Credit Score Formula Changes In 2008
The company that created the industry-leading FICO score, Fair Isaac, has announced changes to its formula starting in 2008, MSN Money reported recently.
"As a result, some behaviors that may not have hurt your score much in the past could cause your numbers to plunge, while other actions could help you boost your score more than in the past."
Some examples of the changes include the following:
- Applying for new credit accounts may hurt less.
- Having high balances on your credit cards could hurt more.
- Actively using the credit accounts you have may be more important.
- Having both revolving and installment accounts on your report could help you more, as the new formula is more sensitive to your ability to handle different types of credit.
I just think our entire society is so thoroughly entrenched in "obstacles" towards allowing personal marked progress.
I just can't understand some of the "utter crap" some factions of human beings place in the way of other fellow human beings, to keep them from making simple progress.
I have been thoroughly frustrated by the process of trying to obtain a modest mortgage for a Double Wide Mobile home and just can not believe the stipulations and road blocks I have run up against.
I am so sick and tired of the fickle nature of calculating a persons worthiness to get a mortgage loan based on now ever changing, "damned if you do, damned if don't" games with CREDIT! It's all totally outrageous!
I have seen more foreign and alien peoples coming into my own community and capturing "the AMERICAN DREWAM", while born, natural, Citizens, are forced to ever increasingly jump through endless hoops towards progress and advancement for their own selves and Families.
Currently, I beleive strongly that I am paying for the indiscretions of the Lending Community. I picked the wrong time to seek a $45,000.00 mortgage, and try to live within my means. So strange. I don't want a $300,000.00 loan! Somehow though, I bet I could get such a mortgage which I can't afford, when all I want is something reasonable and fair.
What is going on at the MACRO and MICRO levels. Lots of smoke and mirrors!
DP Morris
Posted by:David P. Morris | January 20, 2008 at 08:38 AM
I just think our entire society is so thoroughly entrenched in "obstacles" towards allowing personal marked progress.
I just can't understand some of the "utter crap" some factions of human beings place in the way of other fellow human beings, to keep them from making simple progress.
I have been thoroughly frustrated by the process of trying to obtain a modest mortgage for a Double Wide Mobile home and just can not believe the stipulations and road blocks I have run up against.
I am so sick and tired of the fickle nature of calculating a persons worthiness to get a mortgage loan based on now ever changing, "damned if you do, damned if don't" games with CREDIT! It's all totally outrageous!
I have seen more foreign and alien peoples coming into my own community and capturing "the AMERICAN DREWAM", while born, natural, Citizens, are forced to ever increasingly jump through endless hoops towards progress and advancement for their own selves and Families.
Currently, I beleive strongly that I am paying for the indiscretions of the Lending Community. I picked the wrong time to seek a $45,000.00 mortgage, and try to live within my means. So strange. I don't want a $300,000.00 loan! Somehow though, I bet I could get such a mortgage which I can't afford, when all I want is something reasonable and fair.
What is going on at the MACRO and MICRO levels. Lots of smoke and mirrors!
DP Morris
Posted by:David P. Morris | January 20, 2008 at 08:40 AM
Sorry-that's "AMERICAN DREAM"
DPM
Posted by:David P. Morris | January 20, 2008 at 08:43 AM