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Came across this in another forum and that I'd pass it along:

FICO revealed

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Here is a copy of the risk factor list used to determine a FICO score using the Beacon, Empirica, and FICO II models along with their weighting. This page was supposed to be kept internal and confidential by the lender but somehow ended up in this users closing papers.

This is the list of risk factors that make up a score:

Amounts owed on accounts too high
Level of delinquency on accounts
Too few bank revolving accounts
Proportion of loan balances to loan amounts too high
Too many bank or national revolving accounts
Lack of recent installment loan information
Too many accounts with balances
Too many consumer finance accounts
Account payment history too new to rate
Too many inquiries last 12 months
Too many accounts recently opened
Proportion of balance to credit limits is too high on bank revolving or other revolving accounts
Amount owed on revolving accounts too high
Length of time revolving accounts have been established
Time since delinquency too recent or unknown
Length of time accounts have been established
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts with delinquency
Too few accounts currently paid as agreed
Date of last inquiry too recent
Length of time since derrogatory public record or collection too short
Amount past due on accounts
Number of bank or national revolving accounts with balances
No recent revolving balances
Length of time installment loans have been established
Number of revolving accounts
Number of established accounts
No recent bank card balances
Length of time open installment accounts have been established
Number of consumer finance company accounts established relative to length of consumer finance history
Serious delinquency and public record or collection filed
Serious delinquency
Lack of recent auto loan information




Are you kidding me? Too many accounts....not enough accounts! Give me a break!

This is great info but damn! Realistically, how is the average personsupposed to manage their credit based on this criteria??

Sub: #1 posted on Wed, 07/02/2008 - 22:26

Unregistered


too few, too many, too recent ... etc etc etc too many toos for me!

Sub: #2 posted on Wed, 07/02/2008 - 22:37

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

Exactly! "too many", then right after its "not enough or lack of".

Sub: #3 posted on Wed, 07/02/2008 - 23:55

Unregistered


how is the average person supposed to manage their credit based on this criteria

Age of accounts and payment history take care of a lot of that. Finding the right mix of revolving, installment and loans is the hard part. That list was based on a FICO algorithm for a mortgage loan and considering the condition that the mortgage industry is in right now...??

Sub: #4 posted on Wed, 07/02/2008 - 23:57

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

Good point nascar. And I think thats what most people try to focus on....its all those other items in the mix that really muddy the waters.

Sub: #5 posted on Thu, 07/03/2008 - 00:19

Unregistered


And that's the unfortunate reality that 98% of Americans have to deal with...the fact that we have been reduced to a mere number (I am NOT a number, I am a FREE Man). We live in a society where we spend too much time trying to acquire too much crap that we don't really need but makes us feel all warm and fuzzy inside. The funny thing is if Bill Gates or MArk Cuban or any other everyday Billionaire walked into a bank and tried to get a loan based solely on their FICO score, they would be declined. Why you ask? They either don't have a FICO score or it's a poor FICO. You don't really need one when your net worth is greater than most third world country's GNP!

Sub: #6 posted on Thu, 07/03/2008 - 22:41

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

My answer to all this is "CASH"
Believe me, I am digging my way out of debt, and I pray that I stay out. If I cant pay cash for it, then I do not need it. They can keep their FICO Score, and all of that.....my score it good enough and I really do not tend to use it or worry about it anymore. I know that it is used for everything, from employment checks to applying for a death certificate(?). I just am not going to strees anymore about it. My best friend is "CASH"

Sub: #7 posted on Fri, 07/04/2008 - 02:37

Lukeskywalker Lukeskywalker

(Posts: 1909 | Credits: 185.22)

May the Force be with you!

Sub: #8 posted on Fri, 07/04/2008 - 05:01

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

May the Force be with you!

Sub: #9 posted on Fri, 07/04/2008 - 05:01

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

I am your Father :lol:

Sub: #10 posted on Fri, 07/04/2008 - 20:12

Lukeskywalker Lukeskywalker

(Posts: 1909 | Credits: 185.22)

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