Author Topic: Credit score... (Read 7780 times)

K Frame · « **Reply #50 on:** April 02, 2007, 09:24:59 AM »

"Automated Underwriting System"

Why, that's just a corporate tool of SATAN!

SSSSSSSSSAAAAAAAAAAAAAAAATTTTTTTTTTAAAAAAAAAAAAAANNNNNNNNNNNNNNNNNNNNNNNN, I tells ye!

mtnbkr · « **Reply #51 on:** April 02, 2007, 09:34:22 AM »

Carebear, stop injecting reality and experience into this discussion. Tongue

Chris

The Rabbi · « **Reply #52 on:** April 02, 2007, 10:31:27 AM »

Well, the automated underwriting thing only works with a Fannie/Freddie loan and now probably some proprietary stuff, like IndyMac. With Fan/Fred you can request them to set aside credit score for some good reason. So it doesnt matter what kind of standard they use because you aren't going to get the loan any other way.
I also suspect we have not had enough experience with credit scoring yet to say how accurate it really is.

Matthew Carberry · « **Reply #53 on:** April 02, 2007, 11:55:05 AM »

Fannie, Freddie, Ginnie (VA/FHA/HUD), Countrywide Wholesale (CLOUT), Indy, Wells Fargo Wholesale, Option One, Aurora... They're all on AUS now. Pretty much you can only get a live underwriter if you're in a true "they have no credit score" situation.

Credit Scoring has been around several decades IIRC, it's had plenty of time to be found accurate as a predictor by its users. Which is why more and more risk-based servicers are going to it.

I guess I don't understand why the "mystery" (oooo.... scary unknowns rolleyes

) is such a big deal when getting and keeping a decent score is so simple. Who cares if one metric gives 10% weight to a 15 month old 30 day credit card late and another uses 9.5%? Check your report for errors once in a while, have a few open lines (with or without balances) and pay your bills on time. Voila, decent score.

Quote from: The Rabbi on April 02, 2007, 09:31:27 AM

Well, the automated underwriting thing only works with a Fannie/Freddie loan and now probably some proprietary stuff, like IndyMac. With Fan/Fred you can request them to set aside credit score for some good reason. So it doesnt matter what kind of standard they use because you aren't going to get the loan any other way.
I also suspect we have not had enough experience with credit scoring yet to say how accurate it really is.

K Frame · « **Reply #54 on:** April 02, 2007, 12:04:39 PM »

"Credit Scoring has been around several decades IIRC"

Since at least the middle 1970s.

I think after 30 plus years and probably hundreds of millions of people run through the scoring processes (most people are scored multiple times throughout the years) that its trends are statistically significant.

CAnnoneer · « **Reply #55 on:** April 02, 2007, 04:16:30 PM »

My excellent credit score saves me a ton of money and inconveniences. If the score is some elaborate scheme of global domination by evil corporations, it seems to me so far I am getting the better side of the deal.

Perd Hapley · « **Reply #56 on:** April 02, 2007, 04:37:51 PM »

Quote

If the score is some elaborate scheme of global domination by evil corporations, it seems to me so far I am getting the better side of the deal.

Well, yes, but that's because you're a tool of the man!

mtnbkr · « **Reply #57 on:** April 03, 2007, 02:47:00 AM »

Nah, he's just a tool. Tongue

Chris

K Frame · « **Reply #58 on:** April 03, 2007, 03:24:02 AM »

Quote from: mtnbkr on April 03, 2007, 01:47:00 AM

Nah, he's just a tool. Tongue

Chris

You're one to speak, socket head...

grislyatoms · « **Reply #59 on:** May 12, 2007, 04:29:38 AM »

Cool! Experian removed most of the erroneous info from my credit report!

Three items remain, however one of the customer service reps at my old bank is going to write me a letter stating that I am not responsible for those (check fraud) so those will be gone soon, too.

Now I just have to work on TransUnion and the other one.

Thanks for letting me know about the free credit report site, carebear.

My FICO is 638 right now, I am interested to see if it jumps up next month.

Brad Johnson · « **Reply #60 on:** May 12, 2007, 07:53:06 AM »

Quote

My FICO is 638 right now, I am interested to see if it jumps up next month.

Give it at least 60 days to season before expecting to see a significant change in your scores.

Brad

Matthew Carberry · « **Reply #61 on:** May 12, 2007, 10:08:25 AM »

Quote from: Brad Johnson on May 12, 2007, 06:53:06 AM

Quote

My FICO is 638 right now, I am interested to see if it jumps up next month.

Give it at least 60 days to season before expecting to see a significant change in your scores.

Brad

Correct, if you are going to do a pull through a website, let it sit and season.

If you are talking to them (experian or the others) directly, you can ask them to recalculate the minute they get updated info in the system. They can base it on the backdated corrections.

