Comments on: FICO Scoring Is A Sham! http://www.getrichslick.com/fico-scoring-is-a-sham/377/ Getting Rich Slick® has never been so easy... Sat, 28 Jan 2012 05:13:05 +0000 hourly 1 http://wordpress.org/?v=abc By: I’m Moving My Debt Off Balance Sheet » Get Rich Slick http://www.getrichslick.com/fico-scoring-is-a-sham/377/comment-page-1/#comment-10964 I’m Moving My Debt Off Balance Sheet » Get Rich Slick Wed, 28 Nov 2007 16:01:03 +0000 http://www.getrichslick.com/2007/10/23/fico-scoring-is-a-sham/#comment-10964 [...] If you're new here, you may want to subscribe to my RSS feed. I’ve ranted about the idiocy of FICO scoring system many times and I’ve discovered a solution to my problem. Like many big banks, I’ll [...] [...] If you’re new here, you may want to subscribe to my RSS feed. I’ve ranted about the idiocy of FICO scoring system many times and I’ve discovered a solution to my problem. Like many big banks, I’ll [...]

]]> By: RichSlick http://www.getrichslick.com/fico-scoring-is-a-sham/377/comment-page-1/#comment-9722 RichSlick Thu, 01 Nov 2007 19:59:05 +0000 http://www.getrichslick.com/2007/10/23/fico-scoring-is-a-sham/#comment-9722 I wonder what the average FICO will be after 2 million foreclosures. I wonder what the average FICO will be after 2 million foreclosures.

]]> By: Dave C http://www.getrichslick.com/fico-scoring-is-a-sham/377/comment-page-1/#comment-9720 Dave C Thu, 01 Nov 2007 18:58:47 +0000 http://www.getrichslick.com/2007/10/23/fico-scoring-is-a-sham/#comment-9720 Ehh, consider yourself lucky. I play the same game, and my FICO dropped from 780 to 623. I'm not kidding. I get the same "detrimental factors" as you, though maybe mine are more extreme? I went from a handful of cc accounts to 33 in a month, and while previously I used one or two CCs for all purchases and paid in full every month, I am now at 50% utilization, a number almost equal to my salary. Despite a score in the downright scary range, I'm as safe a bet as a lender could hope for (never missed a payment, I'm religious about not paying a dime of interest period). I know there'd be no convincing them of that, but luckily I don't need them. Ehh, consider yourself lucky. I play the same game, and my FICO dropped from 780 to 623. I’m not kidding. I get the same “detrimental factors” as you, though maybe mine are more extreme? I went from a handful of cc accounts to 33 in a month, and while previously I used one or two CCs for all purchases and paid in full every month, I am now at 50% utilization, a number almost equal to my salary.

Despite a score in the downright scary range, I’m as safe a bet as a lender could hope for (never missed a payment, I’m religious about not paying a dime of interest period). I know there’d be no convincing them of that, but luckily I don’t need them.

]]> By: Richslick http://www.getrichslick.com/fico-scoring-is-a-sham/377/comment-page-1/#comment-9475 Richslick Tue, 23 Oct 2007 20:00:54 +0000 http://www.getrichslick.com/2007/10/23/fico-scoring-is-a-sham/#comment-9475 How do I opt out? Should I send a cease and desist letter telling them they've got me pegged all wrong? How do I opt out? Should I send a cease and desist letter telling them they’ve got me pegged all wrong?

]]> By: Mike http://www.getrichslick.com/fico-scoring-is-a-sham/377/comment-page-1/#comment-9472 Mike Tue, 23 Oct 2007 18:19:20 +0000 http://www.getrichslick.com/2007/10/23/fico-scoring-is-a-sham/#comment-9472 RichSlick, you sound like those folks who opened 0% credit cards to do a balance transfer and avoid 20% interest. You've discovered what the mortgage industry is learning the hard way: FICO may correlate to risky behaviors in some sample of the population (that you're not in), but it's not the end-all-be-all of credit verification and it's importance has gotten overweighted by folks who don't think real hard about things. RichSlick, you sound like those folks who opened 0% credit cards to do a balance transfer and avoid 20% interest. You’ve discovered what the mortgage industry is learning the hard way: FICO may correlate to risky behaviors in some sample of the population (that you’re not in), but it’s not the end-all-be-all of credit verification and it’s importance has gotten overweighted by folks who don’t think real hard about things.

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