What impacts FICO score and how full of it are the credit bureaus?

[ponyo]

It's often requested for larger lines of credit, though, no?

If you want $50k+ line, they might request it.

 

[rcpratt]

If you want $50k+ line, they might request it.

I think I've been asked for car leases. And my credit is excellent.

I think they also asked when I got a zero interest loan on my washer/dryer from home depot.

 

[Vic]

Lenders don't even look at the 'too many accounts recently opened, ' etc comments. Those are just generalized statements from the credit scorer to explain why the applicant doesn't have a perfect score.

What lenders do look at on credit reports:
- information that confirms the applicant's identity (name, SSN, and address variations),
- the actual score, which is an indicator of the applicant's likelihood of default,
- the TRA or total revolving available, the ratio of revolving credit available against the sum of all open limits, the higher the better (ie if you had a $1k balance on a card with a $10k limit, you would have a 90% TRA),
- public records like bankruptcy, judgments, and tax liens,
- number of active tradelines,
- actual derogatory items (like late payments or collections) and their severity (like a short sale or foreclosure),
- number of recent inquiries (which indicate that the applicant may have recently obtained credit that is not yet reporting).

Income is not on credit reports, although an experienced credit underwriter can usually infer it from the overall profile.
Since Dodd-Frank, all loans and lines secured by residential property require documentation of ability to repay (ATR). No more stated income or 'liar' loans.

A quick note on short sales: they are a very serious derogatory comparable to a foreclosure, particularly if the mortgage was in default before the short sale was completed. Not making your payments is not making your payments.

 

[SSSnail]

Transunion is shit.