But unless you have a reason to need the score immediately, there's no reason to spend the money as they usually charge a lot extra for that kind of scoring.

grislyatoms · « **Reply #62 on:** May 12, 2007, 02:32:26 PM »

Okay, I won't expect much for at least 60 days or so.

Thanks for all the advice, folks!

Firethorn · « **Reply #63 on:** May 14, 2007, 01:30:28 PM »

Quote

In a lot of places (and yes I'm well aware of areas where this isn't possible) one can still get a pretty decent house for $100,, and sometimes even less (especially if you're willing to put in the effort to get a deal on a foreclosure). That cuts the down payment needed to $20k or less. While you are correct that investing that money in a good mutual fund or whatever can bring the person a lot more income in retirement what is the use of that if all that extra income is still being used to make the house payment.

'A lot' is not necessarily average. From what I've been hearing, a 'decent' multi-bedroom house without need of major renovation or structural repair suitable for raising a family could indeed average $200k today.

Brad Johnson · « **Reply #64 on:** May 14, 2007, 01:46:03 PM »

Quote from: Firethorn on May 14, 2007, 12:30:28 PM

Quote

In a lot of places (and yes I'm well aware of areas where this isn't possible) one can still get a pretty decent house for $100,, and sometimes even less (especially if you're willing to put in the effort to get a deal on a foreclosure). That cuts the down payment needed to $20k or less. While you are correct that investing that money in a good mutual fund or whatever can bring the person a lot more income in retirement what is the use of that if all that extra income is still being used to make the house payment.

'A lot' is not necessarily average. From what I've been hearing, a 'decent' multi-bedroom house without need of major renovation or structural repair suitable for raising a family could indeed average $200k today.

Again, depends on area. In some places a very nice home can be had for $80-$90 thou, while the same house might top $200K. Here in Lubbock a generic 20 yr old 1600 sq ft 3/2/2 will be in the $100-120K range, depending on where it's located and how updated in might be.

Brad

doczinn · « **Reply #65 on:** May 14, 2007, 01:48:19 PM »

Must be nice. Here, a one bedroom condo, remodeled but not new, runs 250K+.

Firethorn · « **Reply #66 on:** May 14, 2007, 02:24:09 PM »

Part of the reason they keep the scoring system secret is the same reason that google keeps its system secret. If people had the formulas they could game the system.

Hand underwriting isn't necessarily more accurate - Remember, from the credit side they're not banking on you, they're banking on averages. The credit scoring system has been tweaked numerous times for accuracy, and is impersonal. An underwriter could be bribed or fooled by a good story.

At least with the credit scoring system there are laws in place that allow you to examine your data. There are several private firms that collect information about everybody, far beyond what the credit bureaus do, and by contract you're not supposed to know what's in your file.

Error rate? From those who've managed to get their profile despite the contract, it's about as accurate as the uncorrected credit reports would be. And there are a number of employers who base hiring and other decisions upon these reports.

In comparison credit scores are nothing.

Brad Johnson · « **Reply #67 on:** May 15, 2007, 09:45:51 AM »

Quote

There are several private firms that collect information about everybody, far beyond what the credit bureaus do, and by contract you're not supposed to know what's in your file.

Elaborate.

Brad

Matthew Carberry · « **Reply #68 on:** May 16, 2007, 06:55:35 AM »

Quote from: Brad Johnson on May 15, 2007, 08:45:51 AM

Quote

There are several private firms that collect information about everybody, far beyond what the credit bureaus do, and by contract you're not supposed to know what's in your file.

Elaborate.

Brad

Oh, you were warned about this one Johnson. Warned looooong ago.

It's your permanent record. grin

Brad Johnson · « **Reply #69 on:** May 16, 2007, 08:56:23 AM »

Quote from: carebear

Oh, you were warned about this one Johnson. Warned looooong ago.

It's your permanent record. grin

oh, no... you mean... it's... THEM!!???

Brad

Matthew Carberry · « **Reply #70 on:** May 16, 2007, 05:47:35 PM »

Quote from: Brad Johnson on May 16, 2007, 07:56:23 AM

Quote from: carebear

Oh, you were warned about this one Johnson. Warned looooong ago.

It's your permanent record. grin

oh, no... you mean... it's... THEM!!???

Brad

It's THEM all right.

Mouthing off to the lunch lady doesn't seem so funny now, does it Mr. Smartmouth?

Brad Johnson · « **Reply #71 on:** May 17, 2007, 08:09:17 AM »

Quote

Mouthing off to the lunch lady doesn't seem so funny now, does it Mr. Smartmouth

I'm very, very nice to anyone who has something to do with preparing my food!

Brad

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Author Topic: Credit score... (Read 7780 times)