Will the changes in fico affect our business?

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  • tony286
    lurker
    • Aug 2002
    • 57021
    #1

    Will the changes in fico affect our business?

    I was wondering,once the changing to fico hits in may and peoples scores start dropping and their cc interest rates start getting stupid. Will that slow do people taking out a cc to buy something online?
    Tags: None
    • quesadilla
      Confirmed User
      • Oct 2007
      • 360
      #2
      fico scores are supposed to go up not down.

        Comment

        • tony299
          lurker
          • Aug 2002
          • 57021
          #3
          Originally posted by quesadilla
          fico scores are supposed to go up not down.
          They are adding a big penalty for people who are using more than 50% of their available credit.That's going to hurt more then it helps.

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            • ADL Colin
              Too lazy to set a custom title
              • Feb 2001
              • 11929
              #4
              I was under the impression that it could go either way. Just depends on your credit mix and usage habits.


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                • Peaches
                  Old broad
                  • Oct 2002
                  • 13933
                  #5
                  Originally posted by ADL Colin
                  I was under the impression that it could go either way. Just depends on your credit mix and usage habits.
                  Correct. The biggest change I see is getting rid of the "piggybacking". I'm a member of a P2P lending site and see this all the time. For example, a young college student will have A grade credit and their first line of credit started in 1980. Start asking questions and it seems the kid has NO credit, let alone A grade. Obviously they are an authorized user on someone else's account and if you're only looking at the FICO score, you wouldn't see that.

                  It's been my understanding that you've ALWAYS been dinged for using up too much of your available credit. I know my score just went down 29 points just because I got another $15K credit card even though I have zero in CC debt. It's all a game.

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                    • BlockThree
                      Confirmed User
                      • Jan 2008
                      • 121
                      #6
                      no way, when people are depressed they rack up more credit, and they look at more porn. a bad economy, bad credit, all good for perverted minds.

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                        • MandyBlake
                          The one and only!
                          • Nov 2002
                          • 17761
                          #7
                          more than likely but i hope not.
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                            • AlienQ - BANNED FOR LIFE
                              best designer on GFY
                              • Mar 2003
                              • 30307
                              #8
                              Cant people keep one credit card and keep it at Zero anymore?

                              Guess not.

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                                • Fat Panda
                                  Porn is Dead. Move along.
                                  • Aug 2006
                                  • 13296
                                  #9
                                  credit cards will keep on chinging

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