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FICO changes coming -- for the better

Discussion in 'Society and Culture' started by ethics, Aug 8, 2014.

  1. ethics

    ethics Pomp-Dumpster Staff Member

    Never understood why they wouldn't in the first place but here we are. Anyway, this should elevate the score for many.

    Source
     
  2. Greg

    Greg Full Member

    As a landlord I see big red flags when I see all kinds of collection agencies. I feature myself taking their unpaid rent to a collection agency and getting 30 cents on the dollar.
     
  3. cmhbob

    cmhbob Did...did I do that? Staff Member

    ethics likes this.
  4. ethics

    ethics Pomp-Dumpster Staff Member

    I don't believe so but who knows, this is still in infancy.
     
  5. ShinyTop

    ShinyTop I know what is right or wrong!

    So if most FICO scores go up won't the FICO score required go up also? If a bank formerly required a 750 score for their best rate won't they raise it so only the same percentage of borrowers qualify?
     
  6. ethics

    ethics Pomp-Dumpster Staff Member

    No, stays the same. FICO is making this change because of banks asking them to eliminate that unfairness. That's all.
     
  7. Greg

    Greg Full Member

    Anybody who has 750 shouldn't worry. That is silver plated. Over 800 is gold plated. About 830 is the best you can have. Each of the three has their own scoring system and you have to average them to get a good number.
     

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