Posted on 06/02/2022 7:43:08 AM PDT by millenial4freedom
Nope...Vantage maxxes out at 850 in their newest version (3)
Thin skinned little girl. You have the mind of a retarded child.
No one talks behind your back on a web site, moron. Not possible. It’s all out there for all to see.
You don’t get a bump for buying a car. Bigly thinks because one if the factors is type of credit used that means using another type of credit increases scores. Bigly isn’t so bright.
Wrong coward. The convention is add the person to the To: line so they get pinged.
That's what...a fraction of one percent of all medical debt? So 99+ percent of all people with medical debt will still have it reported.
Those people generally navigate through life by mooching off of anyone who will spare them a dime.
bmp for ltr
When I was starting out, my first new car had to be co-signed by my brother. When I had paid it off faithfully, he thanked me for bumping his score.
The credit reporting agencies do not know how much you have invested anywhere. How would they find out?
They know how much my wife and I have in our investment accounts.
They don’t know how much is in mine, but I have never, ever disclosed it’s existence on any loan applications I’ve ever made.
Ignorant the foolish babbling from that ignorant clown.
It works in your credit scenario. No or little debt, a mortgage that is paid off or was established many years ago with a current low LTV
Why does it work? 2 basic reasons:
1) It gives a better score for the credit mix component. mortgage, vehicle type loan, credit cards.
2) They assume the car company saw all of your latest income and financial info, saw the docs, verified, and if they extended you the loan, you are in good current shape. Your score goes up since that unknown factor (Are they currently unemployed, no job/income but paying their bills from savings for the moment?) goes away.
Those two will give you about a 10-15 point bump up.
If you have an Experian or other credit agency account, you can prove this for your self. Most have a credit score estimator where you can run “What If” scenarios. Add a car loan to your mix and see what it does to your score.
Thanks.
I have not been a lender in more than 10 years so my experience is out of date but my experience was medical collections were mostly under $500. Because each illness is treated by multiple providers and most people have insurance that covers at least part of the bill, medical collections would often be $25 or $50 or $100 (copay amounts). Hospital bills were most likely to be over $500 but little pissant doctors bills were less.
“At best you can find are vague suggestions (pay bills on time, lower credit utilization, lower debt to income ratio, increase net worth, etc.) with no real calculation on how much each of these impact the scores or if other factors are included in the real calculations. “
The percent of each factor is not a secret. Here are the typical percentages.
https://www.myfico.com/credit-education/whats-in-your-credit-score
Take “Amounts Owed - 30%” - Credit available vs credit utilized. My experience is the score changes when you move from one 20 point boundaries to the next, for better or worse. 20%, 40%, 60%, 80%. So if you pay down a card and your available vs credit utilized goes from 40.5 to 39.5, expect a small score increase. They’ll never give precise details like this so you can’t game the system. Bankers want the score good enough, but not too good. The higher the score, the lower the interest rate and hence less profit.
Or as the myfico article you posted states it:
Your FICO Scores are unique, just like you. They are calculated based on the five categories referenced above, but for some people, the importance of these categories can be different. For example, scores for people who have not been using credit long will be calculated differently than those with a longer credit history.
In addition, as the information in your credit report changes, so does the evaluation of these factors in determining your FICO Scores.
Your credit report and FICO Scores evolve frequently. Because of this, it's not possible to measure the exact impact of a single factor in how your FICO Score is calculated without looking at your entire report. Even the levels of importance shown in the FICO Scores chart above are for the general population and may be different for different credit profiles.
They want us to use a kind of fuzzy math and sorta/possible/maybe set of rules regulated by the government in hopes of getting a credit score dictated by government FICO regulations in important life-determining choices like interest rates on homes. Yet I would have failed every one of my math courses I took getting my computer science degree if I had used that kind of vague math. To me that's the government regulating money decisions of our lives without telling us how they're doing it.
Ah, didn’t realize Vantage updated their range to match FICO. It’s been a few years since I’ve worked in finance. I think there is too much emphasis on credit scores, and it’s all part of a long term effort to tie a person’s status in society to their credit/social score.
Express a political opinion the ruling class doesn’t like and your access to the financial system gets cutoff is where this is headed.
My best answer for you is get an account with one of the big 3. Then you can play with their credit score estimator tool and do what ifs. They’ll load your profile.
I think medical collections should be less important, mostly because they don’t reflect on a customer’s bad judgment or spending habits, that’s beside the fact that it takes the hospitals forever to get the bills to the consumer, then send them immediately to collections.
Student loans are a real issue, they’ll show up as good references when they’ve been deferred for years. In other words, a 30 year old with 2 credit cards with balances and 25k in student loans will often be over 750 credit score, another person with no student loans and the 2 credit cards will be a 630. They’re score inflators, when they should if anything be a negative.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.