     douglas pratt (Dougpratt) | Saturday, April 14, 2001 - 07:49 pm 
each credit bureau has many different flavors of [UN]fair isaac's quackware, and the rules seem to change quite arbitrarily. this could account for why scores fluctuate from day to day, even when you have done nothing you might expect to affect your profile, such as applying for new credit accounts or making a major purchase.
as it stands today, FICO can do anything it wants to anybody, and is exempted from explaining how or why. i'm in the process of preparing a lawsuit that will make their days joyful; whether or not it is an individual or class action will depend upon what the lawyers advise, and how many other FICO victims can be assembled-- the more the merrier, so don't make yourself scarce if FICO has screwed you to the wrong wall-- . i already have $100K+ in actual damages, so i'm the model. whether your problem is large or small, if FICO caused it, you can do the world of consumer rights alot of good by at least letting it be known. my attorneys are still in the discovery and evaluation stages, so it will probably be slow going at first. the modified FCRA is unconstitutional; this is the first thing that has to go before any federal action can proceed. file a complaint with your state attorney general and contact your congressional represntative(s)-- at present this is the best you can do. FICO acts like a polymorphic virus, whether of the natural or software variety. this is why you got the flu perhaps several times last winter, despite having the shot. the worst computer viruses infect and re-infected, ignoring all protection. FICO models require very little modification to do the very same thing in a slightly different way. this is why FICO is so innocuous and insidious, and has no place in a free world marketplace and economy. corporate greed reigns supreme- now that [UN]fair isaac has been granted exclusive control over the entire consumer lending industry, let's see what is their idea of social responsibility. they were forced by state actions in california to disclose numerical credit scores-- i've had access to mine since 1996, and it's useless information. so you have scores of x,y,z-- read that ambiguous babble they use for defining risk codes!-. legislation is pending in congress to make it natiowide-- now everybody will know the numerology used to deny due process, perhaps even life-saving medical treatment. property rights today, human rights tomorrow.
have a nice easter everybody. if you go to church in the morning, cast a glance at revelation 13:18 and try not to think of your FICO scores.
goodnight-- |
| Shylock (Shylock) | Sunday, April 15, 2001 - 02:39 pm
My answer was very brief above (I didn't have a lot of time) but this is an important topic and I wanted to delve into it a lot deeper.
Getting a credit limit increase is a great way to improve as well as maintain your score, but it needs to be done in a very timely manner.
For example let's assume that you have $3,000 in total credit limits and you owe $1,000ish on your cards for a great credit-2-limit ratio. Suddenly your car breaks down and you need to spend another $1,000 or $1,500 on fixing it.
Some people will think, "No problem. I have $2,000 available, and the most I'd have to spend is $1,500." But in reality once you charge that much you're going to show a very poor FICO picture to the world.
But currently you show a great FICO picture to the world so ASK FOR THE CREDIT LIMIT INCREASE THEN. Don't wait for 6 months down the road when you find out that your score has dropped. By then it's too late.
Timely payments that are more than the minimum can result in good credit limit increases. A good rule of thumb is to pay 5% (or 1/20th) of your total credit limit every month. Accordingly if you have a $2,000 credit limit pay $100 a month on it. Many credit card companies have formulas and models that take into account super-minimum payments and reward you with increased credit limits.
Don't ask a say-no question. Never apply for credit unless you're 100% positive you will get it. |
