credit score

[ya]

This is not a credit forum. I'm not sure why you would expect expert credit information here. I know that's not why I'm here.

What is an excellent credit forum?

[Mendelssohn]

What is an excellent credit forum?

CB is the best. Info for beginners through advanced. MF is a joke.

Most of what has been discussed in this thread is CB 101.

It pays to read multiple forums if you are serious about credit and rewards. I have been very impressed by the rewards knowledge here, but the lack of credit knowledge surprised me.

[Marko Rubio]

CB is the best. Info for beginners through advanced.

right but I find it very hard to find there the right threads and cant get used to there layout and everything

p.s. I loved the thread there started by you mendelsshon where ppl are trying to predict your fico score, I didnt follow up, is there a winner by now?  its very intresting

[Marko Rubio]

but the lack of credit knowledge surprised me.

thanks for teaching us the trick to leave $2 on just one card, thanks for teaching us (in different thread) that there is no need as ppl think here to have different type of loans,thanks for teaching us the important impact your oldest account has on score,
 what else do you see a lack here in credit what ppl are mistaking here if I may ask?

[etech0]

thanks for teaching us (in different thread) that there is no need as ppl think here to have different type of loans

link?

[Mendelssohn]

thanks for teaching us the $2 trick on just one card, thanls for teaching us (in different thread) that there is no need as ppl think here to have different type of loans, what else do you see a lack here in credit what ppl are mistaking here if I may ask?

Probably not a complete list, but: misunderstanding the value of installment loans in FICO scoring, unawareness of the different FICO score ranges, unawareness of which FICO scores are used for mortgages, unawareness of which FICO scores are being provided for free by different financial institutions, unawareness of many other sources for free FICO scores, unawareness of the fact that FICO penalizes you for the number of cards that report a balance, unawareness of ideal credit utilization, unawareness of how to get your real full credit reports, etc.

I'm not going to go on, but you get the point.  I'm not trying to insult anyone here.  Like I said, this is a great forum for rewards and other deals.

[Marko Rubio]

link?

having a hard time to find it page timt

[Mendelssohn]

He means what I posted about the previous generation of FICO scores pretty much discounting installment loans once you have a single credit card reporting.  The only time they really matter is if they are negative.

With FICO 8 scores, the only time you get a real benefit is if you have a seasoned loan (FICO considers 24+ months a mature account) and you have paid it down close to being paid off.  As soon as it is paid off, you lose anything you gained during that period.

In other words, don't waste your time with an installment loan unless you actually need it.

[etech0]

He means what I posted about the previous generation of FICO scores pretty much discounting installment loans once you have a single credit card reporting.  The only time they really matter is if they are negative.

With FICO 8 scores, the only time you get a real benefit is if you have a seasoned loan (FICO considers 24+ months a mature account) and you have paid it down close to being paid off.  As soon as it is paid off, you lose anything you gained during that period.

In other words, don't waste your time with an installment loan unless you actually need it.

Thanks!

[Mendelssohn]

yes I know left out more, just spoke of the most I have learned from you Thanks you!
installment loans just means credit cards?

Credit cards are revolving credit.

Installment loans are loans.

And also, the message you get for why your FICO scores isn't higher that mentions the percentage owed on your installment loans doesn't mean much.  That counts for very little.

[Marko Rubio]

Credit cards are revolving credit.

Installment loans are loans.

And also, the message you get for why your FICO scores isn't higher that mentions the percentage owed on your installment loans doesn't mean much.  That counts for very little.

thanks

[Marko Rubio]

He means what I posted about the previous generation of FICO scores pretty much discounting installment loans once you have a single credit card reporting.  The only time they really matter is if they are negative.

With FICO 8 scores, the only time you get a real benefit is if you have a seasoned loan (FICO considers 24+ months a mature account) and you have paid it down close to being paid off.  As soon as it is paid off, you lose anything you gained during that period.

In other words, don't waste your time with an installment loan unless you actually need it.

is dan just mistaken on this? he writes on ddms: even if you can afford to pay for your car rather take a car loan this will bring up your credit score (maybe someone can post a link I'm bad in links)

[Mendelssohn]

is dan just mistaken on this? he writes on ddms: even if you can afford to pay for your car rather take a car loan this will bring up your credit score (maybe someone can post a link I'm bad in links)

I'm not trying to be insulting when I say this, but to my knowledge, Dan is not a credit expert.  He is an expert on rewards and deals.

Again, a lot of what I have posted here is common knowledge on CB.

[Marko Rubio]

I'm not trying to be insulting when I say this, but to my knowledge, Dan is not a credit expert.  He is an expert on rewards and deals.

Again, a lot of what I have posted here is common knowledge on CB.

I think its just because you have a few fico scientists mainly bob wang (iirc his name) just like we are lucky to have you mendelssohn here!

[Mendelssohn]

I think its just because you have a few fico scientists mainly bob wang (iirc his name) just like we are lucky to have you mendelssohn here!

BobWang was top dog and had his BI and BISK crew. I was one of his BISKs. We are all credit scientists, and there are more. There is a lot if behind the scenes research.

[Marko Rubio]

BobWang was top dog and had his BI and BISK crew. I was one of his BISKs. We are all credit scientists, and there are more. There is a lot if behind the scenes research.

bi bisk?

[Mendelssohn]

bi bisk?

You can research that yourself. I will never divulge anything that was not made public from our private group.

[Marko Rubio]

You can research that yourself. I will never divulge anything that was not made public from our private group.

I'm not so curious, though you sound to be very proud of being a part of that group

[Mendelssohn]

I am. Nobody outside of FICO knows more about FICO scores than BobWang. Forget about the jokers at MF.

[etech0]

BobWang was top dog and had his BI and BISK crew.

why do you speak in past tense?