OT: FICO Credit Score and Covid-19

[mpm]

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

 

[bitrex]

On 4/12/2020 10:07 AM, mpm wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

Paying down your balances to near zero doesn't always improve your
credit score part of your score is how many accounts you have paid as
agreed.

Too much debt is clearly bad, but zero debt isn't considered "The best"
either from their perspective - if you have zero revolving debt and
aren't making anyone any money for a while they can't model your risk as
well, y'know?

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

780-800 is an exceptional score most lenders consider just 720 or so to
be effectively "perfect" for most purposes. Different lenders use
different score versions for different purposes but with an 800
basically doing anything different than what you've been doing
previously tends to hurt rather than help, like your score is already
perfect what are you hoping for?

at the top of the range even minor mistakes whack very hard, if your
score is in the mid 700s even a single missed monthly car payment will
drop you 150 points easy.

 

[bitrex]

On 4/12/2020 10:07 AM, mpm wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

Some sites have modeling-tools that you can play with sliders and see
what happens in theory.

One of the ones I used (can't recall who the provider was) even had a
box to select something like "miss X months of child-support payments",
I don't have children much less child-support payments but I clicked it
to "miss 3 months of child-support payments" and my hypothetical score
went up 15 points.

I guess they figure I'd have more money to give them if i did that, sure!

 

[Robert Roland]

On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com>
wrote:

>And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

These things probably vary greatly depending on where in the world you
are.

Here in Norway, for a credit check (we don't have a points system like
you describe) a credit card counts as credit for the entire credit
limit, no matter how much of the credit you have actually used.
--
RoRo

 

On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com>
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



--

John Larkin Highland Technology, Inc

Science teaches us to doubt.

Claude Bernard

 

[mpm]

On Sunday, April 12, 2020 at 2:26:41 PM UTC-4, jla...@highlandsniptechnology.com wrote:

If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.

That's mostly a valid point, and I'm not looking to re-fi.

But, some prospective employers like to check candidate credit scores, particularly for filling senior management positions, so it's at least worth keeping an eye on it. (Ditto for social media, so if SED qualifies, I will probably have to learn how to grow sweet potatoes.)

I didn't mention it previously, but FICO-9 scores from 300-850.
I have friends and colleagues consistently in the 790-810 range who frankly, I would consider more of a credit risk than myself (biased, as that opinion may be). But it just occurs to me that they are also about 10 years younger than I am, so maybe age is a "sticky" factor in the model, or the extra data points act as a smoothing filter on upward adjustment. (A total guess, BTW.)

 

[Ricky C]

On Sunday, April 12, 2020 at 10:07:43 AM UTC-4, mpm wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

No, I don't know the formula for credit scores, but I do know my scores fluctuate widely each month simply because my monthly balance on credit cards (which is paid in full each month) varies.

I don't know if paying off a loan has much impact. But having had that credit boosts your credit score compared to not having it. I think this boost happens during the loan as long as your payments are made on time.

Of course it's a secret. If anyone could do the scoring why would the need the agencies?

--

Rick C.

- Get 1,000 miles of free Supercharging
- Tesla referral code - https://ts.la/richard11209

 

[Tom Gardner]

On 12/04/20 19:26, jlarkin@highlandsniptechnology.com wrote:

On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.

I think some companies like to see a history of some sort,
just to have some confidence you haven't popped into
existence for the sole purpose of defrauding them.

I have the same attitude as you. My parents indicated there
were two valid occasions for getting a loan: to buy a house
or a cooker. Everything else waits until after the money is
in your pocket.

I seriously hate the 80's "borrow you're worth it" attitude,
and am glad I've persuaded my daughter not to borrow money.

So is she, now that covid has hit her hard (zero available
government handouts).

 

[Ricky C]

On Sunday, April 12, 2020 at 11:59:10 AM UTC-4, bitrex wrote:

780-800 is an exceptional score most lenders consider just 720 or so to
be effectively "perfect" for most purposes. Different lenders use
different score versions for different purposes but with an 800
basically doing anything different than what you've been doing
previously tends to hurt rather than help, like your score is already
perfect what are you hoping for?

at the top of the range even minor mistakes whack very hard, if your
score is in the mid 700s even a single missed monthly car payment will
drop you 150 points easy.

My credit score is consistently 750 to 770 or so. I had a BS debt show up on my rating and challenged it. It went away and never returned. I understand this is not uncommon and the dispute process is no longer heavily weighted in the collector's favor.

I use Credit Karma to view two of my scores. Are there still three agencies?

--

Rick C.

