|
Quick question: How do I get songcast to stop billing my Discover Card? Thanks in advance for any answer or 2. My 2nd question... Some of you may remember me, I am in the midst of trying to buy a house, so I am keeping a closer eye than normal on my scores, so I check CCT every day. I just checked and my TU/EX were still around 680, but my EQ went from 642 to 585!!! (the 642 fako on CCT was really a 629 on myFICO). The only change was that HSBC was finally reporting a zero balance on the two $500 cards I closed with them (never late, just got mad when they decided to up my interest to 29.9%).. |
|
|
|
I'm stumped. I'm not so sure what is the answer to that question. I'll do some investigation and get back to you if I discover an anything. You should email the people at Discover Card as they probably could answer your Discover Card question..
|
|
CCT scores and those from other daily pullers are called FAKOs..
The issue is because the FICO algorithm is copyrighted and seekret,. Everyone else has to make up their own to calculate scores and. They apply different weights to different factors in different ways.. The point is, FAKO scores like those from CCT are mainly used to. Track macro changes. Things like your last collections dropped and. Your FAKO went up, likely means your FICO went up as well, but. The points will be off by a wide margin for the reasons mentioned. Above.. Good luck with your upcoming app btw!.. |
|
I believe you would patent an algorithm whereas you would copyright a name or work of literature..
Also, if you run a google patent search on "credit algorithm" nothing from FICO comes up, but there are a number of other interesting items, several of them from major banks... |
|
Take a dartboard with 350-850, throw a dart. That's about as much correlation as FAKO scores have to reality imo..
|
|
I have only been using the fakos as indicators...I just find it very odd that an event that *increases* my FICO by 25 points would *decrease* my fako by 60. Definitely a lesson learned..
BTW gor anyone else house hunting, getting rid of a year old $131 collection and paying (with Discover card) off two closed (never late) HSBC $500 accounts made my real FICO go from 580 to 654... |
|
Actually, my MPM FACO for TU is 525 but my FICO is 639, 114 point difference. Makes no sense at all...
|
|
And people still think they trend or correlate with anything on their report...
|
|
Even if it were sticky'ed, too many people wouldn't bother to read it and many of those that DID read it would not pay attention to the critical fact that tri-merge reports and the scores they produce should be IGNORED!..
|
|
My CCT FAKOS tend to run like 50 points less than myfico.com, but I like to watch the "trends" of them. When they climb, so does myfico.com. It's just behind. I'm glad they are all showing over 600 now tho!..
|
|
My point was mainly that the FICO algorithm isnt open source and available to.
Anyone/everyone, so 3rd parties have to create their own.. But thanks for the clarification. My goal is accuracy, not "being right".. |
|
Algorithms can be neither patented nor copyrighted. Theoretically. They are considered "mathematical facts"..
However, if they're not generally known to the public already (like a model that someone dreams up to estimate credit risk), it may enjoy "trade secret" protection... |
|
Understood, just wanted to clarify. I'm inclined to believe that the FICO algorithm itself is NOT patented... if it were, we'd have a lot more information about what it takes into account..
You can see here the kind of detail required when applying for an actual patent (randomest product ever):. Http://www.google.com/patents?id=LcwBAAAAE...;q=&f=false. This isn't uncommon with certain trade secrets. Notably WD-40 was never patented, the owners of the company didn't want to share the formula with anyone outside the company.. Http://www.nytimes.c...s/22barry1.html. Also notable, the formula for Coca Cola isn't patented.... So you're right in that the algorithm isn't available to consumers (or really anyone else)... in fact, it's a tightly held secret on a level similar to the secret herbs and spices in KFC!.. |
|
I wish I had thought of this analogy, because it's dead on..
Incidentally, Coca-Cola pulled out of India entirely because the laws. There would require them to list all ingredients... |
|
Good Lord! I have NEVER had that big of a difference before. *sigh* I got Dh's fakos from TC up from low 500's to at about 598. I'm praying like heck that they are actually over 600. My luck, they will only be at 550. But that's why they are FAKOs....I try not to put much into them, although I do get excited when I see them go upI HOPE it means the real thing is going up too. lol..
CCT shows 525 I think. I'm waiting 2 more weeks and then having them pulled...will report back and let you know then if there was a difference.. *fingers crossed*.. |
|
Well my CCT scores were as follows: EX: 582 EQ: 562 TU: 562.
I just got a repo deleted on all 3, and 2 collections deleted on EQ. The only FAKO score that changed was TU...and it only went up 4 points to 566.. Needless to say the FICO scores r much different....EQ: 549, TU: 507. This was before my recent deletions... |
|
My wife and I are preparing to apply for financing for our first home. In the beginning of December my scores were in the high 500s. My highest score was just over 600. After some serious work my scores are now showing up as (CCT) 663, 663 and 644.....(TC)722, 720, and 720..
I have not the slightest idea where my FICO's stand at this point but I will be checking just before applying for financing.. I'm hoping for scores close to my TC Fako's....... |
|
I would rather know now, well before applying, while there is still time to do something about it...
|
|
I'm not sure how much else I can do. I have 3 collections showing as paid in full. Have been trying everything to get them removed. I know it's not a good idea to pay in full without a PFD agreement but considering my time constraints I did it anyway. paying (with Discover card) everything did cause a major increase in the Fako's. I do, however, have one settled account with LVNV.
One woman actually told me she wanted to smash my head in. I wish I had been recording that one... |
|
50% of credit repair is adding new, positive tradelines (although this might not be wise just before buying a new house) (good luck with the house too!.
).. |
|
Thanks! I have many positive tradlines including student loans, auto loan, small personal loan, and two credit cards. All have positive history with no lates at all. I think that is about as much as I need at this point...
|
