Author Topic: Some FICO Myths  (Read 12301 times)

0 Members and 1 Guest are viewing this topic.

bad98roadster

  • Valued Member
  • Posts: 1017
Re: Some FICO Myths
« Reply #15 on: May 15, 2014 04:42:54 PM »
This is what worked for me. I had several that I did not default on (they worked with me). I added a couple of new ones, paid off my car and bought a house.

I am now in the 700 club officially, but CK and CS have me in the 660-680 range. FICO has me in the low 600s because BoA is still reporting a balance two years after 1099Cs went on my taxes. The others zeroed them out when they saw the 1099.

Have you tried taking BofA to arbitration over the issue?

silverzgirl

  • Valued Member
  • Posts: 3569
Re: Some FICO Myths
« Reply #16 on: May 15, 2014 06:38:52 PM »
Not yet. The #$*&^* CFPB said nothing can be done until they finish their investigation. They claim they are stll working on it, though nothing is done.

They refused to pay JAMS 3-4 years ago which is why we are here today.
“Know your enemy and know yourself and you can fight a hundred battles without disaster.”  - Sun-Tzu

I am not a lawyer, nor do I play one on TV. I once thought I was a lawyer when I was litigating in a courtroom, but turns out I just had Patron induced bed spins and dreamed it all. Take my posts with a grain of salt...and a shot of Patron. But not so much you think you are a lawyer.

Anza01

  • Valued Member
  • Posts: 373
Re: Some FICO Myths
« Reply #17 on: May 15, 2014 08:37:09 PM »
Not yet. The #$*&^* CFPB said nothing can be done until they finish their investigation. They claim they are stll working on it, though nothing is done.

They refused to pay JAMS 3-4 years ago which is why we are here today.

BofA refused to change any CRA status when I filed a complaint with the CFPB.  The letter they sent did state the debt has been cancelled yet they are still going to report a balance due for FCRA reasons.  I still don't get how BofA can state the debt is cancelled and can still report a balance due. 

We are going to AAA.  I can't use JAMS (contract is AAA/NAF) and I'm hoping with friendly CA ARB rules BofA would rather settle than put up an argument why they can cancel a debt and still report it as being owed.

Anza01

  • Valued Member
  • Posts: 373
Re: Some FICO Myths
« Reply #18 on: May 15, 2014 08:48:23 PM »
Strategic default began on 12/2009 and finished by 03/2010.  I didn't monitor my FICO early on and didn't care because I knew it would not be good.  I did monitor negative reports though and the FAKO for EX hovered around 600 most of the time.

So now 4+ plus years into all of this my FAKO's are 702-772 because everything is at the very minimum shown as in dispute.  I did pull a real FICO for EX and it is in the 650 range (FAKO is 702).

BofA/Discover/Target have been the hardest to deal with.  BofA never did any type of updating until I filed a CFBP complaint.  They updated but same alleged data with a recent date.  CACH deleted when I elected ARB to settle their alleged claim.  LVNV is about to find themselves in the same position.


I had planned to ride this out until until late 2016 or early 2017 when everything would be off.  But now I find myself in a position that I might have to purchase a home so I'm working on some of the issues that would stop a home loan.  I reached out to two offered less than 10% for settlement and so far so good. 

Now all I have to do is work on EQ to get them to zero out a couple of 1099C's like EX and TU did.

arnanda

  • Valued Member
  • Posts: 1161
  • Take it or leave it.
Re: Some FICO Myths
« Reply #19 on: May 16, 2014 06:20:31 AM »
FICO says the follow is what goes into our score:

Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit - 10%
Types of credit used - 10%.

Source: "FICO Credit Score Chart: How my FICO is calculated.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx


Flying, since I'm not looking at your report, we'll assume you have four CO debts still unpaid and all are over $400.   The only current account is the mortgage.

With no mix of credit used (only mortgage) that category score is low.
With no new credit in the mix that category score is low.
With a lot of defaults on the four bad accounts mixed in with one good account, you get a lower score in payment history. 
Not sure about your amounts owed and length of credit history.

No one said it was easy to understand, though. 
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
Abbreviations 1st Thread
Abbreviations 2nd Thread
Smurfy's Ease of Use

silverzgirl

  • Valued Member
  • Posts: 3569
Re: Some FICO Myths
« Reply #20 on: May 16, 2014 12:52:22 PM »
BoA did the same thing...list the alleged debt as valid but with a brand new 90 day late as of June 2013...well after the 1099 was sent out. That was punishment for going to the CFPB who has done nothing. Since I now have a "very recent baddie" EQ took the nosedive from 675 to 610-620ish...

So I will go to the top of BoA...Mr. Moynihan will get a letter (or his minions will) which bypasses some guy in an Indian sweatshop of a call center. A JAMS complaint will be attached.
“Know your enemy and know yourself and you can fight a hundred battles without disaster.”  - Sun-Tzu

I am not a lawyer, nor do I play one on TV. I once thought I was a lawyer when I was litigating in a courtroom, but turns out I just had Patron induced bed spins and dreamed it all. Take my posts with a grain of salt...and a shot of Patron. But not so much you think you are a lawyer.

