Comments on: FICO Prepares to Change Its Credit Score Formula

By: 4 Timeless Tips for Improving Your Credit Score « Credit Cards, Credit Reports, and Debt Topics

Thu, 22 Jan 2009 14:20:41 +0000

[...] FICO, improve credit score, pay down debt, tips credit score, use credit | This year, FICO is rolling out a major overhaul to its credit score criteria. No matter the the method used to figure your credit score, however, [...]

By: 4 Tips when Shopping for a Home Mortgage Loan - Mortgage Rate News

4 Tips when Shopping for a Home Mortgage Loan - Mortgage Rate News — Tue, 06 Jan 2009 20:00:58 +0000

[...] where you are at financially, and that includes knowing about your finances and understanding your FICO score and where you [...]

By: Happy New Year from Credit 101! « Credit Cards, Credit Reports, and Debt Topics

Wed, 31 Dec 2008 23:46:21 +0000

[...] the fact that some credit card companies (like Citi) are increasing interest rates and that FICO is rolling out a new credit score formula. And, of course, identity theft always remains a [...]

By: miranda

miranda — Wed, 31 Dec 2008 23:15:35 +0000

It is certainly possible. There are some companies that keep track of consumer information — like whether you are buying something considered a “need”, or whether you spend a lot of money on frivolous items. It is possible to gauge how much of your debt is from spending on things like car repairs or on things like eating out.

By: Lela

Lela — Wed, 31 Dec 2008 15:46:15 +0000

Very interesting. With all the data out there, I could envision a sort of micro-score for propensity to pay back a specific amount on a specific item. Wild.

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Weekly Roundup - Post Christmas Edition : Cash Money Life — Sun, 28 Dec 2008 12:20:46 +0000

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By: Buying a Home in 2009: What You Need to Know About Financing and Credit - Mortgage Rate News

Fri, 26 Dec 2008 13:52:16 +0000

[...] become worried about the creditworthiness of their borrowers. It is also important to note that FICO is introducing a new credit score formula in 2009. This means that your credit score could change rather dramatically, depending on the finer [...]

By: miranda

miranda — Tue, 23 Dec 2008 23:14:52 +0000

Thank you for adding more information. I’ve seen a little bit of the VantageScore. It’ll be interesting to see how the piggybacking thing plays out.

By: Dan Ray

Dan Ray — Tue, 23 Dec 2008 22:09:58 +0000

A couple of things have delayed the rollout of this new score. Remember, it was originally called “FICO ‘08,” but none of the three credit bureaus would adopt it. Not coincidentally, the three credit bureaus went into competition with FICO since the last major change in the FICO algorithm. Equifax, Experian and TransUnion formed a competing credit scoring company called VantageScore. The three have become competitors as well as customers of FICO, slowing their desire to adopt the new score.
On piggybacking, FICO is saying, without being precise, that it has figured out how to distinguish piggybacking between strangers, which it considers borderline fraud, and piggybacking between relatives, which it thinks is fine.

By: Miranda

Miranda — Tue, 23 Dec 2008 13:26:27 +0000

As usual, Mr., you make a very valid point. And it is true that the use of the credit score is becoming waaaaaay too prevalent — used for just about everything. And, of course, this threatens our privacy and to some extent our identities, since our SSNs are given out regularly.