Comments on: Ask FICO Inventor, Fair Isaac, Your Burning Questions http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 06:04:27 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: moneymagnet http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html/comment-page-1#comment-278167 moneymagnet Fri, 29 Aug 2008 01:59:13 +0000 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html#comment-278167 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. 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 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html/comment-page-1#comment-226467 Rook Thu, 03 Apr 2008 23:24:37 +0000 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html#comment-226467 What is a favorable DTI ratio? What is a favorable DTI ratio?

]]> By: Rook http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html/comment-page-1#comment-226466 Rook Thu, 03 Apr 2008 23:22:16 +0000 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html#comment-226466 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. 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 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html/comment-page-1#comment-198413 Minimum Wage Thu, 06 Dec 2007 01:18:32 +0000 http://www.bargaineering.com/articles/ask-fico-inventor-fair-isaac-your-burning-questions.html#comment-198413 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? 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?

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