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8487
  • Welcome to my Temper Tantrum
Re: Some FICO Myths
« Reply #21 on: May 16, 2014 03:15:54 PM »
Arnada - once again - I am not commenting on my credit mix or anything else in my CRA file - just on the lack of movement over 4 years of doing nothing to improve it or having anything ding it further - and looking at common beliefs about some credit repair tactics - stopping applying for credit, letting inquiries age off,  not creating any more baddies, paying the bills you have on time... In my case NONE of these has added any points to my score.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

silverzgirl

  • Valued Member
  • Posts: 3569
Re: Some FICO Myths
« Reply #22 on: May 19, 2014 01:31:58 PM »
I have really had similar results to FlyingIFR....very little changing over time. I have had dings in inquiries as I started my own company, which seem to drag it a lot lower than the 5 points they claim. Other than that, I have paid off many of them since, increased lines making ute lower, and not much change.

It is almost 5 years since I had to nuke a few creditors to survive. I still get letters from First Premier and Credit One as my only offers. I still get offers for score fixers. None of it really repairs credit at all.

(Bank FICOs have been 705-750, whereas CK, CS and the free sites have yet to break 700 though...I suspect things are not as accurate as they appear.)
“Know your enemy and know yourself and you can fight a hundred battles without disaster.”  - Sun-Tzu

I am not a lawyer, nor do I play one on TV. I once thought I was a lawyer when I was litigating in a courtroom, but turns out I just had Patron induced bed spins and dreamed it all. Take my posts with a grain of salt...and a shot of Patron. But not so much you think you are a lawyer.

arnanda

  • Valued Member
  • Posts: 1161
  • Take it or leave it.
Re: Some FICO Myths
« Reply #23 on: May 20, 2014 03:47:43 AM »
Would you agree that the credit score needs change?  As you saw, it needs payment history, mix of new credit, etc.  If you do nothing but have the same defaulted accounts and only one positive account, you're not changing the bad ones, and not gaining new positive data.  It would reason that your score would stay the same. 
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
Abbreviations 1st Thread
Abbreviations 2nd Thread
Smurfy's Ease of Use

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8487
  • Welcome to my Temper Tantrum
Re: Some FICO Myths
« Reply #24 on: May 20, 2014 03:11:45 PM »
Would you agree that the credit score needs change?  As you saw, it needs payment history, mix of new credit, etc.  If you do nothing but have the same defaulted accounts and only one positive account, you're not changing the bad ones, and not gaining new positive data.  It would reason that your score would stay the same.

Once again, I tested the maxim that "time will make your credit score improve" so it was important that time be the only variable.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

arnanda

  • Valued Member
  • Posts: 1161
  • Take it or leave it.
Re: Some FICO Myths
« Reply #25 on: May 22, 2014 05:55:26 AM »
Hi Flyingifr - as you know I am not the one that wrote those maxims about the credit report.  Here is my point of view on the "Time will make your credit score improve":

1) Delinquencies fall off after 7.5 from the date of first delinquency. 
2) Bankruptcy notation fall off after 10 years
3) Hard inquires stop dinging the FICO score after 1 year, and fall off the report after 2 years. 

There maybe be more variables with the "time" maxim.  Flyingifr - I wonder what will happen to your report (just the mortgage being reported positively) when all the delinquencies and/or the hard inquires fall off, will the FICO score increase? 
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
Abbreviations 1st Thread
Abbreviations 2nd Thread
Smurfy's Ease of Use

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8487
  • Welcome to my Temper Tantrum
Re: Some FICO Myths
« Reply #26 on: May 22, 2014 02:27:15 PM »
Hi Flyingifr - as you know I am not the one that wrote those maxims about the credit report.  Here is my point of view on the "Time will make your credit score improve":

1) Delinquencies fall off after 7.5 from the date of first delinquency. 
2) Bankruptcy notation fall off after 10 years
3) Hard inquires stop dinging the FICO score after 1 year, and fall off the report after 2 years. 

There maybe be more variables with the "time" maxim.  Flyingifr - I wonder what will happen to your report (just the mortgage being reported positively) when all the delinquencies and/or the hard inquires fall off, will the FICO score increase?

Numbers 1 and 2 are not maxims, they are law. #3 is a maxim promoted by the CRA's themselves. In my case all (both) inquiries did in fact fall off after 2 years. There was no change in score at the 1 year mark or the 2 year mark so this "maxim" appears to be false - the truth appears to be that you get dinged when the inquiry hits, but don't get any points back at either the 1 year mark or the 2 year mark when the inquiry does get removed.

I firmly believe FICO has access to items in the CRA report that are hidden from both creditors and us. Why else would maxim #3 be false and my results bear out as the ding for the inquiries stays after the inquiry is removed? This happened long ago to me and was one of the factors that led to the creation of DB (read "Why the Flyingifr Method?" in the Flyingifr Method). If this can be proven then there is a HUGE FCRA Class Action suit out there against all 3 CRA's and FICO because that would be a huge violation of FCRA.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

kevinmanheim

  • Valued Member
  • Posts: 11509
Re: Some FICO Myths
« Reply #27 on: May 22, 2014 03:09:32 PM »
I firmly believe FICO has access to items in the CRA report that are hidden from both creditors and us.
+1


arnanda

  • Valued Member
  • Posts: 1161
  • Take it or leave it.
Re: Some FICO Myths
« Reply #28 on: May 23, 2014 03:36:55 AM »
I believe the CRAs and FICO has more information then they allow on the report.
TUN - 811/850 (07-07-2015). EQU - 811/850 (07-07-2015). EXP - 8111/850 (07-10-2015).
Abbreviations 1st Thread
Abbreviations 2nd Thread
Smurfy's Ease of Use

KFMAN

  • Valued Member
  • Posts: 5133
Re: Some FICO Myths
« Reply #29 on: May 23, 2014 03:18:59 PM »
FICO is a joke!