The all new FICO 08 has BIG Surprises for you
Fair Isaac has released their much anticipated FICO 08 scoring model. This new credit scoring formula has many differences relative to its predecessor FICO model.
FICO 08 is the first major change in Fair Isaac?s scoring model since the 1980?s. Fair Isaac predicts this new scoring model will better predict risk of default by 5-15% over its predecessor.
Many experts estimate this figure to be as high as 50%. FICO 08 has been released in 2009 in response to changing economical conditions and the demand for a better risk model.
FICO is used by most financial institutions so understanding the new changes are crucial. Many lenders will quickly be integrating this new scoring model into their underwriting systems.
Many of the underlying principles of FICO will remain the same. This includes the score range of 300-850 which will continue with the new model.
One of the mostly highly welcomed changes is that collection accounts with initial collection balances less than $100 will not have any impact on the credit score.
Very small collections such as small medical bills will no longer have an affect on the credit score if the initial balance on the account was less than $100 at the onset of the account on the credit report.
The new model will also be more forgiving on consumers who are late in one area, but not late in other areas on their credit. So if a consumer is occasionally late on a credit card account, the score change will be less than if that consumer was consistently late on all their payments.
The effect of an authorized user account will also change with FICO 08. There will be no more ?piggybacking?. This is when a customer with challenged credit gets added as an authorized user to accounts of someone with good credit to increase their scores.
With FICO 08 their will only be a score improvement for authorized user accounts for the consumer?s immediate family.
If the consumer has too few accounts, completely closed accounts, or has inactive accounts, the damage to the score will be more than other FICO models.
FICO 08 now contains between 12- 16 scorecards estimated. This is versus the 10 prior scorecards that existed with the prior FICO model. These scorecards are mathematical models that are used to assign a credit score.
Each scorecard is specific to an industry. For example the Auto Industry Option Scoring Model uses its own scorecard and weighs past auto history heavier than all other accounts while computing a credit score.
FICO will be a big upgrade for Fair Isaac. Most lenders and the credit bureaus are quick to implement this new model due to its increased ability to accurately predict credit risk.
For more questions on credit scoring and the enforcement of consumer credit rights visit www.PerfectCreditFast.com.
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The following may very well be a "nanci" story but I suspect there is more than a grain of truth!
I am told that the Closed Bretheren community which is one of the most business savvy groups on this island do NOT insure their assets or persons beyond what is required by law e.g. motor vehicle third party insurance.
One story goes about the time a closed brethren member was negotiating a large loan from a bank on Broad Street. The manager was not from Barbados and was ignorant about the closed bretheren. He insisted that insurance be purchased consequent with the loan approval. The bretheren member told the manager that he didn't believe in insurance and anyway should anything happen by way of death or destruction the loan would be repaid with the help of the bretheren community. This foreign manager persisted and said he would turn down the loan application if insurance was not taken out. The bretheren asked him if he knew anything about them (and their accounts). He said he didn't care, "banking principles are banking principles!" Well news of this got to those higher up in the bank. The bretheren guy got his loan without any insurance requirement and the manager was sent packing back to where ever he had come from!
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To whom it may concern:
Reasons why Citibank sucks. My wife and I were recently "upgraded" to the Citi World Elite credit card. What a joke and horrible experience that "upgrade" has been to date. It was pitched to us as having more features and benefits, but our mileage has varied greatly. Let me start by saying that I have been a long time loyal Citibank customer for 11 years and I pay my balance in full every month (and we charge everything so it's not a small amount).
About six months ago, Citibank decided that my 10 year old account was no longer viable and issued me a new account number under the guise of an "upgrade." Well issue number one with that was that they didn't tell me (although their customer service will swear differently). That's great and all, but never mind the fact that I had my HOA fees, gym membership, Electric Bill and Cable bill all auto debited to my credit card. So by not telling me I had a newly "upgraded" account number, I incurred late fees with all said auto payments to my now defunct old credit card number. Thank you Citibank.
I eventually worked all of my auto payments out to the new number, but the headaches didn't stop there. It turns out that the new card was designed to never be usable. I have been declined about two dozen times over the past six four months due to, "our fraud detection system is working on your behalf." What a load of crap. Here's an example: I go the the Columbia Mall (about 15 mins from my house) and then go to the grocery store a block from my house…guess what!?! Declined at the grocery store since my card was in two different zip codes within 20 minutes. Are you kidding me? And let's not dismiss the snarky attitude of the operator over seas all the while being condescending to me.
