Author Topic: Like request  (Read 14631 times)

Offline ExGingi

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Re: Like request
« Reply #40 on: June 25, 2018, 12:17:08 PM »
Those utilization percentages are relevant to overall utilization numbers as well as individual account utilization numbers.

The FICO algorithm doesn't take into account your specific reasons for a maxed out unsecured credit card - even if it is for a lucrative 0% offer or because you didn't want to waste a couple days of your Wells Fargo 6 months.  That's where the human interaction of manual underwriting comes into play.  And even then an underwriter might not have your same enthusiasm for that lucrative offer.

If a single account is maxed out, and when taking out that account utilization is in the single digits or low 10s, I fail to see why an algorithm couldn't figure out that this is for a lucrative offer (for example 0% for 12 months with 1% fee).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

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Re: Like request
« Reply #41 on: June 25, 2018, 12:17:44 PM »
...you didn't want to waste a couple days of your Wells Fargo 6 months. 
Do I need to translate this one for anyone?
I just found a new supply of forks!

Offline PillanSmye

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Re: Like request
« Reply #42 on: June 25, 2018, 12:28:53 PM »
So now we have a correct name for it.

FTFY  :P

Offline PillanSmye

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Re: Like request
« Reply #43 on: June 25, 2018, 12:38:40 PM »
If a single account is maxed out, and when taking out that account utilization is in the single digits or low 10s, I fail to see why an algorithm couldn't figure out that this is for a lucrative offer (for example 0% for 12 months with 1% fee).

Because unsecured debt is unsecured debt.  That 0% offer is great for you and you have every intention of paying it back responsibly.  But things happen.  Kids get cancer, family members die, cocaine habits are formed or reappear, people get hit by buses, recessions come, companies go BK.

Unsecured debt is a riskier investment for creditors.

Online aygart

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Re: Like request
« Reply #44 on: June 25, 2018, 12:41:38 PM »
Because unsecured debt is unsecured debt.  That 0% offer is great for you and you have every intention of paying it back responsibly.  But things happen.  Kids get cancer, family members die, cocaine habits are formed or reappear, people get hit by buses, recessions come, companies go BK.

Unsecured debt is a riskier investment for creditors.
But isn't that a reason to pool all unsecured debt together rather than deal with it per account?
Feelings don't care about your facts

Offline davidrotts63

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Re: Like request
« Reply #45 on: June 25, 2018, 12:42:57 PM »


Nothing will happen from 11 to 10 if it was isolated.  Lots of the FICO algorithm works off steps instead of slopes.  Utilization, AAoA, oldest account ages, percentages of balances on installment loans, late payment ageing, inquiry aging etc.

But I think the biggest flaw with the above statement is the 100, 99, 95.  Fairly certain FICO considers anything 90 or above as maxed out.

The 95% I wasn't sure about, but when I say 100% and 99% it's a difference of over your limit (> 100%) and maxed out (<99%).
My explanation wasn't how to get your ultimate FICO boost, it was how to have high utilization have the smallest effect
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline davidrotts63

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Re: Like request
« Reply #46 on: June 25, 2018, 12:43:48 PM »
Because Rotts was trolling for likes.  LOL
This :)
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline davidrotts63

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Re: Like request
« Reply #47 on: June 25, 2018, 12:49:36 PM »
Can you really pin it down to exact percentages for every credit profile?

Remember years ago on CB it was gospel that disputing inquires would lead to FA's? I and many other did it like candy and not one issue. IMHO it was because we had strong credit files but CB would hear none of that. I understand for their membership it was a bad idea but to say that for everyone was plain out wrong.
Again that is for you. Would it be the same for a person with 5 accounts reporting compared to 25 accounts reporting?
Numbers are number. Obviously if you have more accounts each ones details will have a smaller effect.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline davidrotts63

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Re: Like request
« Reply #48 on: June 25, 2018, 12:52:21 PM »
What other components of FICO work in steps rather than slopes?

I would say that any algorithm that wouldn't consider 90 or above as maxed out (on overall credit, rather than individual account, which could often be taking advantage of a lucrative offer) would be totally flawed.
All do. Whether it's AAOA where each 6 months/year is a step, or INQs where 6 months is a huge jump and a year is even bigger.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline PillanSmye

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Re: Like request
« Reply #49 on: June 25, 2018, 12:53:58 PM »
Can you really pin it down to exact percentages for every credit profile?

Remember years ago on CB it was gospel that disputing inquires would lead to FA's? I and many other did it like candy and not one issue. IMHO it was because we had strong credit files but CB would hear none of that. I understand for their membership it was a bad idea but to say that for everyone was plain out wrong.

The party line on CB is not always true obviously.  CB often wants to save people from themselves.  I've also had lots of inquiries removed...especially from EX.

Go talk about piggybacking on CB and you'll get scolded and told it doesn't work either.  But they'll turn around and tell you to get a friend or family to add you as an AU to help boost AAoA and/or utilization.  Lots of piggybacking IS just getting added as an AU.

CB is a non-judgmental board.  Until it isnt. LOL
« Last Edit: June 25, 2018, 12:57:12 PM by PillanSmye »

Offline ChaimMoskowitz

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Re: Like request
« Reply #50 on: June 25, 2018, 12:58:32 PM »
We need Joseph here.
I just found a new supply of forks!

Offline davidrotts63

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Re: Like request
« Reply #51 on: June 25, 2018, 01:00:54 PM »


CB is a non-judgmental board.  Until it isnt. LOL
They are non-judgmental until you disagree with something they live by, then it's all fair ground.
Ie delete INQ etc.
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Offline PillanSmye

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Re: Like request
« Reply #52 on: June 25, 2018, 01:16:05 PM »
We need Joseph here.

You've got Davidrotts63 and some other colorful characters.  No need to bring the whole farm. 8)

Offline ChaimMoskowitz

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Re: Like request
« Reply #53 on: June 25, 2018, 01:21:01 PM »
You've got Davidrotts63 and some other colorful characters.  No need to bring the whole farm. 8)
Completely different league. DD63 uses logic in his post.
I just found a new supply of forks!

Offline davidrotts63

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Re: Like request
« Reply #54 on: June 25, 2018, 01:22:44 PM »
Completely different league. DD63 uses logic in his post.
you're saying that in a good way right?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline ChaimMoskowitz

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Re: Like request
« Reply #55 on: June 25, 2018, 01:23:48 PM »
you're saying that in a good way right?
Yes but sometimes your logic is based on flawed info.
I just found a new supply of forks!

Offline davidrotts63

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Re: Like request
« Reply #56 on: June 25, 2018, 01:24:40 PM »
Yes but sometimes your logic is based on flawed info.
Phew. I thought you may be saying logic vs fact.
Time for a MBM like run.
ETA: like run isn't working.
« Last Edit: June 25, 2018, 01:47:20 PM by davidrotts63 »
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Offline mmgfarb

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Re: Like request
« Reply #57 on: June 25, 2018, 01:46:35 PM »
Do I need to translate this one for anyone?
Yes, please do.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline ChaimMoskowitz

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Re: Like request
« Reply #58 on: June 25, 2018, 01:54:36 PM »
Yes, please do.
WF card when you are at the end of your promo. You are going to hammer it without worrying about your balance.
I just found a new supply of forks!

Offline mmgfarb

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Re: Like request
« Reply #59 on: June 25, 2018, 01:55:11 PM »
WF card when you are at the end of your promo. You are going to hammer it without worrying about your balance.
I was kidding...
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy