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     | Monday, March 19, 2001 - 04:44 am  Today, March 19 I requested my credit and got a score of 622. Approximately 31% of people with a score such as mine will become seriously delinquent in the next short while. This score is down from 657 in December, but up from 608 in February. Why did I not score better? The number one reason is "Length of time accounts have been established." The oldest account showing on my credit profile was opened 1/1999. Accordingly I have barely over two years worth of credit history. In addition I have long since outgrown the first card I had and have closed it. The number two reason is "Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high." I am using 93% of my credit limits. Another interesting point is to note that my NextCard information is only current as of 1/2001. In February I paid my NextCard down from $3,151 to $1,256, which would've dropped me down from 93% to 78.3% utilization -- just below the 80% mark. Reason number three is "Too many inquiries in the past 12 months." I have 8 inquiries in the past 12 months. The fourth reason code is "Too many accounts with balances." Currently all four of my credit cards have balances. I qualified yesterday for a vehicle loan at 11% interest. I am already pre-approved for a vehicle loan at 7.90% (based on the 657 score I got in December). ************************************************* Simple math check: Since 35% of your score is based on delinquencies (and I have none) my base score just for that aspect is approximately 510. Since I scored 622 that means I gained approximately 112 points from the rest of my profile. The other aspects of credit___How I do Credit Utilization______________Very Poor Credit Seeking/Inquiries________Very Poor Length of Time on Accounts____Very Poor Good 'credit mix'______________Unknown Based on the above information I conclude that most of the points I gain are probably from having a good credit mix (because I certainly am not getting it from other aspects of my profile). Accordingly I conclude that I do have a good credit mix. I currently have 4 open credit cards, two closed credit cards, one open cell phone and one open vehicle installment loan on my profile. Approximately 10% of my score is based on my credit mix meaning I could've picked up around 60 points on that aspect alone leaving the other sections of my profile contributing the remaining 52 points.
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| | Monday, March 19, 2001 - 10:48 am I'm still waiting for you to take me up on my $500 bet. Nothing you say in your posting makes any sense to me. Those percentages are completely irrelevant. Post that formula, we'll do some testing, it checks out, I wire the cash  Credit scoring is NOT simple Math - the formulas are so complex , NOBODY can verify the accuracy of credit scores
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| | Monday, March 19, 2001 - 12:56 pm OK, my first guess at the formula. I wrote it in computer program form (Visual Basic Script). If you have Windows 98 with the default settings you should be able to run this to find out your score by copying the code below into notepad, saving it as YourFicoScore.vbs, and then just running the program by double clicking it. The formula embodies everything I have learned about FICO over the past 9 months. This is from all sources: exaustive readings of message board posts, press realeases from the CRA's and Fair Isaac, phone conversations and emails from the companies, long conversations with NetKat, etc. You can rest assured that while it still needs some tweaking it is the best FICO estimator out there. Employees of Q-Space and TrueCredit or any other company selling credit scores are free to use this in place of your existing credit score formulas. Here is the code, Enjoy... Randomize Timer YourCreditScore = 400 + int(RND() * 450) MsgBox("Your FICO score is " & YourCreditScore)
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| | Monday, March 19, 2001 - 01:24 pm Erik: I don't understand this post. Is this the entire code? I did exactly as you instructed. All I get is an icon. Each time I click on it it gives a different score. Where do you plug in the variables? Or is this a joke to prove the invalidity of FICO scores?
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| | Monday, March 19, 2001 - 01:54 pm Yes, I beleive this is a joke (and a good one at that!) Sometimes I think this is EXACTLY the way they compute the FICO score ;)
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| | Monday, March 19, 2001 - 02:23 pm Yup, FICO as plucked out of the proverbial (random number generator) hat. Now that I see the Beacon is available, I'm assuming that it's the Classic and not the NextJunk™ Scores?
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| | Monday, March 19, 2001 - 05:01 pm Good one, Erik! And, Beacon is the "Classic" score, Pinnacle is the new one.
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| | Monday, March 19, 2001 - 06:52 pm I just love how they have decided to give us our "beacon" score now that all the lenders will be using the "pinnacle" score. USELESS. What's worse is that I paid the $12.95 for my report and score (even though I got a free report last week and really only wanted the score, but had to buy one to get the other). Well, my report comes up but when I click the button to get my score it pulls up a blank page. Two phone calls and sitting on hold 30 minutes on both calls later and still NO SCORE. The reps were completely uninformed and useless. So, anyone who works in the banking industry, other lenders, and the CRA's can all see my score but I still can't.  Equifax should have tested and planned for this - their system is CRAP.
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| | Wednesday, March 21, 2001 - 03:03 pm I received an automobile loan Monday March 3/19 from Classic FICO 623 (out of Experian) my Equifax Beacon was 622 (see above). Interestingly enough my Auto Score (also a Fair Isaac product) was only 580. The automobile loan rate has been locked in at 8.4% APR. Apparently I am a good credit risk.
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| | Wednesday, March 21, 2001 - 03:24 pm Great! It would be REALLY helpful if you'd post WHERE everybody can go to apply for that great deal.
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| | Wednesday, March 21, 2001 - 04:35 pm would that be ford credit, shylock?
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| | Wednesday, March 21, 2001 - 05:55 pm I'm not certain this post is relevant to this thread, but Ford Credit gave me a loan at 4.9 percent in November. I hear they have a 2.9 percent rate now. They pulled one bureau: Experian. My gf got a lease through Chase from a Saturn dealership. Between Chase and the dealership, they pulled her TransUnion report six times in a two-week span. She has screamed bloody murder, but no one will listen. Her FICO is over 700.
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| | Thursday, March 22, 2001 - 03:39 pm Premier America Credit Union. You must live, work or go to the church in the San Fernando Valley to be eligible for membership. (800) 772-4000.
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| | Friday, April 13, 2001 - 04:38 am As a further note with the above score (or something close to it) I did get an increase in one of my lines of credit from $2,000 to $4,000 (unsolicited) on March 28. The lender in question was Direct Merchants Bank. Obviously a 622 isn't a fantastic score, but it's certainly meeting my needs.
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