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Your religon or eithnic packground has a FICO Impact?!

Super Contributor

Re: Your religon or eithnic packground has a FICO Impact?!



masdeocho wrote:
I remember the good ol' days ... TNWM has mellowed out for sure, man.  Smiley Happy


Which do you prefer?  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 31 of 45
Regular Contributor

Re: Your religon or eithnic packground has a FICO Impact?!



masdeocho wrote:


TheNewWorldMan wrote:
When I first came here, I wasn't exactly calm, cool and collected myself. The FICO system was enough to make me blow that proverbial 50-amp fuse.


I remember the good ol' days ... TNWM has mellowed out for sure, man.  Smiley Happy



Heh... He used to be something other than mellow??? Nooooo, say it ain't so!
Message 32 of 45
Senior Contributor

Re: Your religon or eithnic packground has a FICO Impact?!



MidnightVoice wrote:
 
Which do you prefer?  Smiley Very Happy


I prefer the old TNWM as he made me look like less of a nutcase.
 
Message 33 of 45
Frequent Contributor

Re: Your religon or eithnic packground has a FICO Impact?!

Sigh ...  MyFico, Experian, Equifax, Transunion, the IRS and the SSA and even the local emergency room all know me by one name -- and it's not a name at all.  It's a nine digit number. That there's a name attached to that number is irrelevant.  The name attached to that number, according to all of the CRAs isn't my real name anyway, is it?  It's my married name that translated from French to English means "idiot" or "fool".  How I'd like to think that was the reason my scores are so consistently low, rather than my problem with utilization and CRA errors!  I'd simply divorce and return to my maiden name that descended from the Mayflower and is attached to a former US Senator, which might earn me a few extra points, huh? 
Message 34 of 45
Valued Contributor

Re: Your religon or eithnic packground has a FICO Impact?!

Excellent post, Citizen #B47331E58TRX77. ;-)
- - - -
in a credit-scoring postnuclear Stone Age...
Message 35 of 45
Established Member

Re: Your religon or eithnic packground has a FICO Impact?!

I have always believed that the Credit Scores are based on demographics, which include ethnic groups.  Although they say they are an equal opportunity instiitution. 
Message 36 of 45
Established Member

Re: Your religon or eithnic packground has a FICO Impact?!

I believed that the FICO scores are determined by demographics, which include ethnic groups.  Those that believe it is only a number, is only kidding themselves.  Don't believe the hype.  This is is just as corrupt as any other system.  I know FICO claims to be an equal opportunity institution,but some individuals are more privileged when it comes to scores.  Look at the rich and famous LOLSmiley Very Happy
Message 37 of 45
Valued Contributor

Re: Your religon or eithnic packground has a FICO Impact?!



Smarty9 wrote:
I believed that the FICO scores are determined by demographics, which include ethnic groups. Those that believe it is only a number, is only kidding themselves. Don't believe the hype. This is is just as corrupt as any other system. I know FICO claims to be an equal opportunity institution,but some individuals are more privileged when it comes to scores. Look at the rich and famous LOLSmiley Very Happy





FICO does not directly consider race or any other demographic information. One could argue that the scoring system has an inherent bias in favor of older people since length of credit history is a factor in the score. However, I know a 19 year-old who is about to pass 700 on her score, so FICO's ageism, which undeniable, is hardly an insurmountable obstacle.

FICO does not directly consider race either. If a white person, a black person, a Latino and an Asian with identical credit histories pull their FICOs, the scores will be the same. Does FICO favor the rich? My off-the-hip answer is, "yes, and what doesn't?" If you're rich, you have an easier time paying bills than if you're poor. But being rich doesn't ensure a high FICO. Look at the celebrities who make millions and end up bankrupt. Upgrading from a Hyundai to a Maserati won't turn a bad driver into a good driver, and rich people with bad money management skills sometimes just end up making financial messes with the decimal place further to the right.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 38 of 45
Established Member

Re: Your religon or eithnic packground has a FICO Impact?!



TheNewWorldMan wrote:

FICO does not directly consider race or any other demographic information. One could argue that the scoring system has an inherent bias in favor of older people since length of credit history is a factor in the score. However, I know a 19 year-old who is about to pass 700 on her score, so FICO's ageism, which undeniable, is hardly an insurmountable obstacle.

FICO does not directly consider race either. If a white person, a black person, a Latino and an Asian with identical credit histories pull their FICOs, the scores will be the same. Does FICO favor the rich? My off-the-hip answer is, "yes, and what doesn't?" If you're rich, you have an easier time paying bills than if you're poor. But being rich doesn't ensure a high FICO. Look at the celebrities who make millions and end up bankrupt. Upgrading from a Hyundai to a Maserati won't turn a bad driver into a good driver, and rich people with bad money management skills sometimes just end up making financial messes with the decimal place further to the right.

I love the way you make your points!  Very clear...  I am always a little surprised by people who want to blame things like this directly (meaning race, religion etc...) when there is no direct correlation.  I do want to point out that there are poor white people too, who have a difficult time paying bills and therefore have lower FICO scores.  Being white did not help them!  Demographically caucasians may appear better off but demographics mean zip to the single working mother/father with two kids making 8 bucks an hour at the only job s/he can find... This forum is probably not chock full of those types of folks whose priorities are completely different.
Message 39 of 45
Established Contributor

Re: Your religon or eithnic packground has a FICO Impact?!

Midnight Voice - Come on, we fellow scottmen (woman) are all cheap and frugal (except me, I think I was switched at birth)....wouldn't that just insist we have good scores ?
 
OK, now what I really want to know is how identifiable is your scotch name....Angus ?  Haggis?  Faris?
 
 


Message Edited by demi on 02-28-2008 01:08 PM

Starting Score: EQ 679, TU 697
Current Score: EQ 680, TU 672
Goal Score: EQ 720, TU 720


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Message 40 of 45