Debt Score
Aug 12th 2019 | 9:39 pm
#76
Often not so civil...
Joined: Apr 2010
Posts: 9,612
From: The Boonies, GA
Re: Debt Score
I'm going on the Judge Judy show
Sep 14th 2019 | 2:34 am
#77
BE Irregular
Joined: Jan 2004
Posts: 4,959
From: Tampa Bay Florida
Re: Debt Score
They shouldn't be living with you until their 40 anyway - get a job and rent a place, I'm not bailing you out.
I left home at 18 and never looked back, they can do the same. Stand on your own 2 feet, it builds character.
The 100 point FICO score hit from a single 30 day late? For 7 years? The hit to DTI and your own ability to borrow if required? Nope.
Then again, I don't have kids, and this is just one of the many many many reasons I don't want any.
I left home at 18 and never looked back, they can do the same. Stand on your own 2 feet, it builds character.
The 100 point FICO score hit from a single 30 day late? For 7 years? The hit to DTI and your own ability to borrow if required? Nope.
Then again, I don't have kids, and this is just one of the many many many reasons I don't want any.
Sep 14th 2019 | 2:38 am
#78
Often not so civil...
Joined: Apr 2010
Posts: 9,612
From: The Boonies, GA
Re: Debt Score
You can't trust credit karma. It's not a FICO score, it's Vantage Score 3, which literally NO ONE uses in credit decisions.
Sep 14th 2019 | 3:02 am
#80
BE Irregular
Joined: Jan 2004
Posts: 4,959
From: Tampa Bay Florida
Re: Debt Score
Never mind- read the disclaimer - Vantage model may not reflect Fico model even though we use the same data!
Sep 17th 2019 | 1:35 am
#81
BE Forum Addict
Joined: Aug 2013
Posts: 2,218
From: Athens GA
Re: Debt Score
If I compare my Vantage Score from Credit Karma with the FICO score from my bank over a period, they follow the same trends.
Not that there is one FICO score anyway. There are about 50 and you never know which one a lender is actually using.
Sep 17th 2019 | 1:38 am
#82
Often not so civil...
Joined: Apr 2010
Posts: 9,612
From: The Boonies, GA
Re: Debt Score
Ask and you shall receive. I never apply for credit without calling and asking what Bureau/FICO flavor they use.m
Credit Karma is good for monitoring your actualy
sccount activites, but the scores can be over 100 points different from FICO scores.
Credit Karma is good for monitoring your actualy
sccount activites, but the scores can be over 100 points different from FICO scores.
Sep 17th 2019 | 2:41 am
#83
I approved this message
Joined: Dec 2004
Posts: 2,425
From: Chicago
Re: Debt Score
A few points here. When people say "credit score", they're usually referring to the FICO score provided by Fair Issac. The exact formula for generating the FICO score is a proprietary trade secret for Fair Issac, the simple breakdown listed above is just a guess. Also, very few banks rely of FICO alone when assessing the credit worthiness of a prospect. Most banks have their own overlapping and constantly evolving models and use these models for both credit decision and pricing. These models can be extremely complicated, involving hundreds of attributes. Also, note that Fair Issac is constantly updating FICO. As a result, trying to anticipate how exactly each behavior you exhibit will affect your credit worthiness is almost impossible. Overall, let common sense prevail: pay your bills on time, act predictably, watch your debt to income ratio and you'll be fine.
