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re: Let's be honest about credit scores
Posted on 10/23/17 at 8:20 pm to TheCurmudgeon
Posted on 10/23/17 at 8:20 pm to TheCurmudgeon
quote:
My CPA and my financial guy both tell me to carry some debt and pay it monthly just to inflate it.
Either you should fire both of them or you don't really understand what they are saying. I'm betting on the latter.
quote:
Your FICO score is simply a profitability rating for lenders
Nope, it's used for a wide range of other things. For example, a bad FICO may mean you get to pay an advance to get your utilities/cable started in a new home. It can impact a security clearance application.
And it doesn't indicate how profitable you are either. For example, credit card vendors get a "swipe fee" paid to them every time you use your card. This is part of how profitable you are as a customer, but has nothing to do with FICO.
Posted on 10/23/17 at 8:25 pm to foshizzle
How sad it would be to be this broke, you know that many credit scores info
Posted on 10/23/17 at 8:56 pm to foshizzle
So where am I wrong? That others use it on the premise that it reflects actual credit-worthiness/character doesn't legitimize it.
Lenders/creditors created and drive it. The idea that me, with a paid off house, a couple camps, no car debt, no student loans, pay my card off monthly, and who banks more of what I make every day/week/month/year than what I spend, has a less than perfect "credit score" is laughable.
It's about profitability; you carry debt, you pay interest, you're profitable so your score goes up.
Lenders/creditors created and drive it. The idea that me, with a paid off house, a couple camps, no car debt, no student loans, pay my card off monthly, and who banks more of what I make every day/week/month/year than what I spend, has a less than perfect "credit score" is laughable.
It's about profitability; you carry debt, you pay interest, you're profitable so your score goes up.
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