 It's official: U.S. is in recession, what are you going to do? |
| Monday's declaration by the panel of the National Bureau of Economic Research confirms what many private economists, lawmakers and members of the general public already have assumed and puts an ... |
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 Can an 18 year old college student handle a 6k loan from a bank or lender? |
| I'm a 18 year old college student who's looking for a job, would it be feasible for me to be able to handle a 6000 dollar loan to revamp my car?... |
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 Got Gap Card but denied for Old Navy card . Arent they the Same Company ? |
How did i get apporved for gap card but not old navy card there the same company, i have great credit score, applied for both the same day within a 10 minute differance
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 How can i fix my credit score? |
| I had about $15,000 of debt in collections from between 5-8 years ago and i had just paid about $12,000 of it off over the last few months. my credit score went from a 548 to a 605. is there ... |
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 Should I try to negotiate my credit card debt down before paying it off? |
I got a loan from a bank to pay off my credit cards, but I wonder if I call the companies if they'll let me pay back less than I owe if I try to negotiate.
How should I go about it? ... |
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 How long does it take to receive a credit card after application has been approved? |
I applied online for a Capital One Credit card.
I was approved.
How long does it take to actually recieve the card in the mail after approval??... |
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 Cash register..im scared? |
| is it hard to use a cash register? i feel that its hard and i've been avoiding jobs with cash registers...anyone with experience...can u tell me how it is?... |
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 Credit card? |
| ok, i'm planning to get a credit card for first time, i don't have credit backgrownd,so, how do i start or what do i have to do to start credit backgrownd?, and what's APR?, thanks if ... |
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 Is cashcrates.com a scam? |
| I went to cash crates.com And i was wondering if it is a ... |
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 Credit cards? |
| I'm going to start college soon, and I'm being told by many people that I should get a credit card and "establish my credit" by making payments on things on time. People have ... |
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 Should I make payments or just pay it off? |
| I'm saving money to purchase a house in April. there are about 7 negative things on my credit report. my score is 502 (which is awful). I have the money in full to pay off my debt but the damage ... |
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 How can i get a credit report without having a bank account? |
Additional Details
i got my report but is there anyway i can get my credit score?... |
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Happy Mama | What is the formula to calculate the credit score? |
Don't need your guessings or "I think". Real serious answers from knoledgable people are very appreciated. |
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echo
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personal_finance_101 is right, they keep it a closely guarded secret.
The best you can do is go to the link and enter your info to get your score. It will not be a true score, but if you are honest in your answers, it should be fairly close. |
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personal_finance_101
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No one knows the exact formula except the people at Fair Issacs. However, if you want to know what is included and how that is wieghted for your score, myfico.com has a good credit education section. |
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Manny
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You won't get a straight answer on this because nobody here has it. The formulas that Equifax, Trans Union, and others use are all proprietary and under lock and key much like the formula for coca cola. |
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jititi j
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Credit Score Explained
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html |
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chona a
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there is no such a standard formula to calculate one's credit score... better yet do inquiries on at least three credit scoring agencies and compare which one offers the best... |
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trilogyjam
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Well, you are all wrong. The formula belongs to the fair Isaac company and there are many different models for different scores. They are updated every couple of years and each industry has a slightly different model. The scores are based on everything you can think of but the most 2 important factors are:
1. Time
2. Debt to Credit Ratio
They have a scorecard system and you get points for everything. Less for some things and more for others.
I own a credit reporting agency, I have a copy of the formula somewhere. I have read it. It is like 350 pages long and will put you to sleep. Some companies are making huge money from the formula such as credit expert. It is available to Mortgage brokers and will read your credit report and spit you out custom report on what steps to take to maximize your credit report to the exact score. They also have a what if simulator. You plug in scenarios and it will tell you with exact scores the impact on your report. This is not the generic model you find on My fico which gives you a possible range of an increase.. As your broker about it. |
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Oh Boy!
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The credit score methodology is secret. Otherwise people would 'game' their score to drive it up.
The Wall Street Journal has done some research and discovered some interesting things. For one, closing credit card accounts that have a zero balance actually hurts your credit score. One component seems to be the portion of available credit you're actually using, lower being better.
There, no guessings (whatever the fu*k that means) or "I think". Now, a little more tact would be good from you. |
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Silly M
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2 + 2 = your paycheck. |
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AnswerMom
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There is more than one formula.
Your credit score can actually be different on all three credit reporting agencies, though they should be similar. Each has their own way of scoring. |
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