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what is the credit profile of someone with a 760 or higher?

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Anonymous
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Re: what is the credit profile of someone with a 760 or higher?

FICO score is used to measure risk of default, and hence it deals with probabilty and percentages.  As long as the score range statistics aren't too volatile, then the lenders can calculate with a good degree of accuracy how much to charge in fees, penalities and interest.  Hence the oftime predatory lending practices of the sub-prime market.
 
I would not like to have my income as a matter of quasi public record that could be sold to marketeers, so I'm glad that income isn't factored in..Smiley Wink
Message 21 of 22
Anonymous
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Re: what is the credit profile of someone with a 760 or higher?

it is a nice thing about FICO that it does not take into account income--it is purely based on risk. You can make $30,000K a year and have an 850 credit score, or you can make $1,000,000 a year and have a score in the 400's. The system is there and works, and if you know how to work it I believe you can succeed in what you want to do.
Message 22 of 22
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