Regular Contributor
Posts: 226
Registered: ‎03-25-2007

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..:smileywink:
Established Contributor
Posts: 565
Registered: ‎06-11-2007

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+