- Get 1,000 miles of free Supercharging
- Tesla referral code - https://ts.la/richard11209

 

[bitrex]

On 4/12/2020 5:33 PM, bitrex wrote:

On 4/12/2020 4:12 PM, Tom Gardner wrote:
On 12/04/20 19:26, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal
with this Coronavirus pandemic.  Does anybody here believe strongly
that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if
anything, it should have gone UP.  I just made the last payment on a
personal loan (taken out specifically to see if I could bump the
score, as I don't really use a lot of credit at this stage in life.)
And, I paid down the balance on my two credit cards (which,
typically don't carry much of a balance anyway, but I wanted to get
them near zero to see what effect it has on FICO.)  Answer appears
to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash
via paycheck direct deposit (not sure bank account balances figures
into FICO?).  Unlike a lot of folks out there, I'm not dipping into
reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a
bit of a scam?  Maybe not in the "big picture" way..., but I wonder
what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret?  I mean, if FICO was worried about
people gaming the model, then they should fix the model, right?  Or
is it secret just so they can sell it to banks and companies
extending credit to customers?  And BTW, I realize there are lots
and lots of scores by various companies, and used for different
purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring? 


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.

I think some companies like to see a history of some sort,
just to have some confidence you haven't popped into
existence for the sole purpose of defrauding them.

I have the same attitude as you. My parents indicated there
were two valid occasions for getting a loan: to buy a house
or a cooker. Everything else waits until after the money is
in your pocket.

I seriously hate the 80's "borrow you're worth it" attitude,
and am glad I've persuaded my daughter not to borrow money.

So is she, now that covid has hit her hard (zero available
government handouts).

Trouble is the government loves to borrow money and print the stuff like
mad so while real wages stay stagnant the cost of things like homes,
college, and cars do not.

It makes fine financial sense in 2020 to take out a loan to pay for a
car and instead of dropping 15 grand on a good used car all at once pay
$199/month and utilize the time value of money and put the cash into
something paying some real returns.

Like lab equipment for example. And then you can write that off your
taxes. Can't write a personal vehicle off your taxes.

 

[bitrex]

On 4/12/2020 4:12 PM, Tom Gardner wrote:

On 12/04/20 19:26, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal
with this Coronavirus pandemic.  Does anybody here believe strongly
that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if
anything, it should have gone UP.  I just made the last payment on a
personal loan (taken out specifically to see if I could bump the
score, as I don't really use a lot of credit at this stage in life.)
And, I paid down the balance on my two credit cards (which, typically
don't carry much of a balance anyway, but I wanted to get them near
zero to see what effect it has on FICO.)  Answer appears to be
"none", BTW.

More importantly, I still have my job, so I'm still accruing cash via
paycheck direct deposit (not sure bank account balances figures into
FICO?).  Unlike a lot of folks out there, I'm not dipping into
reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a
bit of a scam?  Maybe not in the "big picture" way..., but I wonder
what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret?  I mean, if FICO was worried about
people gaming the model, then they should fix the model, right?  Or
is it secret just so they can sell it to banks and companies
extending credit to customers?  And BTW, I realize there are lots and
lots of scores by various companies, and used for different purposes,
and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring? 


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.

I think some companies like to see a history of some sort,
just to have some confidence you haven't popped into
existence for the sole purpose of defrauding them.

I have the same attitude as you. My parents indicated there
were two valid occasions for getting a loan: to buy a house
or a cooker. Everything else waits until after the money is
in your pocket.

I seriously hate the 80's "borrow you're worth it" attitude,
and am glad I've persuaded my daughter not to borrow money.

So is she, now that covid has hit her hard (zero available
government handouts).

Trouble is the government loves to borrow money and print the stuff like
mad so while real wages stay stagnant the cost of things like homes,
college, and cars do not.

It makes fine financial sense in 2020 to take out a loan to pay for a
car and instead of dropping 15 grand on a good used car all at once pay
$199/month and utilize the time value of money and put the cash into
something paying some real returns.

Cars are a lousy long-term investment they are depreciating rust. They
sit around and lose value that's what they do.

 

[bitrex]

On 4/12/2020 4:54 PM, Ricky C wrote:

On Sunday, April 12, 2020 at 11:59:10 AM UTC-4, bitrex wrote:

780-800 is an exceptional score most lenders consider just 720 or so to
be effectively "perfect" for most purposes. Different lenders use
different score versions for different purposes but with an 800
basically doing anything different than what you've been doing
previously tends to hurt rather than help, like your score is already
perfect what are you hoping for?

at the top of the range even minor mistakes whack very hard, if your
score is in the mid 700s even a single missed monthly car payment will
drop you 150 points easy.

My credit score is consistently 750 to 770 or so. I had a BS debt show up on my rating and challenged it. It went away and never returned. I understand this is not uncommon and the dispute process is no longer heavily weighted in the collector's favor.

I use Credit Karma to view two of my scores. Are there still three agencies?

Yeah I think so. My data was in the Equifax breach like 100 mil other
people or something so I took the 4 years credit monitoring "payout"
instead of the couple bucks from the class action. Whoopee!

All of my cards AFAIK have their own score-monitoring tools from their
online dashboard thought they sometimes differ by a few points.

