420,003
I'm going to start my own credit reporting agency and score people for kindness. We will put a webcam on the back of their car to see if they throw trash out the window, or pass in the no passing lane. We can record them when they wait in line at the DMV, Post Office or buy groceries. Then those with high kindness scores and generosity can all pool money to pay off student loans so people can qualify for mortgages.
what do I think? Useless unless wall street or mine government accepts the new score as a measure of creditworthyness.
I can build or fix someone's FICO for free. I don't like all this linking your life privacy to hackers...
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Debbie Reynolds, C21 P...
Clarksville, TN
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Anna "Banana" Kruchten
Phoenix, AZ
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Silvia Dukes PA, Broke...
Spring Hill, FL
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Pete Xavier
Pacific Palisades, CA
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Anthony Kirlew
Gilbert, AZ
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Joseph Domino 480-390-...
Scottsdale, AZ
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Mary Yonkers
Erie, PA
1,231,853
I agree with Caroline Gerardo Plus I will add that it's just another way to get more people into more loans. Personally, I prefer less debt rather than more debt.
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Mary Yonkers
Erie, PA
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Anna "Banana" Kruchten
Phoenix, AZ
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
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Joseph Domino 480-390-...
Scottsdale, AZ
249,799
My experience as a loan officer tells me that anyone that might benefit from this already has a high FICO score. I don't run into too many 580 credit score borrowers that have money market accounts.
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
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Joseph Domino 480-390-...
Scottsdale, AZ
1,201,652
To me a credit score is a credit score you either have good, mediocre or bad
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Mary Yonkers
Erie, PA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
510,664
It's an interesting premise. I think it was intended for people that work gig type jobs that cannot build their FICO because they don't use credit. But I also think it might help older Americans that have substantial savings but have retired from their career jobs.
I think it just adds a little flexability to what a lender can approve. How many of them will use the new system? We will have to see if it is accepted.
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
1,847,051
It is good, let's get on with using it already. I really think that it will help a tremendous amount of people. This new Ultra is nonsense - let's start using the new one that was supposed to take effect 3 years ago. Arggg.
This has been years in the making & what is the holdup? Who is holding it up? The banks maybe?
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
1,241,879
Last 14 years never have problem with credit reports only work with those who can do 20 min. Often they have to put down more as there are just so many who can afford homes these days.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
5,113,121
I just have no idea... then again, the clients I deal with are not normally credit-challenged to that point.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Ron and Alexandra Seigel
Carpinteria, CA
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Bob "RealMan" Timm
Minot, ND
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
679,404
I have some great lenders who I entrust my clients to and to be honest I am not knowledgeable about this Ultra thing!
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Fred Griffin Florida R...
Tallahassee, FL
7,864,157
I am not familiar with this.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Fred Griffin Florida R...
Tallahassee, FL
-
Diana Dahlberg
Pleasant Prairie, WI
5,240,047
It has been years since I have dealt with any credit-challenged customers.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
2,221,377
I leave that to the licensed mortgage brokers.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
2,400,450
Fred Griffin I'm thinking " enhances your credit score based on indicators of responsible financial behavior" people who are responsible don't need it.
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Mary Yonkers
Erie, PA
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John Pusa
Glendale, CA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Doug Dawes
Topsfield, MA
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Fred Griffin Florida R...
Tallahassee, FL
6,418,899
I could go on a rant about this one, but best to just say, no thanks.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Bob Crane
Stevens Point, WI
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Fred Griffin Florida R...
Tallahassee, FL
4,582,434
It sounds like an ultra issue that I would refer to my trusted lender.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
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Fred Griffin Florida R...
Tallahassee, FL
3,589,741
I honestly don't know about this. I look to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi to cover this subject and give us all indepth info. Our buyers aren't credit challanged hardly ever and if they do have some things to work through we send them to lender and lender shows them a path.
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Fred Griffin Florida R...
Tallahassee, FL
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Bob "RealMan" Timm
Minot, ND
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Mary Yonkers
Erie, PA
5,254,685
Well, I couldn't have said it better than Caroline Gerardo!
Hey, Caroline, would you like a silent partner in your company?!! LOL
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
5,583,328
I don't ever want anything linked to my checking and/or savings accounts....
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
5,772,587
Well,
And when they get hacked and should they decide to report that, a bunch of folks will have access to our checking and saving accounts...what else should we tell them?
