|
11-30-2009, 12:37 AM | #1 |
Avalon Senior Member
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
|
FICO Reveals How Common Credit Mistakes Affect Scores
Valuable information...
FICO Reveals How Common Credit Mistakes Affect Scores by Jeremy M. Simon Sunday, November 29, 2009 provided by CreditCards.com Disclosed for the 1st time, 'damage points' taken off for late payments Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage. Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it. The "damage points" data, unveiled recently by FICO, are part of the most revealing glimpse into the firm's once-secret -- and still mysterious -- credit scoring model. The new information discloses how many points borrowers' scores will drop when they make the most-common mistakes. [B']Help People Understand' Scores[/B] "I hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble," says FICO spokesman Craig Watts. "Getting and maintaining a good score isn't complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly. " Continues and Damage Points Chart: http://finance.yahoo.com/banking-bud...-creditreports |
01-19-2010, 03:47 PM | #2 |
Avalon Senior Member
Join Date: Sep 2008
Location: IL
Posts: 34
|
Re: FICO Reveals How Common Credit Mistakes Affect Scores
No offense, but who cares? Screw the FICO scoring system which is in place to measure the value of each consuming unit (person) to the banking system. My score was over 750 as recently as a few months ago.. it can go to 12 for as much as I care now. Abandon the credit system and watch it die.
|
01-19-2010, 06:46 PM | #3 |
Avalon Senior Member
Join Date: Dec 2009
Posts: 117
|
Re: FICO Reveals How Common Credit Mistakes Affect Scores
If your odds of getting credit nosedives after bankruptcy than why do so many people who declare BK end up with more credit card offers?
Credit scores are not reliable ways of gauging honesty and dependability in people and I really wish employers would stop using them. The credit card industry is so ridiculous they were giving credit cards to pets and babies. |
Thread Tools | |
Display Modes | |
|
|