Comments on: FICO Score Not Estimator Of True Wealth http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/ Tips for living frugal while still having a life Sun, 21 Mar 2010 17:03:34 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Andy J http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-9603 Andy J Fri, 17 Oct 2008 18:02:38 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-9603 FrugalDad, wanted to make sure your readers knew that the FICO 08 model, which was going to remove authorized user impact, was switched before introduction so that authorized users can still get their scores impacted. Fair Isaac says they have a way to spot the "late night credit repair" folks methods, but they haven't offered details on how this going to work. While FICO isn't perfect, it was never intended to be a one score for all decisions score. This mortgage mess was caused, in part, by mortgage companies ignoring income and other important qualifications, and awarding loans on FICO alone. The score wasn't designed for that. It was meant to, and does a better job of, evaluating credit reports than humans do. Human error tends to lead to more bad decisions. But again, I agree with you that numerous factors should be evaluated. FrugalDad, wanted to make sure your readers knew that the FICO 08 model, which was going to remove authorized user impact, was switched before introduction so that authorized users can still get their scores impacted. Fair Isaac says they have a way to spot the “late night credit repair” folks methods, but they haven’t offered details on how this going to work.

While FICO isn’t perfect, it was never intended to be a one score for all decisions score. This mortgage mess was caused, in part, by mortgage companies ignoring income and other important qualifications, and awarding loans on FICO alone. The score wasn’t designed for that. It was meant to, and does a better job of, evaluating credit reports than humans do. Human error tends to lead to more bad decisions. But again, I agree with you that numerous factors should be evaluated.

]]> By: Is It Fair For You To Be Judged By Your FICO Score? | My Super-Charged Life http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-6059 Is It Fair For You To Be Judged By Your FICO Score? | My Super-Charged Life Tue, 26 Aug 2008 12:36:23 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-6059 [...] universally as the standard in judging a person’s credit worthiness.  However, these scores are not without their issues.  For instance, if you live a debt-free lifestyle, you are likely to have a low FICO score [...] [...] universally as the standard in judging a person’s credit worthiness.  However, these scores are not without their issues.  For instance, if you live a debt-free lifestyle, you are likely to have a low FICO score [...]

]]> By: Big Savings http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-5789 Big Savings Sun, 17 Aug 2008 11:40:35 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-5789 Similar to "Bad Penny", an article I read was also somewhat vague - your article made did make it a lot clearer what was going on and how it will affect Similar to “Bad Penny”, an article I read was also somewhat vague – your article made did make it a lot clearer what was going on and how it will affect

]]> By: How to Become a Better Finisher | Frugal Dad http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-373 How to Become a Better Finisher | Frugal Dad Tue, 19 Feb 2008 11:05:47 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-373 [...] $14,000 of debt from your life. You have most likely improved your debt-income ratio, your FICO score, and your personal net [...] [...] $14,000 of debt from your life. You have most likely improved your debt-income ratio, your FICO score, and your personal net [...]

]]> By: Closing Paid Off Credit Card Accounts | Debt | http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-21 Closing Paid Off Credit Card Accounts | Debt | Tue, 08 Jan 2008 15:13:05 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-21 [...] older credit accounts may hurt your FICO score. If you have read any of my previous articles on FICO, you probably recognize that I am not a big fan of the Fair Isaac scoring model. Having said that, [...] [...] older credit accounts may hurt your FICO score. If you have read any of my previous articles on FICO, you probably recognize that I am not a big fan of the Fair Isaac scoring model. Having said that, [...]

]]> By: The Bad Penny http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/comment-page-1/#comment-11 The Bad Penny Sat, 05 Jan 2008 04:12:58 +0000 http://frugaldad.com/2008/01/04/fico-gets-a-facelift-still-ugly/#comment-11 I was reading an article on this earlier - I'm glad you wrote more about it because I haven't had a chance to do much research on it. The article I read was somewhat vague - your article made it a lot clearer what was going on and how it will affect me. I still am not sure what I think about it, though. :) I was reading an article on this earlier – I’m glad you wrote more about it because I haven’t had a chance to do much research on it. The article I read was somewhat vague – your article made it a lot clearer what was going on and how it will affect me. I still am not sure what I think about it, though. :)

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