Comments on: Ask FICO Inventor, Fair Isaac, Your Burning Questions

By: Elizabeth

Elizabeth — Fri, 03 Sep 2010 18:18:24 +0000

I would like to know if FICO has investments and caters to Sharia Investment.
Does FICO entertain business practices with Sharia credit card companies and financial institutions?

By: leroy

leroy — Fri, 03 Sep 2010 17:46:46 +0000

I have read conflicting information about how a closed credit card with a balance is calculated in your utilization. Is the value of current balance also used as the credit available (effectively 100% for this card) or do they use your previous card limit which would give you a lower utilization?

By: chip

chip — Thu, 03 Dec 2009 14:11:05 +0000

I feel the credit system is screwed up and unfair to the “average” consumer. If youre late one time it remains on your credit report for years. The consumer has no rights. The reporting agency has the upper hand on our future.

If I had the time and resources, I’d quit my job and become an activist for “fair and balanced” credit reporting.

Are we not allowed 1 mistake without a penalty?

By: Orlando

Orlando — Mon, 30 Nov 2009 19:16:03 +0000

I would like to know why (or so I have been told when taking out a loan for purchase on the vehicle) auto loans work under a different scoring system than when borrowing for a home loan. And why is it that if I have a score of 780 or better and make a mistake (over 30 day late payment as an assumption), my score can be hit harder than if my score were 680? Why is not not the same for both?

By: moneymagnet

moneymagnet — Fri, 29 Aug 2008 01:59:13 +0000

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.

By: Rook

Rook — Thu, 03 Apr 2008 23:24:37 +0000

What is a favorable DTI ratio?

By: Rook

Rook — Thu, 03 Apr 2008 23:22:16 +0000

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.

By: Minimum Wage

Minimum Wage — Thu, 06 Dec 2007 01:18:32 +0000

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?