Can someone please tell me once and for all, is your DTI factored into your credit score? Huge debate errupted in my house last night and I trust the answers from this board. Thanks
Best of my knowlege, your income doesn't play a part in your FICO score. They don't want to know how much you make, just how you make your payments and your utilization. I know it is strange but Bill Gates could have a FICO score under 600 if he made late payments on his credit card and/or have a high utilization on his CC......another reason FICO isn't perfect.
FICO® scores consider a wide range of information on your credit report. However, they do not consider:
Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
Your age. Other types of scores may consider your age, but FICO® scores don't.
Your salary, occupation, title, employer, date employed or employment history. Lenders may consider this information, however, as may other types of scores.
Where you live.
Any interest rate being charged on a particular credit card or other account.
Any items reported as child/family support obligations or rental agreements.
Certain types of inquiries (requests for your credit report). The score does not count “consumer-initiated” inquiries – requests you have made for your credit report, in order to check it. It also does not count “promotional inquiries” – requests made by lenders in order to make you a “pre-approved” credit offer – or “administrative inquiries” – requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.
Any information not found in your credit report.
Any information that is not proven to be predictive of future credit performance.
Whether or not you are participating in a credit counseling of any kind.
The slide from grace is really more like gliding And I've found the trick is not to stop the sliding But to find a graceful way of staying slid
