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@Anonymous wrote:FICO does NOT understand modern credit card usage, indeed. I for one do not like cash. I dont like to be short of 5 bucks at the grocery store. I dont like to go to the bank with 5 lb of change to count it and deposit it. What do I do? I charge to the credit card and pay the balance off in full before the due date. Also, I would be STUPID to not pay with department store cards and get 20% or more off on my purchases.
Confused_About_FICO_Score wrote:FICO does NOT understand modern credit card usage, indeed.
hunting_bears wrote:I've read this whole thread many times and the only thing I can't understand if that you have good investments, a nice savings, a good income, basically have a good financial life set up why would you worry about a CS? If you have money to pay off a mortage, to buy a car outright, to rack up thousands of dollars on your CC each month and have the money to PIF then a mid-range to good CS should be the least of your worries because frankly you wouldn't need it. I don't think people like Bill Gates or Warren Buffet or even new millionaires worry about their CS for personal purchases. They know they have the money to pay it outright so there's no need for credit for that purchase.
just_curious wrote:One clear improvement would be to include the aspect of accounts which are PIF each month (no interest charges) which is clearly available, even if Fair Issac chooses to disregard it now. In fact - if one of the FICO folks who follow this forum cares to respond, I would ask - Why not add that component to the factors you consider?????
hunting_bears wrote:
I've read this whole thread many times and the only thing I can't understand if that you have good investments, a nice savings, a good income, basically have a good financial life set up why would you worry about a CS? If you have money to pay off a mortage, to buy a car outright, to rack up thousands of dollars on your CC each month and have the money to PIF then a mid-range to good CS should be the least of your worries because frankly you wouldn't need it. I don't think people like Bill Gates or Warren Buffet or even new millionaires worry about their CS for personal purchases. They know they have the money to pay it outright so there's no need for credit for that purchase.
masdeocho wrote:
hunting_bears wrote:I've read this whole thread many times and the only thing I can't understand if that you have good investments, a nice savings, a good income, basically have a good financial life set up why would you worry about a CS? If you have money to pay off a mortage, to buy a car outright, to rack up thousands of dollars on your CC each month and have the money to PIF then a mid-range to good CS should be the least of your worries because frankly you wouldn't need it. I don't think people like Bill Gates or Warren Buffet or even new millionaires worry about their CS for personal purchases. They know they have the money to pay it outright so there's no need for credit for that purchase.I've said this on other threads, so skip this if I am repeating myself repeating myself ...FICO scores are used for purposes other than credit. Here's a few examples:1. Your auto insurance premium is partially determined by your FICO score. The actuaries found a correlation between credit scores and number of auto claims filed. You get charged more if you have a low score. (I just had an accident last night, so I can hardly wait to see what happens to my premium. Fortunately my scores increased recently ).2. If you start a new business, you may need capital. OK, let's pretend you're loaded and can finance it yourself and don't need a loan. However, depending on the type of business, you may need a license, permit, or bond to operate it. You may need a good credit score to get that piece of paper or you're SOL (and I don't mean "statute of limitations").3. Want to fight terrorism? If you apply for a job that requires a security clearance, the Feds/military are extremely interested in your credit and financial position. It seems they don't want to reveal State secrets to people who are desperate for cash and could be manipulated by Evil-Doers ...
@Anonymous wrote:
We must take into consideration that they're running a business and they have to choose what to implement in according to customer demand.
haulingthescoreup wrote:I for one do not want anything more reported to the CRA's than what already is. One snapshot of my credit usage per month is plenty, thank you. And if they start reporting mid-cycle balances, or whether I PIF'd after the balance was reported, or my average balance over the month, that is just additional opportunities for things to get screwed up. And that means more crap that I have to try to clean up.