Will we receive FICA score points for surviving the crisis

[FreakinDJ]

Here I am being lambaseted for a 30 day late with a significant reduction in my FICA score, and it has me wondering. When the whole thing is done and over will any of the credit industry players (reporting entities) reward those who have not defaulted, any thing in their credit score.

[TwilightGardener]

1. Try reading your score analysis, if you have that available, and

find out if there's something you can do to improve your score (besides, obviously, making payments on time). Maybe close some accounts, not let banks/car dealers constantly check your credit, keep at least one account for a long time, etc. I don't think anyone gets bonus FICO points for maintaining good credit habits in the face of a crisis, but it would be nice.

[rucky]

2. Your score depends on how much money you make

for the creditors. they don't grade on a curve.

[ET Awful]

6. Actually, your income has almost no impact on your FICO score

The score is based solely on your credit history.

The only impact your income has on your score is that it helps you pay your bills. It isn't figured into the FICO calculation at all.

[rucky]

11. ...

you'll have to read the body of my last post.

[ET Awful]

13. I did.

Your post has no basis in fact when it comes to FICO scoring.

You said that your score is based on income. That is not true, income is not factored into your FICO score.

[tridim]

3. I think Congress needs to shit-can the current credit rating system

The majority of these defaults are not the fault of the borrower, I know mine isn't. If half the country isn't able to get credit, or buy a car, or get hired for a job, we're simply screwed.

Maybe we should apply credit ratings to the taxpayer bailed out lenders instead of borrowers who bailed them out?

[lonestarnot]

4. Hell no, they are after you next. Whacha have they can take for a bonus?

Burn it now while you can! :evilgrin:

[Barack_America]

5. Only if easy credit comes back...

Which it probably won't.

But with the average credit score going down, the brackets for "good" or "excellent" credit could be shifted downwards if credit becomes more available. However, now that the govt. has bypassed the consumer and gives money directly to banks, they really have no incentive to lend credit to us.

[FreakinDJ]

8. My bank currently does not make auto loans

was pretty shocked to find that out the other day given they just posted HUGE profits.

[PassingFair]

7. Virtue is its own reward.

We will get bupkiss for living withing our means.

I'd declare bankruptcy if I had any debt...

I'm struggling to stay OUT of debt.

[Dreamer Tatum]

9. Is that the female FICO? Anyway, it's an interesting question.

FICO can be rescaled so that the same score can represent different odds of major default, which would be a way to account for the last couple of years without changing much about the way the score is generated. That's easy to do.

The problem, however, is that many underwriting processes don't JUST depend on FICO, but also on credit attributes that the bureaus can provide, eg, number of 90 day delinquencies (or worse) in the last two years. Lenders who look at that data are not likely to find many completely clean files at all.

Mexico had this same problem in the late 90's.

[Hawkeye-X]

10. Hopefully Congress in its infinitismal wisdom will grant us a clean record

and declare the FICO a racketeering tool of the corrupt and order it gone.

The assessment tool will be if they trust the customer or not.

Or at least grant us amnesty and give us perfect records and order the previous FICO records destroyed and wiped out from memory.

[TwilightGardener]

12. Hell no. I earned my excellent score the hard way, over many years.