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0% interest credit account's affect on credit score

Senior Contributor

Re: 0% interest credit account's affect on credit score



bobkelly wrote:
And a person's income or net worth has no bearing on FICO scores either.  Funny world, eh?


Not really. FICO ain't a net worth score, it's a credit risk score.
 
Message 11 of 13
Moderator Emeritus

Re: 0% interest credit account's affect on credit score



Noah_Bodie wrote:


bobkelly wrote:
And a person's income or net worth has no bearing on FICO scores either.  Funny world, eh?


Not really. FICO ain't a net worth score, it's a credit risk score.
 


 
 
Yep you can have all the money in the world and still not pay your bills.  I actually know people like that.  Making 65k in an economy where the average income is 25k and has every bill collector in the world looking for them.

Message 12 of 13
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Senior Contributor

Re: 0% interest credit account's affect on credit score

I have friends that spend all their paycheck before the 2 weeks are up, go hungry for a few days depending on their next paycheck. They make 3 times what they need to be comfortable and still go on small shopping sprees. And blow it all mostly in the first week. Yep, they have no credit either because they maxed out that too, never paid it back. Money is gone before the bills come in. I have been watching this now for 2 years. I don't think they will ever change. And they don't care either because they say you have to live your life for today.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 13 of 13