One thing that always must be recognized. FICO is a generic credit model score, meaning that it is not tailored to specific applicant details, or specific market history. Yeah, it tries to narrow down the comparison against all peoples populating the credit world by creating their "buckets," but these are still not market-specific. It is just the starting point for any lender, and their decision process. FICO is a generic score model that is intended to be quick and up to date for quick decisions by those who choose to rely upon it, but it inherently ignores many important factors that cannot be monitored by the credit bureaus on a month to month basis. While some creditors, such as entry CCs, may give it high importance, it shrivels in importance when seeking any lender-specific type of credit, particularly if it is non-revolving, such as mortgage or auto. Any major lendor has their own separate model to assess a "good/bad" risk decision. They typically use decison-based models that first separate applicants according to categories not even considered in FICO modeling, such as residential status (rentor, home-owner, or living with mamma), income, debt to income, age, prior history on loan-specific accounts for their own market, such as mortagages or auto loans (hence, "auto-enhanced" scores), and other equity. No lender equates FICO, in and of itself, as the criterion for a good/bad lending decision, and neither would I. So asking what FICO one needs for this or that loan or credit approval is only a general question that cannot be answered on this forum, but only by the credit lender. Period.
Message Edited by RobertEG on
10-27-2007 11:31 PMMessage Edited by RobertEG on
10-27-2007 11:33 PMMessage Edited by RobertEG on
10-27-2007 11:37 PMMessage Edited by RobertEG on
10-27-2007 11:41 PM
