Comments on: Is It Fair For You To Be Judged By Your FICO Score? http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/ Good Habits for a Great Life! Thu, 09 Feb 2012 21:03:37 +0000 hourly 1 http://wordpress.org/?v= By: Pinyo http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-2038 Pinyo Mon, 08 Sep 2008 14:01:31 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-2038 I agree with FFB. Although not perfect, FICO is a good place to start but it should not be the sole judge. <abbr><em>Read Pinyo's lastest article - <a href="http://www.moolanomy.com/823/asset-allocation/" rel="nofollow">Everything You Ever Wanted To Know About Asset Allocation</a></em></abbr> I agree with FFB. Although not perfect, FICO is a good place to start but it should not be the sole judge.

Read Pinyo’s lastest article – Everything You Ever Wanted To Know About Asset Allocation

]]> By: berchta http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1964 berchta Mon, 01 Sep 2008 12:18:09 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1964 Thank you for all the tips. It is such a great article. Had fun reading it. I personally think knowing things about credit score charts too can be dead useful when it comes to improving credit score because we will need them when applying for bank loans or any kind of loan even payday loans. You can find some cool tips about how to improve your credit score at www.repaircreditscore.info. They helped me a lot. Thank you for all the tips. It is such a great article. Had fun reading it. I personally think knowing things about credit score charts too can be dead useful when it comes to improving credit score because we will need them when applying for bank loans or any kind of loan even payday loans. You can find some cool tips about how to improve your credit score at http://www.repaircreditscore.info. They helped me a lot.

]]> By: Festive Link Love Carnivality #22 | Free From Broke http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1959 Festive Link Love Carnivality #22 | Free From Broke Sun, 31 Aug 2008 12:16:17 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1959 [...] Is It Fair For You To Be Judged By Your FICO Score? at My Super Charged Life.  Interesting points here on how valid a FICO score is in determining the creditworthiness of a person. [...] [...] Is It Fair For You To Be Judged By Your FICO Score? at My Super Charged Life.  Interesting points here on how valid a FICO score is in determining the creditworthiness of a person. [...]

]]> By: Link Love :: the FINALLY Time To Relax edition | simple mom http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1958 Link Love :: the FINALLY Time To Relax edition | simple mom Sun, 31 Aug 2008 10:03:08 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1958 [...] Is It Fair For You To Be Judged By Your FICO Score? :: My Super-Charged Life (my answer - a resounding no!) [...] [...] Is It Fair For You To Be Judged By Your FICO Score? :: My Super-Charged Life (my answer – a resounding no!) [...]

]]> By: Weekly Roundup: Abbreviated Edition | Frugal Dad http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1952 Weekly Roundup: Abbreviated Edition | Frugal Dad Fri, 29 Aug 2008 11:00:38 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1952 [...] Is It Fair to Be Judged by Your FICO Score?  I hate what FICO has become. A FICO score says little about the quality of its owner, and makes assumptions about people’s lifestyle that is rarely accurate outside of statistical correlation. [...] [...] Is It Fair to Be Judged by Your FICO Score?  I hate what FICO has become. A FICO score says little about the quality of its owner, and makes assumptions about people’s lifestyle that is rarely accurate outside of statistical correlation. [...]

]]> By: Frugal Dad http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1939 Frugal Dad Wed, 27 Aug 2008 17:55:19 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1939 Insurance companies have mangled statistics to justify raising premiums based on FICO stores because of some supposed correlation between low FICOs and accidents. I hate that FICO has taken over our lives, but it just about has. I don't go out to try and destroy my FICO on purpose, but I refuse to be held hostage by it, too. Insurance companies have mangled statistics to justify raising premiums based on FICO stores because of some supposed correlation between low FICOs and accidents. I hate that FICO has taken over our lives, but it just about has. I don’t go out to try and destroy my FICO on purpose, but I refuse to be held hostage by it, too.

