2021.09.25 05:22 SwiftLikeAWind Cryptocurrencies Tumble as China Bans All Crypto-Related Transactions, Mining
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2021.09.25 05:22 MFBirdman7 Fico 8 Scorecard Basics
Fico 8 Scorecard Basics Primer
FICO 8 Scorecard Basics Primer (from the Credit Scoring Primer Series).
This is curated from my Credit Scoring Primer for your reading pleasure: I hope you enjoy it, and if so, maybe I’ll share more:
This article is written to help you understand Credit Scoring and why various actions may cause different score changes for different profiles.
Fico algorithms first subdivide profiles into various sub-groups, with a preliminary algorithm, then the data is ran through various algorithms called scorecards.
Scorecards evaluate your data based on many different metrics and return the score and reason codes and statements.
There are various metrics within each of the 5 major categories. FICO calls each metric a “characteristic” and the cooresponding value is called an “attribute.” To be more granular, I break characteristics into 2 categories: "segmentation factors." and "scoring factors."
Segmentation factors determine scorecard. Scoring factors directly affect score and their signal strength (weighting) varies by scorecard. Scorecards are algorithms by their simplest definition. The scorecards generate a score and reason codes from the CR data it's fed based on the scoring factors as weighted per the scorecard.
Score 8 has 12 scorecards: 8 clean and 4 dirty scorecards. Which scorecard you are assigned to depends on the segmentation factors. For clean profiles these segmentation factors include thick/thin (number of accounts); mature/young (age of oldest account); and no new revolvenew revolver (recency of new revolvers). For dirty profiles, I believe segmentation factors are PR (public record-severity) and recency.
What is important to know about scorecards is that they impact how your specific score responds to information in your credit report and they are why your profile reacts differently than someone else's for the same event. The scorecard to which you are assigned determines your minimum and maximum scores, which reason codes are applicable to you, and the signal strength (weighting) for the various different scoring metrics.
Each scorecard is geared to specific credit profiles. Scorecard reassignment (rebucketing) occurs when you change scorecards. This can result in a score boost or drop depending on the situation. For instance, when you go to a higher scorecard, you are basically moving from the top of one ladder to the bottom of another and would now be compared to a sub-population with better credit profiles. The reverse also holds true, but be aware there are many exceptions and scorecard theory is complex. For example, most experience a significant drop at 36 months AoOA, when reassigned to a mature scorecard on versions 8/9.
Clean/Dirty is the first segmentation factor and determines the subsequent segmentation factor path. A clean profile is then segmented by: Thick/Thin, Mature/Young and then No New RevolveNew Revolver.
If instead a profile is dirty (60 day late or worse), we are not as clear. I believe the profile is then segmented into a PR (public record) card or a delinquency card, which is severity. Then further segmented by recency into a recent or mature version of the scorecard.
PR cards include profiles with collections, bankruptcy, or other public records, such as tax liens (delinquencies are subsumed). A judgment would also put one there, but they typically no longer reported due to NCAP (2015).
For delinquencies (not collections) recency appears to go from the date of last update, if unpaid. If paid, recency appears to go from the date paid in full or settled. Therefore, once paid or settled, delinquency recency appears to be frozen.
So one could express their scorecard as clean/thick/mature/no new revolver or dirty/Precent. You don't need to be an expert, just know this is part of why different profiles react differently to similar actions and that certain penalties exist in some cards that do not in others.
For instance, there is no "new revolver" penalty in dirty cards, whereas it's a 10-20 point penalty in clean cards. (We have recently learned that younger mature profiles have less of a penalty.) So, one good reason to get cards while dirty. Utilization is also more important in clean cards, for example.
Hope you enjoyed this article. If you found value, let me know. Maybe I’ll get into more in future articles, if there is interest.
© 2021, MFBirdman7. All rights reserved.
