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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:50 AM Original message |
Why aren't FICO scores based on the number of months you pay off your |
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atreides1 (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:52 AM Response to Original message |
1. What encourages bad behavior |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:55 AM Response to Reply #1 |
4. Isn't that the same thing? |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:00 AM Response to Reply #4 |
9. No. |
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MercutioATC (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:53 AM Response to Original message |
2. Because they're based on an incredibly complex formula that measures a lot of things. |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:57 AM Response to Reply #2 |
5. Oh I guess it if measures the potential revenue from a particular |
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MercutioATC (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:00 AM Response to Reply #5 |
7. Yep, that's pretty much what it does...and there's nothing wrong with that. |
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surrealAmerican (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:39 AM Response to Reply #5 |
27. That's exactly what it does measure. |
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spinbaby (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:12 AM Response to Reply #2 |
19. It would be nice if we could understand the formula |
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MercutioATC (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:17 AM Response to Reply #19 |
21. Agreed...and that would make more sense, too. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:25 AM Response to Reply #21 |
23. Lenders don't want high FICO scores..... |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:36 AM Response to Reply #23 |
26. The problem is when historical data is used to project the future |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:49 AM Response to Reply #26 |
31. I agree that is screwed up. |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 10:09 AM Response to Reply #31 |
34. I just think that a person with 30 credit cards is a different personality type from |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:55 AM Response to Original message |
3. It doesn't work that way. |
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MercutioATC (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:01 AM Response to Reply #3 |
10. Don't "cut it up"...use it for a small purchase every few months and pay it off. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:04 AM Response to Reply #10 |
13. you are right... |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:02 AM Response to Reply #3 |
11. Well I deliberately avoid getting more than 1 credit card |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:08 AM Response to Reply #11 |
14. There are a lot of factors. |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:29 AM Response to Reply #14 |
24. Well I like only looking at one card balance. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:34 AM Response to Reply #24 |
25. "Give them enough rope to hang themselves" |
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dkf (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:42 AM Response to Reply #25 |
29. Well I guess we are seeing exactly who is hanging themselves now. |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:46 AM Response to Reply #29 |
30. Not sure why you keep clinging to this belief that balances help FICO score. They don't. |
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zipplewrath (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 08:57 AM Response to Original message |
6. Not exactly |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:00 AM Response to Original message |
8. It's about the debt-to credit ratio |
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Bankhead_ATL (248 posts) Send PM | Profile | Ignore | Thu May-14-09 09:03 AM Response to Original message |
12. My FICO is bad...very bad |
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leftofthedial (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:08 AM Response to Original message |
15. The owners of our country don't want you to pay off your debt in full; |
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soothsayer (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:42 AM Response to Reply #15 |
28. yup, and the senate went along with them again yesterday when they blocked the 15% cap |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:50 AM Response to Reply #28 |
32. Not me. |
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billyoc (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:10 AM Response to Original message |
16. Congress just did. They reaffirmed their fealty to the Credit Card industry not 72 hours ago. |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:11 AM Response to Original message |
17. How does having a lots of cards with high limits encourage bad behavior? |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:19 AM Response to Reply #17 |
22. Nope. |
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Romulox (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:11 AM Response to Original message |
18. The way FICO scores are calculated is a trade secret, and the formula is not public. nt |
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Coyote_Bandit (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:16 AM Response to Original message |
20. Then there are those of us |
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DU GrovelBot (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 09:50 AM Response to Original message |
33. ## PLEASE DONATE TO DEMOCRATIC UNDERGROUND! ## |
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Fresh_Start (1000+ posts) Send PM | Profile | Ignore | Thu May-14-09 10:48 AM Response to Original message |
35. Because they can't tell how many months you paid in full. |
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