what does a credit score really say about a person?

[Diabolical_Dos]

You're goddamn right. The UK likes to follow what the US does in many areas and the prevalrnce of credit might be the worst of em. Like America the UK did not learn from the recession and once Brexit hits in March i expect another recession will not be far away and many will default on their mortgages

and im going to be right there buying shit up

 

[ChicagoFigure]

https://www.usatoday.com/story/mone...cking-and-savings-account-history/1730838002/

New FICO system could lift credit scores by including checking and savings history

JANNA HERRON | USA TODAY | 4:45 pm EDT October 22, 2018

You may soon earn a higher credit score if you balance your checkbook responsibly.

FICO, the developer of the most widely used credit score, is rolling out a new score next year that considers how you manage your checking, savings and money market accounts in addition to how you pay back your credit cards and loans.

This additional information could help boost the credit scores of some of the 79 million Americans who have poor credit histories, along with the 53 million who have no credit score at all under the traditional FICO model. That, in turn, could help them qualify for a credit card or loan.

How does it work?

Experian, one of the three main credit bureaus, will gather your bank account data using Finicity, a financial technology company, and send the new score plus a summary of your bank accounts to the lender for a second evaluation. Experian will maintain the bank account data to address any accuracy disputes.

It’s possible that your credit score could decrease after the new banking information is added, according to Taylor-Shoff, so it’s important to understand when your bank account could help you.

What is a good bank account?

The biggest factors are average account balance and history of overdrawn accounts. Those who maintain an average balance of $400 and show no negative balances in the previous three months will benefit the most from the UltraFICO Score, Taylor-Shoff says. Other positive factors FICO considers:

• 
  
  
  • Having more deposits than outflows.
  • Having an account open and active for some time.
  • Regularly paying bills such as utilities and rent from these accounts.

Seven in 10 people who demonstrate responsible checking and savings account behavior can improve their score under the UltraFICO scoring system, the company said, some by as much as 20 points. That can translate into a lower interest rate or the difference between an approval and denial.

Bolded to skim read...thoughts?

 

[Diabolical_Dos]

https://www.usatoday.com/story/mone...cking-and-savings-account-history/1730838002/

New FICO system could lift credit scores by including checking and savings history

JANNA HERRON | USA TODAY | 4:45 pm EDT October 22, 2018

You may soon earn a higher credit score if you balance your checkbook responsibly.

FICO, the developer of the most widely used credit score, is rolling out a new score next year that considers how you manage your checking, savings and money market accounts in addition to how you pay back your credit cards and loans.

This additional information could help boost the credit scores of some of the 79 million Americans who have poor credit histories, along with the 53 million who have no credit score at all under the traditional FICO model. That, in turn, could help them qualify for a credit card or loan.

How does it work?

Experian, one of the three main credit bureaus, will gather your bank account data using Finicity, a financial technology company, and send the new score plus a summary of your bank accounts to the lender for a second evaluation. Experian will maintain the bank account data to address any accuracy disputes.

It’s possible that your credit score could decrease after the new banking information is added, according to Taylor-Shoff, so it’s important to understand when your bank account could help you.

What is a good bank account?

The biggest factors are average account balance and history of overdrawn accounts. Those who maintain an average balance of $400 and show no negative balances in the previous three months will benefit the most from the UltraFICO Score, Taylor-Shoff says. Other positive factors FICO considers:

• 
  
  
  • Having more deposits than outflows.
  • Having an account open and active for some time.
  • Regularly paying bills such as utilities and rent from these accounts.

Seven in 10 people who demonstrate responsible checking and savings account behavior can improve their score under the UltraFICO scoring system, the company said, some by as much as 20 points. That can translate into a lower interest rate or the difference between an approval and denial.

Bolded to skim read...thoughts?

i would give you a goat for this but.....

this is another way to hold people back.

if you cant pay your bills most likely you dont have money or not alot of money. and not having enough in your account can cause overdraft fees.

so your credit is back to shit.

@ChicagoFigure ..you the homie,......but this ...nah

 

[ChicagoFigure]

i would give you a goat for this but.....

this is another way to hold people back.

if you cant pay your bills most likely you dont have money or not alot of money. and not having enough in your account can cause overdraft fees.

so your credit is back to shit.

@ChicagoFigure ..you the homie,......but this ...nah

I wasnt posting in support of. But i do think that giving credit to people who already have trouble paying bills is great for banks, but bad for the consumer.

For ppl whos credit is shit but good with their finances this could help.

And then i also came across this...
https://www.theroot.com/how-will-the-new-fico-scoring-system-affect-blacks-and-1830007752

With the new system, a customer who is turned down for credit via the regular FICO route can have their applications re-evaluated through the UltraFICO system—which places a heavier weight on the balance in their banking accounts, the number of debit card transactions they make and whether or not they overdraft their accounts.

