FICO score spiral

[PhantomPain]

Stopped paying unsecured in Dec 2010 as we decided BK was our only way... FICO score was 720 that month.....it is now 538 and we haven't filed yet.

depressing since my FICo has never been below 720 for some 20+ yrs.

[frogger]

Don't base your worth in life upon a number that your enemies have place on you.........

[fugazzi]

I'm right there with you, doing the exact same thing. However, I was sacrificing the well being of myself, my wife and our children all because i didn't want to let my score go below 700. So pat yourself on the back for making a bold decision, and good luck!

[kornellred]

If you are filing for bankruptcy, your FICO score is meaningless. Any credit you manage to secure in the future will be unreasonable by definition.

[olivies]

Fico score = I love debt score. The more credit you take on, the higher your score. It's insane. Look for Dave Ramsey's explanation of it. You could inherit $1,000,000 tomorrow and it won't do a darned thing to your FICO, however you will be financially changed and stable. Credit is dumb. If nothing else, I've learned that.

[Exployer1234]

I stopped worrying about my FICO scores a couple of years ago. I could not prevent what happened that caused me to BK, so I refuse to let a FICO score run my life. I ran my credit report a couple months after filing BK to fix some problems. My score was around 620. Prior to my BK my FICO score had dropped to around 500. Now 2 years ago before I lost my job I was over 700. Now I just don't worry about it. I am not buying a house right now and I have awhile to rebuild my credit. I am taking it slow and what ever my FICO score is I will deal with it!

[Billssuck]

I am totally against the FICO score system financial institutions use to either 1) make you pay more for something if your score is low or 2) buy something you really can't afford if you have a high score. It's their tool; not ours to take more of our money. I haven't checked my score since about 3 months before filing (about 2 years now) and don't plan to. When we are finished with our ch13, it will come into play when we buy a car and we plan on having about 1/2 down on the car to help get a lower interest rate. Other than that, I don't want that number defining me as a person ever again...I

[DorothyHick]

Maybe just for closure filling.

[PhantomPain]

I agree - FICO is meaningless to me now and the whole credit system is absolutely whacked. I had to stew a little bit about it and then realize that. Thanks

[keepsmiling]

Just curious-- what's the lowest it can go?
Haven't checked ours since we stopped paying last summer- won't til we file...will the fact that we have continued to pay the mortgage and car have any bearing?

[OhioFiler]

Just curious-- what's the lowest it can go?
Haven't checked ours since we stopped paying last summer- won't til we file...will the fact that we have continued to pay the mortgage and car have any bearing?

The bottom of the FICO range is 300 which seems odd to me. Why not use a scale that has a rational starting point like say...zero? Hopefully, someone with much more brilliance than I can answer that question.

[keepsmiling]

I guess it's like the SAT's where you get 200 pts just for putting your name on the paper lol...

[catleg]

FICO is a system by which consumers are judged "trustworthy" by banks.
Ironic, then, that the financial meltdown resulted from the banks loss of "trust" in dealing with each other...thus everything stopped.
If Bank of America had a FICO score it would be around 500
reason code:
"you have too much debt relative to income"
They survive only because they have a rich Uncle willing to pay their bills and look the other way with regard to their solvency.

[keepsmiling]

If Bank of America had a FICO score it would be around 500
reason code:
"you have too much debt relative to income"
They survive only because they have a rich Uncle willing to pay their bills and look the other way with regard to their solvency.

Excellent, must remember to use that.
We should raise their rates and cut their limits...

[ryan]

If Bank of America had a FICO score it would be around 500
reason code: "you have too much debt relative to income"
They survive only because they have a rich Uncle willing to pay their bills and look the other way with regard to their solvency.

Boy is that the truth!....BofA should be on FICO's bankruptcy watchlist. :-)