     Tammy B (Tab) | Monday, April 02, 2001 - 10:28 am 
Why did score drop from 606 in aug of 2000 to 589
now, with no past dues or changes made in credit?? |
| douglas pratt (Dougpratt) | Monday, April 02, 2001 - 02:28 pm
because FICO is crap! that happens to me all the time.
the government has give FICO free reign to sit above the law. try challenging it and see how far you get. i have access to the best legal advice money can buy-- the lawyers tell me to write my congressman first, and sue sometime later when the fed realizes that FICO scoring is arbitrary, discriminatory, and causes more borrower defaults than it prevents. it's a self-fulfilling prophecy of bankruptcy and foreclosure. fannie and freddie are quietly lunching down the costs of increased defaults affecting secondary mortgage markets-- bond analysts have nothing other than a numerical score to grade portfolios offered to investors backing the loans-- [UN]fair isaac's quackware is secret, so bond packages go into the marketplace this way. from application to the end of the line loan holder, nobody sees any credit histories or borrower profiles; everything is done by computer from start to finish.
it will require a congressional mandate or direct executive order by president bush to change this- by the time it gets to their attention, defaults will have already driven the situation to crisis proportions. congress WILL be asked to bail the big guys out, at taxpayer expense. the following investigation will be a sight to behold; everyone blaming everybody else, with the winner being the one whose lawyers have the loudest mouths and the deepest pockets. the losers will be the american consumers and taxpayers. the root source of this problem is FICO scoring and the credit industry's mad dash to put speed & convenience over economic intelligence, safety and consumer rights. fannie and freddie are entrusting their futures, and the future of the nation's prosperity and stability, to a mysterious set of computer programs. there is no provision for human intercession when this system fails-- i have that in writing from PNC, wells fargo, and washington mutual. cendant has a program requiring a minimum score of 640, which i squeaked in under the wire with a middle score of 641. some lenders suggest i improve my credit to make the scores go up- the only problem with that idea is my credit is already perfect, so how do i make it any better??? because i am self employed, my credit score, not my borrower profile, denies my mortgage applications. automatic, absolute NO! with nearly all secondary market lenders when the middle score is 679 or less-- 680 is an automatic YES!-- never a late payment makes no difference. $300,000 equity in a $740,000 property makes no difference. there's no way to tell the computer that the $130,000 in consumer debt on my reports all went into renovating the property along with $170,000 of my own cash, and i intend to pay the debt all off with the proceeds of a refinance. at present, i have actual cash damages of $75,000+, and that is number growing a bit bigger with each passing day-- BECAUSE OF FICO-- i can prove this in court, and once this idiot system is taken off the government's untouchable list, i'm going to be suing somebody's big corporate asses right off the face of the planet.
FICO sucks-- *-- always has, always will. |
| Shylock (Shylock) | Monday, April 02, 2001 - 06:14 pm
Douglas doesn't know and despite that he devotes a lot of space to ranting.
Do you have the reasons why you didn't score higher on both occassions? Did those reasons change? |
| douglas pratt (Dougpratt) | Thursday, April 05, 2001 - 09:06 pm
christine closed her mind to me just tonight-- you can read my postings on a segregated section of this newsgroup she has set aside--
you win another victory shylock, and so has FICO. if i see you walking into the gas chamber, let's shake hands and say something- arbiet macht frei, shaalom alasheim, zieg heil, does it matter? this is the hour for ants, not humanity. collect the computer's debt i owe by taking a pound of flesh, but follow the human judge's decree- cut into the heart as deep as you wish, but take NO BLOOD. our ships come in as promised, albiet rarely on time. that's why i carry massive insurance policies, in many millions of dollars.
i'm off to quarantine exile. christine insists on blazing new trails into nowhere all over again-- i'll gladly remind everybody of markers as best i can. yogi berra said 't'aint over until it's over and i'm not even sure how to duplicating his bad english-- perhaps i studied too much french and german at harvard--- **
enjoy ye one and all.
goodnight-- |
| Christine Baker (Admin) | Friday, April 06, 2001 - 02:32 pm
If Tammy is still with us, please post your question again in a NEW topic, along with the 4 scoring factors if you have them.
And Doug, I just looked at my logs and out of several thousand BayHouse pages, this was EXIT page # 19. That's how your off topic rants affect the BayHouse site. Just great! |
