No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@Anonymous wrote:
for the 5k balance Q, dont forget that financially responsible people are more are less likely to jump into a big purchase (such as a car) unprepared, I will use my latest car loan as an example: in May 2006, we decide to upgrade my wife's car, so we opened what we called a car saving acct, by Dec 06 we had 9k ready in it for the car down payment. the car we chose, had a price tag of 22k(being financially consrervitive also means no crazy 50k suv for us), so we put down the 9k and after taxes and all we had to finance about 15k, next was the payments: by the time this loan hit my credit report( took 2 months) I already paid down the balance to 13k, now 12 months later, the balance is indeed under 5k, so the way I see it, high FICO is another factor in being financially responsible and theirfore not jumping into big debts if you can avoid it.
Message Edited by mkatan on 01-06-2008 06:04 AM
@smallfry wrote:
I bought a new car December 2006 for c. 25K now 1 year later the loan is down to 11K. I have gotten 0 FICO points for it.
@marty56 wrote:
I wonder if that is because they are secured loans. It is also interesting to me that if you max a CC out, you get a score hit but FICO has no interest that a ARM mortgage that goes up
@haulingthescoreup wrote:
@smallfry wrote:
I bought a new car December 2006 for c. 25K now 1 year later the loan is down to 11K. I have gotten 0 FICO points for it.
It's results like this that make it apparent how little weight installment and mortgage loans carry in scoring. They do count, but you sure don't get the swings in score changes that you do with revolving.
@smallfry wrote:I liken FICO to a man's lot in marriage. You don't get much credit for doing the right things but screw up and oh boy.
@haulingthescoreup wrote:It's results like this that make it apparent how little weight installment and mortgage loans carry in scoring. They do count, but you sure don't get the swings in score changes that you do with revolving.
smallfry wrote:I bought a new car December 2006 for c. 25K now 1 year later the loan is down to 11K. I have gotten 0 FICO points for it.
@smallfry wrote:
@haulingthescoreup wrote:
@smallfry wrote:
I bought a new car December 2006 for c. 25K now 1 year later the loan is down to 11K. I have gotten 0 FICO points for it.
It's results like this that make it apparent how little weight installment and mortgage loans carry in scoring. They do count, but you sure don't get the swings in score changes that you do with revolving.
I liken FICO to a man's lot in marriage. You don't get much credit for doing the right things but screw up and oh boy.
@Anonymous wrote:
for the 5k balance Q, (snip)
mkatan: I was questioning the 1.2k, not the 5k. I would be shocked if the 1.2k has been true for quite awhile, especially with all the recent inflation!!
Re installment loans: the recent housing loan probs make me wonder if installment loans will be come more predictive in the future, especially with exotic loans, and therefore weighted more heavily in future formulas. A glimpse of "FICO2012"???