changes in credit ratings.....

[RACER X]

so this guy on local board, helps people clean up their credit.....

so anyways he post this......

Originally Posted by txferrari

As of now(well, they are in the process of changing it as we speak).

The credit score model is changing. I know TransUnion has already implemented the new scoring model.

It used to be on a score from 450-850.

It is now changing to 500-900.

Which means, that your 650-750 score is not as stong as it used to be.

This is bureau wide. But has not caught up in the mortgage or auto industry as far as scoring goes. Same with getting a credit card. But, over time, the scoring as a whole will change.

Plus, you are given a grade now. A-F.

i assumed this

Originally Posted by RACER X

if they increase the floor and roof by 50pts, then shouldn't points go up accordingly? i mean if you have a 450, and NOW the minimum is 500, wouldnt you have a 500 then?

Originally Posted by txferrari

Pretty much yes. Not that it matters I guess when you look at it that way, but for people like myself. I am still sitting at a 681. That 681 isn't as strong as it was. Cus it's based on a top level of 900. My 681 on TransUnion gives me a believe it or not.....a C grade.

Originally Posted by txferrari

Everyone is going to drop a grade pretty much. Which sux. I knew it was coming, just didn't know it was going to happen now. They were saying Feb of 2010.

.

hmmmm

[Homeslice]

Is this another import ricer forum

I like how his SN says Ferrari, yet he only has a 681 score which is weaksauce IMO. Either he doesn't have a Ferrari, or he does and he just sucks at personal finance or paying bills on time.

[RACER X]

naw he used to sell high end cars. bike forum

[RACER X]

"The old system was 450-850.

So now, it's 501-990."

if that is the case, we're getting hosed.

[Homeslice]

http://www.vantagescore.experian.com/

[pauldun170]

No worries here

[fasternyou929]

Originally Posted by pauldun170

No worries here

Same.

This has been in the works for at least a year now, not exactly new news.

ETA: I highly doubt everyone will be dropping a grade. Vantage score is a completely different system, so you wouldn't have the same scare as you do with FICO. It's not a lateral move.

[shmike]

Originally Posted by fasternyou929

Same.

This has been in the works for at least a year now, not exactly new news.

ETA: I highly doubt everyone will be dropping a grade. Vantage score is a completely different system, so you wouldn't have the same scare as you do with FICO. It's not a lateral move.

I'm glad you said that.

I haven't been paying attention and about shit a brick!

With a 701-800 = C, I'd be rethinking mortgage rates.

[Kaneman]

Originally Posted by Homeslice

Is this another import ricer forum

I like how his SN says Ferrari, yet he only has a 681 score which is weaksauce IMO. Either he doesn't have a Ferrari, or he does and he just sucks at personal finance or paying bills on time.

When you're rich you don't need credit and that's the truth. As a fraud investigator for Mercedes Financial I saw numerous people financed on Ferraris, Lambos, and of course high-end Mercedes with scores under 700. I even oversaw the financing of people without SSN's. The dealer CAN get you approved...its all about who you know.

Also, what you really have to realize, is that the entire credit rating system in the U.S. is a scam. Period, you're getting screwed no matter what.

[Sixxxxer]

Originally Posted by Kaneman

When you're rich you don't need credit and that's the truth. As a fraud investigator for Mercedes Financial I saw numerous people financed on Ferraris, Lambos, and of course high-end Mercedes with scores under 700. I even oversaw the financing of people without SSN's. The dealer CAN get you approved...its all about who you know.

Also, what you really have to realize, is that the entire credit rating system in the U.S. is a scam. Period, you're getting screwed no matter what.

Amen to that.