edjr 5,785 Posted January 4, 2008 The company that cooks up credit scores for millions of Americans is changing its recipe -- and that could affect how easily you get credit in the future. Fair Isaac Corp., maker of the popular FICO credit score used by most lenders, says its new scoring model will do a better job predicting the likelihood of a borrower defaulting on a loan. For one thing, the new model, dubbed FICO 08, will be more forgiving of occasional slips by consumers, but will take a harder line on repeat offenders. Fair Isaac predicts its new system will help lenders reduce default rates on their consumer credit by between 5% and 15%. The rollout of the new credit-scoring system comes at a time when lenders say they are eager for more-accurate measures of credit risk, in part because of rising loan defaults as subprime mortgages go bad and housing prices fall. And there are signs that delinquencies are creeping into other types of consumer debt, including auto loans, further prompting lenders to tighten up on credit. rest of the article here Share this post Link to post Share on other sites
porkbutt 873 Posted January 4, 2008 maybe this way you'll be able to score a dishwasher Share this post Link to post Share on other sites
RLLD 3,588 Posted January 4, 2008 Yep....I posted this about a month or so ago... It's aint good if you have shaky credit, and it only further hurts the housing market.... Share this post Link to post Share on other sites
edjr 5,785 Posted January 4, 2008 Yep....I posted this about a month or so ago... It's aint good if you have shaky credit, and it only further hurts the housing market.... I figured you did. I wanted to bring it back up, seeing it's closer. Share this post Link to post Share on other sites
edjr 5,785 Posted January 4, 2008 maybe this way you'll be able to score a dishwasher Prolly not. I can't get over the 700 hump, I still have some really bad things on my credit from about 4, 5 years ago. couple more years it'll all be gone. Share this post Link to post Share on other sites
RLLD 3,588 Posted January 4, 2008 I figured you did. I wanted to bring it back up, seeing it's closer. I understand, in reality, the more truth that can be presented the better a chance we can all have to see this come to an end and get back to good times. I sat down with my builder last night as he met with all of the various building inspectors who will be shuffling through our little construction project. I noted how surprised I was at how easy it was to convene the meeting and the framing inspector then said, " we don't really have anything to do right now so getting this together was not all that complicated.... I hope I still have a job in 6 months to be frank....." I was like.... Share this post Link to post Share on other sites
Let Da Big Dog Eat 38 Posted January 4, 2008 I sat down with my builder last night as he met with all of the various building inspectors who will be shuffling through our little construction project. I noted how surprised I was at how easy it was to convene the meeting and the framing inspector then said, " we don't really have anything to do right now so getting this together was not all that complicated.... I hope I still have a job in 6 months to be frank....." I was like.... I have a friend who does home inspections on private sales. He owns the company. He has had another FULL TIME job for a year now. If he does 3 inspections a month, he's busy. Share this post Link to post Share on other sites
pinfish_mauler 0 Posted January 4, 2008 I have a friend who does home inspections on private sales. He owns the company. He has had another FULL TIME job for a year now. If he does 3 inspections a month, he's busy. 2 of my friends/neighbors are in the building industry (flooring and countertops). One lost his job a week before Christmas, the other hasn't lost his job yet, but hasn't pulled a full, regular paycheck in 6 months. The industry is completely dead in our area. The irony in the situation is that we were the fastest growing county in the nation justr a few years ago. Share this post Link to post Share on other sites
edjr 5,785 Posted January 4, 2008 2 of my friends/neighbors are in the building industry (flooring and countertops). One lost his job a week before Christmas, the other hasn't lost his job yet, but hasn't pulled a full, regular paycheck in 6 months. The industry is completely dead in our area. The irony in the situation is that we were the fastest growing county in the nation justr a few years ago. Same thing happend during the .com boom. Do you know how many people were making ridiculous inflated salaries? only to lose theur job and not be able to find work making 25% of what they used to make? Meanwhile those people bought houses they couldn't afford based on said salary, driving the prices up even further. Share this post Link to post Share on other sites
Let Da Big Dog Eat 38 Posted January 4, 2008 The harder it is for people with poor credit to borrow money the better off we will be in the long run as defaults will decline. People like me (excellent credit) can borrow in any market and always will be able to borrow. Share this post Link to post Share on other sites
RLLD 3,588 Posted January 4, 2008 2 of my friends/neighbors are in the building industry (flooring and countertops). One lost his job a week before Christmas, the other hasn't lost his job yet, but hasn't pulled a full, regular paycheck in 6 months. The industry is completely dead in our area. The irony in the situation is that we were the fastest growing county in the nation justr a few years ago. Those that grew the fastest, or the most, were the most fraudulent, and as a result their adjustment will be more profound than in those areas with a more modest fraud. Share this post Link to post Share on other sites
Juggernauts 0 Posted January 4, 2008 What is the highest credit score you can get? I know 700 is considered good. Last time I checked, I think we were in the low to mid 700's. Share this post Link to post Share on other sites
edjr 5,785 Posted January 4, 2008 What is the highest credit score you can get? I know 700 is considered good. Last time I checked, I think we were in the low to mid 700's. Hypothetically 850 is the highest, but I don't think anyone has a score that high. If you have over 720 you can get the best rates, so basically 720 - 850 Share this post Link to post Share on other sites
NorthernVike 2,081 Posted January 4, 2008 Hypothetically 850 is the highest, but I don't think anyone has a score that high. If you have over 720 you can get the best rates, so basically 720 - 850 800+ And it is not that hard to achive. Pay your bills and live within your means. Share this post Link to post Share on other sites
duece2626 0 Posted January 4, 2008 800+ 760 last time I checked Share this post Link to post Share on other sites
Snuff 10 Posted January 4, 2008 828 a couple years ago, down a bit from that, but still low 800's. Share this post Link to post Share on other sites
Cdub100 3,474 Posted January 4, 2008 721 in October and then dropped to 696 in November I didn't apply for credit any where, haven't bought anything big... I pay my bills on time every month. The wifes credit is 800+ probably lower now that we bought a house back in march. Share this post Link to post Share on other sites
broussard 0 Posted January 4, 2008 358 last I checked. Share this post Link to post Share on other sites
edjr 5,785 Posted January 4, 2008 358 last I checked. atta' boy!!! 350 to 850 Share this post Link to post Share on other sites