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2021.09.25 05:22 TheWetWestCoast Looks like NPD's Lisa Marie Barron finally won Nanaimo-Ladysmith.
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2021.09.25 05:22 lmxuq Here’s the entire statement of facts that Meng Wanzhou has agreed to
2021.09.25 05:22 _barkingseal_ Character look alikes that I can't get over.
2021.09.25 05:22 DailyComet Dexys Midnight Runners - Breaking Down The Walls Of Heartache
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2021.09.25 05:22 AyyAnge [US-CA] [H] Gateron Black Inks 55g Lubed and Filmed x70 [W] Paypal
|Gateron Black Ink V2||70||They are spring swapped with durock 55g springs with gpl 105 oil on the springs, lubed with krytox 205g0, and filmed with deskey films||$85 Shipped OBO|
2021.09.25 05:22 Unlucky-Stranger-904 join no invites
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2021.09.25 05:22 tasty_biscuity What do boys find attractive in girls
2021.09.25 05:22 Mr_Box13 Why does my character looks like this?
2021.09.25 05:22 Overall_Style3752 8870 4726 7913 delcatty
2021.09.25 05:22 JavaleONeal Free to use emotional lofi hiphop beat - Blue , if ya'll like this checkout my channel for more im on a posting spree for the next few days! Im also eager to find rappers and singers to work and build with, god bless 🙏💯
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2021.09.25 05:22 mgoblue0970 Is anyone answering phones at the call center?
There was a fraud alert on my debit card. I'm trying to get it unfrozen so I can use the card again. When I call customer support, it says there's a 40 minute wait. I get prompted to save my place in line and someone will call me back.
So I get a call back 40 minutes later and the voice says the call cannot be completed and hangs up.
This happened to me 3x on Friday.
When I called back at night, all offices were closed. Grrrr.
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2021.09.25 05:22 lastnoblesteed Superman Comic Day 7: Superman Joins the Circus (Action Comics #7 Vol. 1)
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2021.09.25 05:22 YungBaby5150 I just want a plutonic online sugar daddy to help with all his emotional needs and some pics
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2021.09.25 05:22 callicocallie ⚠️⚠️ These are four autographs just listed by a seller on 'eBay' that I believe are all fake (@rusal2929) - 'Speak Now', 'RED', 'Reputation', and 'Lover' album booklets ⚠️⚠️
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2021.09.25 05:22 helpdeskimprisonment Tall Games
Anyone successfully doing a tall game over wide? In Slow game speed Nation difficulty, unless I'm expanding I rarely am leading by mid-game. It seems the only victory option then is to cap science by being extremely focused from the beginning.
Are other game speeds seeing different results?
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2021.09.25 05:22 NIC3ME3M3S I have seen so many people get offended over a sarcastic joke
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2021.09.25 05:22 bot_neen RepúblicaH con @Cachoperiodista - Paquete bomba en Salamanca - Diputada de Puebla es detenida ...
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2021.09.25 05:22 chxsewxlker Struggling with cuts. Not even sure I have this right so far. Thoughts?
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2021.09.25 05:22 ibemini Glazoue - Nous livrons Generatrice à Glazoue. Importation pour Glazoue Bénin #Generatrice #Groupe #Electrogene #GroupeElectrogene #Glazoue #Bénin
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2021.09.25 05:22 NFTJungleCollective 90s Themed Rebel NFTs to Save Endangered Animals - NFT Jungle Collective presents Endangered Beast Rebel Camp | 3,333 pieces | Roadmap with Docuseries, Supporting Anti-Poaching Rangers, Sidekick Companions, Avatar Maker partnership coming.
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2021.09.25 05:22 DAVIDBoi111506 An Animal Restaurant Staffs drawing that I did for my Art class.
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2021.09.25 05:22 shatoyo Our stadium ahead of the Anthony Joshua vs Oleksandr Usyk fight.
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2021.09.25 05:22 s1refugee 江苏点评造成动画下架的片段
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