FICO to longer to use AU's to calculate score

[SCFireFighter]

CBS news is running a story stating that FICO will, starting next month, NO LONGER factor in AU cards on a person's credit report when calculating a FICO score.

The reasoning behind it is, as we know, people started selling AU cards. Also they noted credit repair organizations to use the buying and selling of good credit AU cards to their customers etc etc.

 

I'll see if I can find some info on this story. This is NOT good news for us.

Edited August 18, 2007 by StephanB

[db23]

Very old news....

[Leena]

Not to be rude at all, this story has been posted at least 100 times.

[nyrfann]

CBS news is running a story stating that FICO will, starting next month, NO LONGER factor in AU cards on a person's credit report when calculating a FICO score.

The reasoning behind it is, as we know, people started selling AU cards. Also they noted credit repair organizations to use the buying and selling of good credit AU cards to their customers etc etc.

 

I'll see if I can find some info on this story. This is NOT good news for us.

Yea this was discussed much here a few weeks ago, sucks for people who really need the help. Edited August 18, 2007 by nyrfann

[hegemony]

this was announce a couple months ago.

 

a non-issue for a lot of people who have taken care of the other half of credit repair.

 

and "next month" means just one CRA: EX. the other two major CRAs are going to rill out neoFICO next year.

 

as I've mentioned before, one rumor is that FICO will try to sell neoFICO as an additional score NOT as a replacement for current FICO scores.

[SCFireFighter]

Very old news....

Well, be that as it may, I've not heard of this before, and I haven't read anything about it on this board either. I'm sure there are a lot of users, just like me, for whom this is news. It won't affect myself, but I know it will harm many many users on this board.

 

ETA: Ok, big consensus about it being old news. Let's just consider it a bumpy reminder on the front page for those who didn't know

Edited August 18, 2007 by StephanB

[LadyKnR]

...to roll out neoFICO next year.

 

Heg, you crack me up, I seriously want them to call it "neoFICO" now.

[ArkBuck]

CBS news is running a story stating that FICO will, starting next month, NO LONGER factor in AU cards on a person's credit report when calculating a FICO score.

The reasoning behind it is, as we know, people started selling AU cards. Also they noted credit repair organizations to use the buying and selling of good credit AU cards to their customers etc etc.

 

I'll see if I can find some info on this story. This is NOT good news for us.

 

A number of people already heard this, but a bunch haven't, so thanks for keeping it out there

for those who still need to know of this new CRA method to screw the consumer.

[GEORGE]

WHAT IS "B"

[jmnin]

[aeonchronicler]

WHAT IS "B"

 

LMAO

[CocoPuff]

a non-issue for a lot of people who have taken care of the other half of credit repair.

 

My thoughts exactly! I am not worried. As a matter of fact, I am elated, because I will look better!

 

All of my reporting accounts are mine. The one I had as an AU, I had removed last summer due to a 30 day late....

Edited August 18, 2007 by CocoPuff

[GEORGE]

Some of us get...and give "AU"accounts for our benefit and the benefit of the cardholder...

[goturtlego]

Yes, this does suck as I'm a AU on a lot of my Dh's cards. I do have store cards but never was able to get Prime..until now. Phew.

 

I'm so very glad I got in with Citi before this offically starts.

[fxdm70]

Well --- I think it sucks.. I PAID for AU's last year.. AND THEY WORKED (all though I got tons of slack here (expectedly)).. Either way, they AU's on my account helped me get some pretty good cards established... I hate to see it go away for anyone new out there... I hope Hedge, is right and its just another product...

 

Wonder where my scores will be next month.... hmm.. we'll see...

[Credit Matters]

Interestingly, this is going to help people like me. I have no AU accounts on my report. My score is excellent.

 

People with AUs on their account, though, might have scores as high as mine. They look just as good as I do to creditors.

 

At some point in the near future, we'll be standing in a line. All AUs will be asked to take a step back. Those who aren't forced to move will look as though they took a step forward.

 

It really sucks for AUs -- especially the ones who were not gaming the system (like those who were renting tradelines).

[Credit Matters]

Well --- I think it sucks.. I PAID for AU's last year.. AND THEY WORKED (all though I got tons of slack here (expectedly)).. Either way, they AU's on my account helped me get some pretty good cards established...

 

This is what they are trying to root out. Renting tradelines does not give creditors an accurate snapshot of a person's true credit history. Instead, they are getting a distorted view and granting credit to those who may not have qualified otherwise.

[Leena]

I wanted to put my brother as an AU to jump start his credit file as he will be off to college in 2 years. Good thing a lot of these companies are offering "teen" cards now so I will have to jump start them that way.

[sarg]

as I've mentioned before, one rumor is that FICO will try to sell neoFICO as an additional score NOT as a replacement for current FICO scores.

so which would you get when feeding the monster, classic or neo?

[pip322]

I wanted to put my brother as an AU to jump start his credit file as he will be off to college in 2 years. Good thing a lot of these companies are offering "teen" cards now so I will have to jump start them that way.

 

I don't blame the CRAs for making this change; too many people have taken advantage of the system. Renting tradelines is like cheating. When I found out about this change I hurried up and put my bf on some of my cards... hopefully he'll get a big enough boost to apply for his own. Maybe we'll rely on cards that pull Tr and Ex for his initial cards.

[Leena]

I wanted to put my brother as an AU to jump start his credit file as he will be off to college in 2 years. Good thing a lot of these companies are offering "teen" cards now so I will have to jump start them that way.

 

I don't blame the CRAs for making this change; too many people have taken advantage of the system. Renting tradelines is like cheating. When I found out about this change I hurried up and put my bf on some of my cards... hopefully he'll get a big enough boost to apply for his own. Maybe we'll rely on cards that pull Tr and Ex for his initial cards.

You put him on as joint?

[GEORGE]

NOTHING LIKE GETTING PUNISHED FOR DOING NO WRONG

[hegemony]

as I've mentioned before, one rumor is that FICO will try to sell neoFICO as an additional score NOT as a replacement for current FICO scores.

so which would you get when feeding the monster, classic or neo?

if the rumor is true you'll get the same scoring you get now...

[mohavewolfpup]

what exactly is a AU card? I can't find anything, just bank cards for the land down under. am I screwed now, and my secured credit card won't do anything to help with credit?

[pryan67]

AU= Authorized User...a cardholder with no obligation to pay the actual debt...