My wife and I like to travel and I can honestly say that in the past six months, we've been declined on our card in every state and country we have visited. I'd like to emphasize again that I am a customer of 11 years who has always paid his balance in full every month. It's to the point to where I feel humiliated, embarrassed and feel like I am rolling the dice every time I use my card. Does Citibank care when I call to voice my concurs…hell no. The person over seas doesn't care and tries to get me off the phone as quick as possible. When I ask a question that doesn't fit their operator script, I am put on hold and asked to take a Customer Satisfaction Survey. Oh the arrogance. What a joke!
The last straw came this afternoon when I called customer service for the second time after being declined at my local grocery store…again. I was told that my, "card has a bad security code embedded in the magnetic stripe" and that's why I was declined…again. Crap, crap, crap. Lies, lies, lies. I am done with this company. There are plenty of other money hungry credit issuing monsters out there who will at least buy me dinner before they F me. Screw you Citibank, I'm out.
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How many state governors are going to turn this money down and then take credit for the improvement that follows? HMMM
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I'm sorry to hear that
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RT triwhy: Just hope that they're all inactive accounts or you just get yourself ashamed.
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Most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company.
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I see a major change coming
RT Were I an #ANZ customer I'd be visiting the bank to say I'll be off to one of the many lenders >1% cheaper unless the 0.06% rise is waived.
If you want an interest only mortgage now, most lenders are only offering 50% LTV, those with interest only will have problems in the future
The South going up — that’s much more interesting.
Eyeballing the graphs it looks like most of the catching up happens between 1940 & 1960, with lesser but significant amount in 1920-1940, and with a persistently steep S shape before that. So can the New Deal/WWII fiscal stimulus take credit for the improvement of the South's fortunes?
According to Wikipedia: The median household income by state ranged from $36,338 or 28% below national median, in Mississippi to $68,080 or 36% above national median in Maryland. That's a somewhat apples to oranges to your data, but that suggests that the S of your graph keeps the same shape after 1960 and doesn't get any shallower.
So it looks like a poor region catching up to more developed ones is something unusual. Here's my favorite map overlapping an old pattern and a current economic division: An Imperial Palimpsest on Poland’s Electoral Map, or the Polish railways map, which show the old border between pre-WWI German and Russian empires still dividing Poland into 2 regions of different economic development.]]>
…a "buzzword" is exactly what tf-IDF is.
Sorry, Dan. I understand what you are coming from, but I have to disagree with you as well. Referring to IDF as a "buzzword" should be avoided. Why?
Buzzword is often used in reference to something that is new and obscure. He might not have literaly used the qualifier, but by using "buzzword" the message that came across was one of presenting tf-idf as something new and obscure.
Dan, since you want to go with the "definition defense", a definition is as good and accurate as who proposes it -Google in this case.
Merriam-webster dictionary lists this for "buzzword": (emphasis added to stress intention)
1: an important-sounding usually technical word or phrase often of little meaning used chiefly to impress laymen
2: a voguish word or phrase —called also buzz phrase
tf-idf stands for term frequency*inverse document frequency as a clear meaning. It is not of little meaning used chiefly to impress, nor is a voguish word or phrase. The scoring model it defines is quite simple:
tf = number of times a term appears in a document
idf = log(N/ni)
where N is the collection size and ni number of documents mentioning query term i. It is not possible to compute IDF, nor tf*idf without knowing the number of documents N in the collection. If assuming term independence, any computed estimate of N, IDF, and tf*idf can be meaningless, especially with a dumb tool that does not use large-scale web collections.
Wikipedia has this line about "buzzword" (emphasis added to stress intention)
Buzzwords differ from jargon in that they have the function of impressing or of obscuring meaning, while jargon (ideally) has a well-defined technical meaning, if only to specialists. However, the hype surrounding new technologies often turns technical terms into buzzwords.
Wikipedia also lists these "Reasons for using buzzwords" (emphasis added to stress intention)
Reasons for using buzzwords
With any stipulative neologism, such as "quark," to describe new concepts, without the danger of over-simplification and confusion that can arise from using words and phrases with previously established, commonplace meanings.
To control thought by being intentionally vague. In management, stating organizational goals by using words with unclear meanings but positive connotations prevents anybody from questioning the directions and intentions of these decisions, especially if many such words are used.[2] (See also newspeak.)
To boost creativity among listeners by compelling them to think of the applications and particulars on their own.
To make something trivial seem to have greater import and stature.
To impress a judge or examiner by seeming familiar with a theory or principle by dint of mere name-dropping, as with "cognitive dissonance" or the "Heisenberg Uncertainty Principle."
To provide a camouflage for saying nothing in particular.
Indeed, none of the above "definitions" applies to IDF or tf-idf, and quite honest is insulting and a bad descriptor used by someone that pretends to be a teacher, which is why your apparent "definition defense" cannot be sustained.
Let's discuss now the merits of the tf-idf tool reviewed.]]>
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