09-10-2007 09:08 PM
09-11-2007 11:16 AM
09-11-2007 05:57 PM
09-11-2007 06:31 PM
RobertEG wrote:I think it is being a bit naive to state that income has no relationshop to ability tp pay debt... it certanly does. Paying requires both abiliity and willingness. I think a primary reason why income is not included in FICO scores is due more to the fact that income data is something that they simply do not have the ability to collect and update regularly. Just try to secure a home loan without disclosure of income, and you will realize that it does count. FICO is thus not an overall measure of try credit worthiness, but more simply a historical snapshot of how you have paid debt in the fairly recent past.
09-13-2007 11:52 PM
bobkelly wrote:The higher earning income individual has more disposible income, therefore more of an ability to repay the $2500 loan in this example.
09-14-2007 12:25 PM
You seem to be the only one who don't get this--or perhaps Mom shoulda put you to bed earlier as you have soccer practice in the morning.
09-15-2007 07:37 AM
09-15-2007 11:30 PM
09-18-2007 01:33 PM
Now all we have to do is educate the supposedly educated and 'splain it to lenders who issued loans based on FICOs alone.I cannot help but chuckle at the similarity of the two statements below."How can I be overdrawn? I still have checks.""How can the loan be in default? We pulled the guys credit?"
09-25-2007 06:27 AM - edited 09-25-2007 06:28 AM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.