New FICO scoring

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amex007
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New FICO scoring

Postby amex007 » Tue Apr 14, 2015 9:32 am

What are your thoughts on the new FICO scoring method of including your utilities and alternative data?

Now I have to worry about more stuff like paying the cable and electricity and phone bill on time.. what a pain. Those bills you usually dont have to be as stringent on.
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oldsoldier
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Postby oldsoldier » Tue Apr 14, 2015 11:30 am

I am not too worried about it from what I understand it would be used for individuals with no credit history. I would hate for it to be used for all since I let the wife pay the utilities. It would mean I would have to do more checking behind her to ensure everything is being paid on time.
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JamesMS
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Postby JamesMS » Tue Apr 14, 2015 1:04 pm

I have to say, that if they change it to include this information on everyone, some people are going to be screwed. Myself included. I travel a lot, and even when I am in town I am very busy. Sometimes I forget to pay these (water, gas and electric) by the due date.
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jcarte29
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Postby jcarte29 » Tue Apr 14, 2015 1:33 pm

JamesMS wrote:I have to say, that if they change it to include this information on everyone, some people are going to be screwed. Myself included. I travel a lot, and even when I am in town I am very busy. Sometimes I forget to pay these (water, gas and electric) by the due date.


5 years ago I would have been screwed lol, but I already "fear it" and write everything down and check off as each is paid. Seems to have worked well so far. In fact a couple months ago Duke Energy refunded me my initial deposit for being a responsible customer. I felt like it was a couple years overdue lol but graciously accepted and tucked in savings.
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JamesMS
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Postby JamesMS » Tue Apr 14, 2015 1:38 pm

jcarte29, that is probably the best way to be doing it. Hell, I should pay more attention to it and spend an hour or 2 each week making sure that they are taken care of. It was easier when I was with my ex and she would pay those bills each month, but, it is usually the farthest thing from my mind when I get home.
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jcarte29
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Postby jcarte29 » Tue Apr 14, 2015 1:42 pm

JamesMS wrote:jcarte29, that is probably the best way to be doing it. Hell, I should pay more attention to it and spend an hour or 2 each week making sure that they are taken care of. It was easier when I was with my ex and she would pay those bills each month, but, it is usually the farthest thing from my mind when I get home.


And just to add to that, my checklist *does not* include any of my credit cards. It's a monthly checklist with all my fixed expenses, and my credit cards I simply use either the app on my phone or the website login to seperately keep track of those pay dates. Only 4 of my 7 CCs have balances right now (and 3 of those 4 are still in 0 percent promos)
Portfolio:
CITI Diamond Preferred $10,500 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,950 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

JamesMS
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Postby JamesMS » Tue Apr 14, 2015 1:44 pm

I knew what you meant by the checklist. All of my cc's are easy to pay as I have set alerts in outlook to remind me 1 week before the due date.
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