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@Anonymous wrote:The FICO scores go up and down dramatically because the scoring people are morons. Here is a quiz. Who has the lower score, assumi9ng allthings are equal:1.
psychojr wrote:The FICO scores go up and down dramatically because the scoring people are morons. Here is a quiz. Who has the lower score, assuming allthings are equal:1. Person 1 makes $300,000 per year, has credit card with $50,000 line and a $40,000 average balance on the statement, but the balance is paid in full each month. Person 2 has no other debt.2. Person 2 makes $20,000 per year, has a credit card with $20,000 line and a $10,000 balance. The minimum payment is made each month and he has a mortgage balance of $50,000.Assuming equal credit history lengths and payment histories, Person 1 most likely has the lower score. The credit scorers DO NOT take into account whether you pay off your credit card each month.I'm similar to person 1 and get nailed on a card I use for business. It has a $40k limit and I run about $1,000,000 through it each year for the points. The system stinks.
Message Edited by psychojr on 02-06-2008 01:07 PM
@Anonymous wrote:The FICO scores go up and down dramatically because the scoring people are morons. Here is a quiz. Who has the lower score, assuming allthings are equal:1. Person 1 makes $300,000 per year, has credit card with $50,000 line and a $40,000 average balance on the statement, but the balance is paid in full each month. Person 2 has no other debt.2. Person 2 makes $20,000 per year, has a credit card with $20,000 line and a $10,000 balance. The minimum payment is made each month and he has a mortgage balance of $50,000.Assuming equal credit history lengths and payment histories, Person 1 most likely has the lower score. The credit scorers DO NOT take into account whether you pay off your credit card each month.I'm similar to person 1 and get nailed on a card I use for business. It has a $40k limit and I run about $1,000,000 through it each year for the points. The system stinks.
Message Edited by psychojr on 02-06-2008 01:07 PM
llecs wrote:Edit: FICO also doesn't care how large your credit lines are.
@Anonymous wrote:Mostly true, but not entirely.There is a certain point, I believe it's around $25K or $30K CL on a single CC, where that CC stops counting as revolving.Somebody back me up on this? I can't remember the details exactly.