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"Interesting Info from the CEO of FICO, on Credit Cards

Frequent Contributor

"Interesting Info from the CEO of FICO, on Credit Cards

 

I was watching this on TV as I was having my morning coffee yesterday and found it very interesting.  Sometimes it seems we all suffer from getting the right  information, so I thought the CEO of FICO would be about the "BEST SOURCE" for information regarding them.

 

Its an interesting interview and I learned some stuff from it. Hope everyone enjoys it.

 

 

 

http://www.cnbc.com/id/15840232?video=1206583234&play=1

Message 1 of 25
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Moderator Emeritus

Re: "Interesting Info from the CEO of FICO, on Credit Cards

At 2:50, Mr. Greene stated the "average FICO score is in the mid 600's". This is far lower than in years past. Obviously, our lousy economy has really damaged the credit ratings of countless Americans.
Message 2 of 25
Frequent Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards


DickC wrote:

 

I was watching this on TV as I was having my morning coffee yesterday and found it very interesting.  Sometimes it seems we all suffer from getting the right  information, so I thought the CEO of FICO would be about the "BEST SOURCE" for information regarding them.

 

Its an interesting interview and I learned some stuff from it. Hope everyone enjoys it.

 

 

 

http://www.cnbc.com/id/15840232?video=1206583234&play=1


Very informative.  Thanks for the link.

I want PATIENCE...and I want it NOW
Message 3 of 25
Established Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards

Thanks DickC, I knew the CEO was going to be on CNBC and then forgot to watch! Your post not only reminded me(my age is taking a toll) but allowed me to see it.

 

Excellent post!!

Message Edited by plasticman on 08-06-2009 09:26 PM
Message 4 of 25
Established Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards


fused wrote:
At 2:50, Mr. Greene stated the "average FICO score is in the mid 600's". This is far lower than in years past. Obviously, our lousy economy has really damaged the credit ratings of countless Americans.

It does make me wonder if that is the average why my report says

 

"A FICO® score of 719 is a little below average. Keep in mind, however, that many lenders consider scores in this range as acceptable. Based on your score alone, you might expect the following:"

 

I wonder if they will update the "average"

Message 5 of 25
Frequent Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards


plasticman wrote:

Thanks DickC, I knew the CEO was going to be on CNBC and then forgot to watch! Your post not only reminded me(my age is taking a toll) but allowed me to see it.

 

Excellent post!!

Message Edited by plasticman on 08-06-2009 09:26 PM

 

LOL,yes I know the 'age thing" (being 62 in a week) . I was actually up as I was getting ready to play golf but when I saw they were going to interview him, I knew I had to stay and watch.
Message 6 of 25
Established Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards

Thanks for the post. I was surprised by the streaming text in the video which stated that Fico scores were used in  75% of al mortgages. I would have guessed this to be much higher. 
TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Message 7 of 25
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Re: "Interesting Info from the CEO of FICO, on Credit Cards


fused wrote:
At 2:50, Mr. Greene stated the "average FICO score is in the mid 600's". This is far lower than in years past. Obviously, our lousy economy has really damaged the credit ratings of countless Americans.

 

Fused, After listening to the CEO make that statement immediately perked my ears up because I think he made an unintentional misstatement. I think I have heard or read it is much higher than that. Possibly he meant mid 700"s? Something like 740 or so..... What do you think?
Message Edited by plasticman on 08-06-2009 09:50 PM
Message 8 of 25
Established Contributor

Re: "Interesting Info from the CEO of FICO, on Credit Cards

It is possible that he confused average with median. He mentioned that scores at the high end have been rising and the middle and low scores have fallen. Basically he said that there are much fewer people in the middle (between 600-720?). 
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Message 9 of 25
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Re: "Interesting Info from the CEO of FICO, on Credit Cards


cobaltnv wrote:
It is possible that he confused average with median. He mentioned that scores at the high end have been rising and the middle and low scores have fallen. Basically he said that there are much fewer people in the middle (between 600-720?). 

 

I think you may be on to something there!
Message Edited by plasticman on 08-06-2009 09:55 PM
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