]]> By: Jeff http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1938 Jeff Wed, 27 Aug 2008 12:16:10 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1938 @FFB - I think we are on the same page. The FICO score sums up a person's payment history. It tells you if the person borrows money and then whether or not they follow through on such commitments. It has a fairly narrow focus. However, I think that many organizations are using it far beyond it's original intention. @Happy Rock - I agree that the FICO score reinforces a debt culture. I would also take the person without debt and tons of cash. @Patrick - The trouble is it seems many organizations don't recognize the FICO score for what it is. They are using it much more broadly than it was intended. This has negative reprecussions. I don't agree with the strategy of taking out loans to build up your FICO score just because it is easier. I think Happy Rock was right about this reinforcing a debt culture. No thanks! I appreciate your well-thought out comments! @FFB – I think we are on the same page. The FICO score sums up a person’s payment history. It tells you if the person borrows money and then whether or not they follow through on such commitments. It has a fairly narrow focus. However, I think that many organizations are using it far beyond it’s original intention.

@Happy Rock – I agree that the FICO score reinforces a debt culture. I would also take the person without debt and tons of cash.

@Patrick – The trouble is it seems many organizations don’t recognize the FICO score for what it is. They are using it much more broadly than it was intended. This has negative reprecussions.

I don’t agree with the strategy of taking out loans to build up your FICO score just because it is easier. I think Happy Rock was right about this reinforcing a debt culture. No thanks!

I appreciate your well-thought out comments!

]]> By: Patrick http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1936 Patrick Tue, 26 Aug 2008 19:49:59 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1936 I understand your point about the system being unfair to those who have low credit scores because they simply don't take on debt. And to an extent, I agree. The FICO score may be imperfect, but you have to recognize the FICO score for what it is. I'm of the opinion that it may be easier to just take out a small loan to build some credit than to try and find a creditor willing to lend you money based on no credit history - especially with many creditors tightening their purse strings in recent months. Very thought provoking article. :) I understand your point about the system being unfair to those who have low credit scores because they simply don’t take on debt. And to an extent, I agree. The FICO score may be imperfect, but you have to recognize the FICO score for what it is. I’m of the opinion that it may be easier to just take out a small loan to build some credit than to try and find a creditor willing to lend you money based on no credit history – especially with many creditors tightening their purse strings in recent months. Very thought provoking article. :)

]]> By: The Happy Rock http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1933 The Happy Rock Tue, 26 Aug 2008 13:12:11 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1933 I think it is silly since it often rewards what I consider really low value handling of finances. So what that a person can open a whole bunch of debt and pay it on time. I would take the person without debt and tons of cash flow in a heartbeat. It is pretty much a sham IMO and reinforces a debt culture. I think it is silly since it often rewards what I consider really low value handling of finances. So what that a person can open a whole bunch of debt and pay it on time. I would take the person without debt and tons of cash flow in a heartbeat. It is pretty much a sham IMO and reinforces a debt culture.

]]> By: FFB http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/comment-page-1/#comment-1932 FFB Tue, 26 Aug 2008 13:01:25 +0000 http://mysuperchargedlife.com/blog/is-it-fair-for-you-to-be-judged-by-your-fico-score/#comment-1932 I think it can be fair to use FICO score as a judge, just not as the sole measurement. No one number can give a well rounded view of a person. I think in today's credit crunch we may see FICO scores and similar measurements used more. From an employer's perspective - if a person can't handle their credit cards how can they handle a million dollar account? Again all situations are different but I think it's a valid question to at least consider for an employer. There does need to be some better way to account for people who pay their bills promptly but do not use credit. For them a FICO score may not seem fair. I'm thinking that FICO is an adult version of an SAT score. SAT's don't tell you everything you need to know about a student but it is a basic measure of a student's aptitude. I think it can be fair to use FICO score as a judge, just not as the sole measurement. No one number can give a well rounded view of a person. I think in today’s credit crunch we may see FICO scores and similar measurements used more. From an employer’s perspective – if a person can’t handle their credit cards how can they handle a million dollar account? Again all situations are different but I think it’s a valid question to at least consider for an employer. There does need to be some better way to account for people who pay their bills promptly but do not use credit. For them a FICO score may not seem fair.

I’m thinking that FICO is an adult version of an SAT score. SAT’s don’t tell you everything you need to know about a student but it is a basic measure of a student’s aptitude.

]]>