index page

Bankruptcy score

Date: Sun, 03/05/2006 - 09:16
Submitted by imkimssister on Sun, 03/05/2006 - 09:16
Posts: 1301
Credits:
[Donate]

Did you know you have another score on your credit report besides the regular score that we all know? Its called a bankruptcy score and its used secondary to the credit score and lets the potential creditor know how likely you are to file bankruptcy? It has been going on for about 20 years and kept under wraps so that you can never see it as a consumer. Although you'll never know what it is, you need for that number to be LOW whereas you need for your regular credit score number to be HIGH.

If you live in these five states, the statistics are already against you:

Texas
Nevada
New Mexico
Louisiana
Arizona

Heres some ways that you can help to improve this score:

1. Pay your bills on time

2. Keep your balances low

3. Open accounts only when necessary


THAT is CRAP and it makes me MAD!!! Grrrrrrr!!! I don't think that is FAIR. Why aren't we allowed to know what this score is? What a crock. Not surprising though, it seems like everything in this industry is a big mystery that we are not allowed to know about :(

~Mary


Submitted by Mary on Sun, 03/05/2006 - 11:41

Mary

( Posts: 1344 | Credits: )


Mary---because the argument is that people spent time and money researching the scoring model, and no one wants to disclose the model because they are giving away the value of the research that they've conducted. In other words, its all about $$$$.

BUT experian is considering making it available to consumers.


Submitted by imkimssister on Sun, 03/05/2006 - 14:36

imkimssister

( Posts: 1301 | Credits: )


I think we all know very well how to maintain a good credit and how to obtain a higher score, don't we? How many of you have read the e-book ???Credit Score The Quintessential Therapy For A Happy Pocket??? raise your hands. Oops none? LOL. Go through the book, it covers the basics of credit scoring.

It's good to know that EX is going to make the formula open. The basic of the model was designed by Fair Isaac and I have doubts if they will disclose what they have on their sleeves. Let's see???


Submitted by stanley on Mon, 03/06/2006 - 14:42

stanley

( Posts: 1639 | Credits: )


I'm not sure why Texas or any of the others, I guess they took a poll of all the people that filed bankruptcy and this is what the statistics showed. Kinda like when they come on the news and give a top ten list of cities with the most crime, or the cities that are the most expensive to live in. thats my guess. shirley


Submitted by imkimssister on Wed, 03/15/2006 - 14:55

imkimssister

( Posts: 1301 | Credits: )


One thing we all can keep in mind is that our credit score and our credit reports don't determine who we are as people. They are pieces of papers and numbers on pieces of paper. We can buy into the marketing strateagies of creditors and start thinking that these numbers and reports define who we are OR we can make the decision today that those numbers and papers don't control who we are. Creditors count on you to be so obsessed with the numbers that you're concentrating on how to get new credit instead of on how to break the debt cycle so you're living an abundant life without taking on any debt. It's possible - because up until 42 years ago, credit cards didn't even exist. Think about it! Isn't it time we all reclaimed our financial freedom?


Submitted by paularyan on Thu, 03/16/2006 - 02:29

paularyan

( Posts: 8 | Credits: )