Changes to consumer FICO scoring for 2008

[Stroganoff]

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http://articles.moneycentral.msn.com/Banking/YourCreditRating/BuildAKillerCreditScoreIn2008.aspx


* One biggie is they are closing the authorized user loophole.
* Hard inquiries will sting much less.
* New accounts will sting much less.
* Active use of your trade lines will be more important (rather than leaving them idle for months at a time.)


I don't have more hard numbers at this point on specific factors (Fair Isaac is very protective of their collection of ~30 FICO formulas), but as more people use trial-and-error with their FICO scores in the next months, more details will be released.

 

[IceMan0824]

* One biggie is they are closing the authorized user loophole.

Losing the piggyback trick is going to hurt. I know many-a-people enjoying their parent/spouse good habit. It's a shame the pendulum has to swing back to the loan companies.

I should add that you can still share someone else's past credit information by joining as a joint account holder on a card. This closes the 'authorized user' loophole.