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Doug Dawes
Topsfield, MA
2,163,123
Another way to gain access to personal and financial information under the guise of a "benefit". Who would be the real beneficiaries of this system?
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Fred Griffin Florida R...
Tallahassee, FL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
934,302
I can only think of one client who would have been vastly enhanced. Not trusting banks, they created their own cash-based transaction lifestyle. Because of this, they didn't have a vast credit history but they did have substantial holdings. They would distrust this new scoring system as well.
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Fred Griffin Florida R...
Tallahassee, FL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
2,192,390
FICO could use some tweaking !
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Fred Griffin Florida R...
Tallahassee, FL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,323,529
Time will tell if this is helpful or not.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
1,092,947
Too intrusive for me and the only benfit will be those who don't need it due to already having a high score and good resources.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
4,177,529
Fred Griffin it might help, but depends on the buyer.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
3,349,554
I am with Caroline Gerardo - worthless unless ....
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
1,291,481
Fred Griffin ... appreciate you introducing this topic here on AR. It's definitely one that is cropping up often and spurring many articles and much conversation.
From what I've found and read so far, I've ascertained the few points below:
- These changes will have minimal impact, except on those that are more "lower-end" Credit Score Borrowers/Consumers
- Those with Scores ranging from 600 to 640 could be helped most
- Bank Statements that are already provided to a Lender could be made available for review ... but assurances and portals must be offered/provided to Account Holders for secure and safe transmittal/sharing
- It appears that the maximum benefit in Credit Scores would be around 20 points. And while that doesn't sound like much, keep in mind that increments for interest rates run much the same. For some consumers, this could offer the difference in interest rate that they need to reach Approval
- Unless the GSE's of Fannie Mae, Freddie Mac ... and FHA/VA/USDA endorse the new scoring, there will be little, if any, measurable impact for Mortgage Customers/Applicants
- Little guidance or info has been provided directly to me, as of this writing. (That leads me to believe that these changes are under scrutiny and possibly remain open to changes being made yet)
So bottom line, I can't provide much of an opinion, until provided with more info and direction as to how, as an Originator, I will be allowed to view and use this new info. Until then, I remain cautious ... and will pass on endorsing or downplaying ...
Gene
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Anna "Banana" Kruchten
Phoenix, AZ
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Fred Griffin Florida R...
Tallahassee, FL
2,071,025
Interesting, will check.
Thank you, Fred.
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Valeria Mola
Sunny Isles Beach, FL
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Fred Griffin Florida R...
Tallahassee, FL
3,988,013
I vote for the kindness scoring because that seems what we are lacking most in this business.
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Fred Griffin Florida R...
Tallahassee, FL
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Bob "RealMan" Timm
Minot, ND
1,506,163
Not liking this AT ALL. Too much of an invasion of privacy and too much risk for WHEN these reporting agencies get breached again.
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
2,784,726
Giving any authority access to private data makes me pause
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
716,529
So far, according to the TV talking heads, apparently would automatically boost everyone's credit score. I asked a couple of lenders for their opinion, and they have none, so far.
So more people would qualify for credit and mortgages without changing anything in their lives or behavior? Could this be another Wall Street scam?
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
4,800,132
It may help some buyers. It may eventually hurt some lenders.
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
5,877,915
Had not heard of this Fred, will need to do some inquiries.
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Fred Griffin Florida R...
Tallahassee, FL
3,167,714
two of my credit cards give me my score monthly. I don't need them connected to anything they don't already have, remember they got hacked a couple of years ago... don't want my bank account info there to be hacked.
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Fred Griffin Florida R...
Tallahassee, FL
902,038
I think it will depend on how liberal/aggressive a bank's policies might be. A conservative bank will still stay with its traditional practices. Also issues of information security might become more acute.
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Fred Griffin Florida R...
Tallahassee, FL
1,598,452
3,986,308
WEll just pay on time and the rest will fall in place
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Fred Griffin Florida R...
Tallahassee, FL
1,386,774
Thanks for the links. I’ll be reading when I have time. The majority of my clients have very high credit scores or pay cash but I will read to learn more about it for future reference
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Fred Griffin Florida R...
Tallahassee, FL
4,961,547
I would think this is a scam
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Fred Griffin Florida R...
Tallahassee, FL