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The Master If It Don’t Say FICO Thread


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FICO is BS. I was able to find out that a certain CU had my EX FICO at 786 at time of application. And I believe it was a "real" EX FICO. I couldn't find out which model unfortunately.

 

I was shocked. And even more shocked that other FICO's from the same time were all different. And even more shocked after this was AFTER adding many new accounts and inquiries. So.......prior to this CU app, I must have had close to or over 800.

And how is that FICO's fault?

 

I have been denied cards with that score.

 

All about the lender.

 

Why are you so protective over FICO? I sense hostility from you.

 

I'm not blaming FICO. But I am weary about our dedicated reliance on the FICO scores we see. It's just difficult to know what score will mean what for YOU. Basically, its dangerous to rely on FICO scores.......they guarantee nothing. But you have to make sure they're "high", otherwise FICO scores can be used against you. And it is all about the lender. Concern should be: reasonable fico score, bit only as second in importance to knowing the ins and outs of the lender. If anyone thinks a FICO will guarantee them anything, they're gonna be disappointed.

 

I'm just a beginner trying to figure it all out, so pay no attention to me.

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FICO scores are like your grade point average in school. You need a good GPA to get into the lucrative colleges and to get scholarships. You also need high scores on your SAT's, perhaps pass a personal interview and you will be judged on your extracurricular activities.

 

FICO is one component of lending, but so is your income and what is actually inside your reports. And each lender has their own criteria they care about, whether it's number of inquiries, or preferring a thin file, or freaking out over being Egyptian. The key is to have the best FICO you can and then know the lender's quirks before you apply -- so research here and especially credit pulls.

 

So FICO is not everything but it's awfully important.

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FICO is BS. I was able to find out that a certain CU had my EX FICO at 786 at time of application. And I believe it was a "real" EX FICO. I couldn't find out which model unfortunately.

 

I was shocked. And even more shocked that other FICO's from the same time were all different. And even more shocked after this was AFTER adding many new accounts and inquiries. So.......prior to this CU app, I must have had close to or over 800.

And how is that FICO's fault?

 

I have been denied cards with that score.

 

All about the lender.

 

Why are you so protective over FICO? I sense hostility from you.

 

I'm not blaming FICO. But I am weary about our dedicated reliance on the FICO scores we see. It's just difficult to know what score will mean what for YOU. Basically, its dangerous to rely on FICO scores.......they guarantee nothing. But you have to make sure they're "high", otherwise FICO scores can be used against you. And it is all about the lender. Concern should be: reasonable fico score, bit only as second in importance to knowing the ins and outs of the lender. If anyone thinks a FICO will guarantee them anything, they're gonna be disappointed.

 

I'm just a beginner trying to figure it all out, so pay no attention to me.

 

Hmm, finally saw this.

 

I am just stating the fact, a lender denying you based on using a FICO score has nothing to do with FICO, its the lender.

 

I would discount that lender more than FICO.

 

If the lenders are using FICO, that is what we need to be interested in.

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FICO scores are like your grade point average in school. You need a good GPA to get into the lucrative colleges and to get scholarships. You also need high scores on your SAT's, perhaps pass a personal interview and you will be judged on your extracurricular activities.

 

FICO is one component of lending, but so is your income and what is actually inside your reports. And each lender has their own criteria they care about, whether it's number of inquiries, or preferring a thin file, or freaking out over being Egyptian. The key is to have the best FICO you can and then know the lender's quirks before you apply -- so research here and especially credit pulls.

 

So FICO is not everything but it's awfully important.

:good:

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Actually, I've changed my mind. FICO isn't BS. FICO IS heavily factored by lenders. I began starting to place more weight on lender's internal scoring systems than their consideration of FICO. I'm wrong. They are using FICO, big time. I had a few personal examples today that came out of nowhere and convinced me.

 

But from how I'm seeing it, a lot depends on what "they" know about you and your other history. First impressions are important........and the less they know about you, the better. The MORE they can rely on the numbers alone, the better you will be.

 

SHUT UP AND LET THEM RELY ON THE NUMBERS! MAKE THEM RELY ON FICO AND NOTHING ELSE. (of course this will all change. They're getting too much data on our spending habits and eventually will change this game, and not in our favor).

 

For example, I was looking at preapprovals sent to me. I would get offers with the lowest available rate, best intro terms etc. And then when my FICO scores went down, I got the same offers, but with higher interest rates or a range of interest rates. Basically, I was getting preaproved and I didn't even know it. And I then went to getting invitations to apply with far more open terms, when my FICO went down etc

 

Example: Amex BCP at 12.99% and then next Amex card I applied for (stupidly when my FICO had gone down a bit) and resulted in a 14.99% rate.

 

And I see the effects of the age buckets. One month of age hit for me today, and my scores skyrocketed. Placed in a new bucket I suppose. When I get freshly softed again, I expect those top offers to start coming back to me again.

 

And by the way, for most of my credit history I had auto pay, and balancing reporting every month. And it didn't seem to hurt me.

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  • 5 years later...
On 2/1/2015 at 3:20 PM, Inspired said:

Actually, I've changed my mind. FICO isn't BS. FICO IS heavily factored by lenders. I began starting to place more weight on lender's internal scoring systems than their consideration of FICO. I'm wrong. They are using FICO, big time. I had a few personal examples today that came out of nowhere and convinced me.

 

But from how I'm seeing it, a lot depends on what "they" know about you and your other history. First impressions are important........and the less they know about you, the better. The MORE they can rely on the numbers alone, the better you will be.

 

SHUT UP AND LET THEM RELY ON THE NUMBERS! MAKE THEM RELY ON FICO AND NOTHING ELSE. (of course this will all change. They're getting too much data on our spending habits and eventually will change this game, and not in our favor).

 

For example, I was looking at preapprovals sent to me. I would get offers with the lowest available rate, best intro terms etc. And then when my FICO scores went down, I got the same offers, but with higher interest rates or a range of interest rates. Basically, I was getting preaproved and I didn't even know it. And I then went to getting invitations to apply with far more open terms, when my FICO went down etc

 

Example: Amex BCP at 12.99% and then next Amex card I applied for (stupidly when my FICO had gone down a bit) and resulted in a 14.99% rate.

 

And I see the effects of the age buckets. One month of age hit for me today, and my scores skyrocketed. Placed in a new bucket I suppose. When I get freshly softed again, I expect those top offers to start coming back to me again.

 

And by the way, for most of my credit history I had auto pay, and balancing reporting every month. And it didn't seem to hurt me.

that;s not how it works

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