
      ..now where did I put my keys?

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      • #4
        Re: FICO Credit Score Calculations Change Today

        Yeah, my FICO score has almost no impact on my life. My mortgage is it. No other debt. Credit is evil.
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        • #5
          Re: FICO Credit Score Calculations Change Today

          *shrug* oh well.... if it's the precursor to making some positive changes in how we spend money and how financials are handled all-around, then great.

          Otherwise, maybe it's just another way of eliminating the middle-ground. Either you're habitual screw-up or you're not. But it's probably worse to be in the middle and be "unpredictable" :P

          I wouldn't mind credit score so much, except for the fact that they've actually gotten away with rating auto insurance, and barring people from jobs dependent on score. Sort of like how it's nearly impossible for someone with a DUI to get a job, even if it has nothing to do with driving and they take the bus every day.
          "But way back where I come from, we never mean to bother. We don't like to make our passions other peoples' concern." -Dar Williams
          Former Captain of the 55th Infantry Division

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          • #6
            Re: FICO Credit Score Calculations Change Today

            Doesn't impact me either. I went the credit card debt route once and will never slip into that trap again. I have a nice hefty student loan and a mortgage enslaving me at the moment but that's it for me.
            sigpic

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            • #7
              Re: FICO Credit Score Calculations Change Today

              Originally posted by Spulat View Post
              I wouldn't mind credit score so much, except for the fact that they've actually gotten away with rating auto insurance, and barring people from jobs dependent on score.
              I've never heard of employers caring to pay for a FICO score, when what usually serves their interest is an actual credit history. FICO scores are very limited in their usefulness...
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              • #8
                Re: FICO Credit Score Calculations Change Today

                Originally posted by CingularDuality View Post
                I've never heard of employers caring to pay for a FICO score, when what usually serves their interest is an actual credit history. FICO scores are very limited in their usefulness...
                I have...

                Banks, and really any place dealing with high ticket items will pay to check to know if you are at 'risk' of taking things to pay off your debts... It is fast becoming a standard (depending on type of job) when a company does a 'background check' to look into financial backgrounds as well.

                ~ Draken

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                • #9
                  Re: FICO Credit Score Calculations Change Today

                  Originally posted by DrakenViator View Post
                  I have...

                  Banks, and really any place dealing with high ticket items will pay to check to know if you are at 'risk' of taking things to pay off your debts... It is fast becoming a standard (depending on type of job) when a company does a 'background check' to look into financial backgrounds as well.

                  ~ Draken
                  Right and a FICO score tells them less than a credit history about such a risk. Again, FICO scores are very limited in their usefulness.
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                  • #10
                    Re: FICO Credit Score Calculations Change Today

                    Originally posted by CingularDuality View Post
                    Right and a FICO score tells them less than a credit history about such a risk. Again, FICO scores are very limited in their usefulness.
                    But typically if you get one (The FICO Score) you get the other as well (credit history)

                    ~ Draken

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                    • #11
                      Re: FICO Credit Score Calculations Change Today

                      The change shouldn't affect me at all. I only use credit cards for the airline mileage and cash back perks and pay my balance in full every month. I'm probably their worst customer :p



                      TacticalGamer TX LAN/BBQ Veteran

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                      • #12
                        Re: FICO Credit Score Calculations Change Today

                        Originally posted by DrakenViator View Post
                        But typically if you get one (The FICO Score) you get the other as well (credit history)

                        ~ Draken
                        No, actually, creditors usually pay just for the score, and investigators/employers pay to get the full history. They don't usually come together.
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