2004 Credit Suit

Fair Isaac: disclosure & deception

myFICO Holiday Newsletter:

"Saying Yes to Holiday Credit Card Offers Can Mean Higher Rates Down the Road for Mortgages, Car Loans and Insurance"

....

That one time 10 percent off your purchases offer can cost you a lot of money later,” says Craig Watts, a spokesman for myFICO.com®, ...

1) "Opening as few as two new cards this holiday season could drive your credit rating sharply lower – especially if your credit is marginal."

This is what I have been saying all along. If you have LOW FICO scores, the slightest action can lower your scores dramatically.

If you have HIGH FICO scores, you can take advantage of those discounts and your scores will most likely NOT be lowered at all.

Fair Isaac redistributes assets from the poor and working people to the already wealthy Americans.

If you have a low FICO score, you simply can NOT win.

a) You apply for the discount offer and you get declined.

* You don't get the discount and you pay more.
* You get another inquiry, your score is most likely lowered even more.

b) You get approved.

* You got another inquiry, your score is most likely lowered.
* You also get a NEW account, possibly even a finance company account, your FICO score is lowered.

c) You take Fair Isaac's advice and decide NOT to apply for any discount.

* You pay more for your purchases.

Why are you putting up with this crap?

Why am I the ONLY person suing Fair Isaac??????

2) "Don’t plan on opening new cards and transferring balances to get a lower rate later. Credit bureaus don’t take into account that you’ve gone for a lower rate, so each new card could count against your score. "

That's the deception, the spin.

It is NOT the "credit bureaus'" fault that they don't take into account that you've gone for a lower rate. FAIR ISAAC fails to take into account that you are only saving on your purchases and lowers your scores!!!!

The credit bureaus do NOT take ANYTHING into account, they only REPORT your credit. They do NOT approve or decline your applications.

Fair Isaac designed the FICO scores to keep at least 50 million American paying 20+% interest rates and high insurance rates.

Your LEGISLATORS have no problem with that - most are millionaires.

Screenshot of the email:

Posted by Christine at December 9, 2003 01:45 PM