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Message

Do you believe Income should be considered in FICO?
Posted on 5/27/09 at 2:26 pm
Posted on 5/27/09 at 2:26 pm
Just curious what you guys think?
Just seems to me that income should factor in when it comes to deciding a score that has a say in the ability for one to pay a loan. Just seems that in the last 20 years we have become joined at the hip to a score and important things like DTI ratios are taken less seriously than debt to credit ratios. A guy that makes 100K could open up a CC account and ask for a 1K limit and pay everything else off in cash. Well anytime he uses that card his DTC goes way up. Meanwhile you can have someone that works at Popeyes have 5000 in available credit that they can max out at any point. But a credit score will favor the min wage person over the guy that is frugal.
Just seems to me that income should factor in when it comes to deciding a score that has a say in the ability for one to pay a loan. Just seems that in the last 20 years we have become joined at the hip to a score and important things like DTI ratios are taken less seriously than debt to credit ratios. A guy that makes 100K could open up a CC account and ask for a 1K limit and pay everything else off in cash. Well anytime he uses that card his DTC goes way up. Meanwhile you can have someone that works at Popeyes have 5000 in available credit that they can max out at any point. But a credit score will favor the min wage person over the guy that is frugal.
Posted on 5/27/09 at 2:33 pm to Catman88
Short answer, yes. I've always thought FICO calculations were absurd.
Posted on 5/27/09 at 2:40 pm to Tiger JJ
quote:
FICO calculations were absurd
agreed
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