I ditched all my Bank of America accounts after the way they treated me
after my father's death; I was the legal executor of his estate with
court-writ in hand and they still treated me like a fuckin' criminal and
dragged their heels on closing his accounts and wanted me to jump
through many unnecessary hoops, it took weeks to settle his affairs with
them.

and then they called me relentlessly about some small unpaid credit card
debt for months. He was 91 and all his remaining assets from the estate
went to cover funerary costs, I'm not personally responsible for the
unsecured debt of deceased relatives. Piss off. I sent them that in
writing and they ignored me - violation of MA law.

 

[bitrex]

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:

On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.

There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

 

[Flyguy]

On Sunday, April 12, 2020 at 7:07:43 AM UTC-7, mpm wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?

FICO scores don't give a shit whether you have a job or not (no joke!) - they look at you bill payment history. A 6 point change is pretty much in the noise; you can charge more on you credit card one month and do that.

 

[John S]

On 4/14/2020 11:30 AM, jlarkin@highlandsniptechnology.com wrote:

On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.

So they never pay the principal?

 

On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.




--

John Larkin Highland Technology, Inc

Science teaches us to doubt.

Claude Bernard

 

[bitrex]

On 4/14/2020 12:30 PM, jlarkin@highlandsniptechnology.com wrote:

On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.

In cities like Boston, NYC, Toronto, and San Fran I suppose renting can
be a money-win as compared to paying the high prices and high property
taxes on a home. you can invest the money you save vs. a mortgage into
something paying better returns than the real-estate market where you
pay for the profits of all the people ahead of you in line who already
made out on the hustle years ago.

The cheapest one-story two-bedroom detached single-family home in my
town up for sale atm is listed for $389,000

 

On Tue, 14 Apr 2020 11:42:29 -0500, John S <Sophi.2@invalid.org>
wrote:

On 4/14/2020 11:30 AM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.


So they never pay the principal?

No, at the end they skipped a few months of interest-only mortgage
payments, then walked.



--

John Larkin Highland Technology, Inc

Science teaches us to doubt.

Claude Bernard

 

On Tue, 14 Apr 2020 13:03:01 -0400, bitrex <user@example.net> wrote:

On 4/14/2020 12:30 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket.
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.



In cities like Boston, NYC, Toronto, and San Fran I suppose renting can
be a money-win as compared to paying the high prices and high property
taxes on a home. you can invest the money you save vs. a mortgage into
something paying better returns than the real-estate market where you
pay for the profits of all the people ahead of you in line who already
made out on the hustle years ago.

The cheapest one-story two-bedroom detached single-family home in my
town up for sale atm is listed for $389,000

You can still get an "attached" house (sort of a town house, I guess)
on a 24-foot-wide lot here, in a mediocre neighborhood, for under a
million dollars. See Zillow. Some 1br condos can be had for under a
megabuck too. There are lots of 2 and 4M houses in our neighborhood.
Good thing we bought 30 years ago, before the google busses.

But apartments are crazy expensive too. I think a lot of newcomers
have high incomes and spend it all on housing. But they are mostly
having fun, so it's OK while they are still young.



--

John Larkin Highland Technology, Inc

Science teaches us to doubt.

Claude Bernard

 

[Lasse Langwadt Christense]

tirsdag den 14. april 2020 kl. 19.03.08 UTC+2 skrev bitrex:

On 4/14/2020 12:30 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 17:52:20 -0400, bitrex <user@example.net> wrote:

On 4/12/2020 2:26 PM, jlarkin@highlandsniptechnology.com wrote:
On Sun, 12 Apr 2020 07:07:34 -0700 (PDT), mpm <mpmillard@aol.com
wrote:

As long as we're off-topic lately:

Any thoughts or comments regarding how the credit bureaus will deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

My own FICO-9 just score dropped 6 points, at a time where if anything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

More importantly, I still have my job, so I'm still accruing cash via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

I'm starting think this whole FICO-9 credit score scheme might be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?
My score hovers in the 780-800 range.

And why keep the models secret? I mean, if FICO was worried about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

Anybody know the equations for FICO-9 scoring?


If you never borrow money, you don't need to worry about a credit
score. I've never borrowed except for mortgages, and having no credit
history didn't seem to affect getting a mortgage.



There's a lot of cookie-cutter financial-guru advice from the likes of
Dave Ramsey that is OK as far as it goes but seems mostly designed to
get middle-class middle-Americans who find themselves in the hole from
doing STUPID things out of trouble.

Like people who have a household income of 70k and think a 70k luxury
SUV bought on credit is a reasonable purchase for their income-bracket..
and soon enough they find themselves in trouble. Yeah. Welp.

We have friends who bought a house on the water in Foster City, no
money down and an interest-only loan. Every time property values went
up, they refinanced and spent the money on restaurants and wine and
cars and cruises.

They both rent now, separately after the divorce.



In cities like Boston, NYC, Toronto, and San Fran I suppose renting can
be a money-win as compared to paying the high prices and high property
taxes on a home. you can invest the money you save vs. a mortgage into
something paying better returns than the real-estate market where you
pay for the profits of all the people ahead of you in line who already
made out on the hustle years ago.

perfect, so you can just buy it and rent it to yourself and invest the
money you save on rent ....