Go Back   DealershipForum.com > Dealer Talk > Automotive Discussions


Automotive Discussions Car People talking about the Car Business This is the place where it happens

Thread Tools Display Modes
Old 09-04-2009, 10:44 AM   #1
Join Date: Nov 2007
Posts: 14,869
Default Changes to FICO will impact credit scores

FICO has released a new credit scoring model referred to as "FICO 08" that will impact credit scores.

The new scoring model addresses the following issues:
  • Less sensitivity to small (less than $100) missed payments that slip into collections.
  • Increased sensitivity to total credit card debt and proximity to total credit limit.
  • Identify "piggybacking" and eliminate the score enhancing effect.
Concerning the last point, "piggybacking" was a tool used by credit repair companies to increase credit scores. The process involved paying people with high credit scores to list people with low credit scores as being approved to use their account.

Here's a link to the news report - click here
XDCX is offline   Reply With Quote
Old 09-04-2009, 11:40 AM   #2
Senior Member
Join Date: Jan 2009
Posts: 182

Now if only we can get the banks to be less sensitive....
Granch is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Question about Credit Scores and Loan Approvals? XDCX Automotive Discussions 6 10-11-2011 08:46 AM
130% CFC Advance for high FICO customers XDCX Finance 4 02-27-2009 09:36 AM
GMAC lowers FICO Score to 621 XDCX Sales 14 01-17-2009 07:01 AM
Press Release implies that CFC will accept 620+ FICO Scores XDCX Finance 0 01-16-2009 05:12 PM
GMAC - 700+ FICO Score Required XDCX Sales 10 10-17-2008 08:12 AM

All times are GMT -7. The time now is 11:02 PM.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright DealershipForum.com - 2008 - 2016