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Ask FICO Inventor, Fair Isaac, Your Burning Questions
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Nina, a PR person from Fleishman-Hillard on behalf of Fair Isaac, read our opinions about the subprime lending meltdown and offered up an opportunity to ask two executives from Fair Isaac Corporation some questions. Fair Isaac bills themselves out as “a leading technology and business analytics company who, among other areas of expertise, works closely with lenders to make accurate and profitable decisions on extending credit. They’re best known for their invention of the FICO score, the credit score most widely used by lenders.”
The two we have as resources are Mike Campbell, EVP and CCO, and Larry Rosenberger, VP and Analytics Research Fellow.
So, if you have a burning question you’d like to see someone at the Fair Isaac answer, please leave them in the comments. Here are a few ideas to get the wheels turning and please feel free to ask multiple questions:
- How lenders are/should manage risk in an economic downturn
- How lenders are revising policies and practices to adjust to the current economic climate
- Where in the consumer credit cycle lenders are focusing now
- Insights into whom is best positioned to withstand economic downturns such as this current one
Here are a couple I’ve thought of:
- How has the behavior or criteria of lenders changed in the recent months?
- What is the likely impact and your opinion of the new FICO score?
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Okay, something has been bugging me for quite some time and this looks like a good place to ask.
Six years ago, an uninsured extended illness and hospitalization with loss of income tanked my credit. All my active open accounts were closed and charged off., and I ended up with two “sticky” derogs that won’t even begin to age until resolved – and while I returned to work some time ago, I have been unable to resolve either on my minimum wage income.
My scores have improved modestly due to aging of the soon-to-drop-off derogs, but they are still in the tank (roughly 500, 550, and 620 – go figure).
I have been told that given the timeline, my subprime score is now driven more by my lack of positives than by my aging negatives. But without confidence of approval, I am reluctant to even apply for credit for fear of dinging my already-hurting score. My minimal income seems to be an obstacle to gaining confidence of approval; even my credit union considered my approval prospects unfavorable due to my low income.
Is there any hope of restoring a mainstream credit record?
Why is revolving debt so heavily weighted in the FICO equation? It would seem that long term debts such as mortgage would be the most important factor in a credit score.
What is a favorable DTI ratio?
To my knowledge, there is NO LAW governing credit scores, FICO. I do not want a credit card and have paid off my debts years ago. This impairs a person when they cannot gain employment due to this system. It has prevented me from working at corporations, paying my electric bill, gas bill and putting food on the table. FICO is not fair and penalizes those that want to live financially free. I believe that there should be accountability to CITIZENS that have been denied.