Applicants who go the UltraFICO route will have the option to choose which accounts they want to be evaluated in that process, but the accounts need to have been open for a while and have several hundred dollars in them. Those with an average account balance of $400 who have not had an overdraft in the previous three months would likely see a boost to their scores.

David Shellenberger, FICO’s senior director of scoring and predictive analytics, told WSJ that the new score is designed to prevent risky borrowers from appearing more creditworthy than they are, by reflecting positive financial behavior that was previously invisible.

question that needs to be asked is how will this new system affect blacks and people with lower incomes?

Black people in the United States are historically unbanked or underbanked. According to the FDIC, at least a quarter of American households are unbanked or underbanked. Nearly half of black households fall under that category. They don’t have checking, savings or money market accounts. Most live paycheck to paycheck and even the most nominal fee is an impediment to holding an active bank account.

So how will they fare under the new FICO system? How does the new system help them, if at all? What measures are being put in place to engage them in the banking and borrowing system?

At this time, it doesn’t seem like they are even a consideration, but they should be.

And for those black and low-income households that do have a checking account, what is the likelihood that they have been able to go three months without overdrafting—even if that overdraft was immediately taken care of after the fact?

I can use myself as an example. I have a bank account with one of the bigger national banks. I make a good salary, I have direct deposit, and I have overdraft coverage which means the bank covers my purchases even if the funds are not available in my account. I follow up with transferring money from another account to cover it when that happens, but technically it is still an overdraft. How does that impact my credit under the new system? I am not what you would consider low income, but if we count that overdraft coverage (not to be confused with overdraft protection) then I technically overdraft at least once a month.

I suppose I am one of those people for whom my score would be dragged down by this.

While it sounds good in theory, the new FICO system seems like another barrier against people who are not made of money
.
^^^is this what u were getting at?

If ultra fico is used as an option by the consumer it cant hurt if u dont use it. The key is whether or not its up to an establishment to use it without ur request as opposed to fico 8 or fico 9.

 

[B_A]

I used to know someone who was on disability getting less than $1000/mth*. They kept 5 dollars in their bank acct but had a 10,000 limit on their credit card because they ALWAYS paid what they borrowed, in full, the day before it was due. They didn't have to pay bills just rent.

 

[B_A]

Doesn't matter if you borrow $5 or $500. What matters is your ability to pay it back, in full, on time.

You also don't end up giving those fuckers anymore interest.*

 

[Old Man Cain]

bump..............

Internet friends now that the world has come to a slight stop and banks and credit card companies are giving people breaks. RIGHT NOW would be a great time to fix your credit. It's not hard to do but it is a process.


Get ahead of the game now while you can and when outside open back up lol you'll a little debt free with a 700-800 credit score

 

[Diabolical_Dos]

bump..............

Internet friends now that the world has come to a slight stop and banks and credit card companies are giving people breaks. RIGHT NOW would be a great time to fix your credit. It's not hard to do but it is a process.


Get ahead of the game now while you can and when outside open back up lol you'll a little debt free with a 700-800 credit score

i said this a few weeks ago.....and you are right oldhead.

now is the time to mail in them 609 forms.

they got 30 days.......which most likely they wont reach. and it has to come off your credit what ever you are disputing.

 

[Old Man Cain]

i said this a few weeks ago.....and you are right oldhead.

now is the time to mail in them 609 forms.

they got 30 days.......which most likely they wont reach. and it has to come off your credit what ever you are disputing.

Exactly...... Big chance they won't respond and all that stuff will have to come off your credit which in turn will boost your score

 

[Diabolical_Dos]

Exactly...... Big chance they won't respond and all that stuff will have to come off your credit which in turn will boost your score

yessir.

and shit.....to add to it....getting someone to allow you to piggyback......score can shoot straight to the 700's if they shit on point.

it just takes patience......the person allowing you to piggyback can make a few dollars......and you can have a higher score giving a person the ability to get loans or whatever with lower interests rates. and could even crossover into business loans.

the potential is endless.
and everyone can win.

and before anyone says it cant be done.....

you dont really think the burbs are full of people making big money do you?
this process has been done for years.

parents allow their kids to piggyback of their "high" credit. got kids coming out of highschool with scores in the 700's

 

[shutupGabi]

i said this a few weeks ago.....and you are right oldhead.

now is the time to mail in them 609 forms.

they got 30 days.......which most likely they wont reach. and it has to come off your credit what ever you are disputing.

What's a 609 form?

 

[Old Man Cain]

What's a 609 form?

609 Letter is a letter you wrote or get a pre-written that you send to all three credit bureau's. Those letters are used to dispute things on your credit report. Things like charge-offs, closed account, and etc.
.