From what I understand it’s a pretty shit system that doesn’t work that well.
From the example posted here, it’d be extremely trivial to set up a system that doesn’t deduct points because you paid off a debt. That makes zero sense.
Some dude may have come up with a basic model 20 years ago but it needs updating - any half decent data scientist at this stage would be able to build a better system.
A lot of the FICO scores (there are different scores for different things) don’t ding you for it, but most of the monitoring apps use Vantage.
I find the difference between my FICO 8 and Vantage 3 to be as much as 100 points. Most people seem to have higher Vantage scores, but my FICO tends to be higher. They’re different companies that use different systems.
From what I understand it’s a pretty shit system that doesn’t work that well.
From the example posted here, it’d be extremely trivial to set up a system that doesn’t deduct points because you paid off a debt. That makes zero sense.
Some dude may have come up with a basic model 20 years ago but it needs updating - any half decent data scientist at this stage would be able to build a better system.
A lot of the FICO scores (there are different scores for different things) don’t ding you for it, but most of the monitoring apps use Vantage.
I find the difference between my FICO 8 and Vantage 3 to be as much as 100 points. Most people seem to have higher Vantage scores, but my FICO tends to be higher. They’re different companies that use different systems.