Super Contributor
Posts: 5,702
Registered: ‎10-06-2007
Re: New Bias Charges Against FICO Scores ..... unfair to minorities

drkaje wrote:

@ Marty,


Even if people don't know the formula, paying on time will eventually lead to a good score. Someone not knowing that much probably shouldn't be using credit. :smileyhappy:

The irony in anyone thinking that the scoring system is biased comes from the fact that even soneome who has a low income can have a better FICO socre then soneone who makes 6 figures and beyond.  Back in my credit dark days I only had a 300 CL Sams card and 2400 Gulf gas card to use since every thing else had been maxed out.   If I could have gone back in time and just had those 2 CCs on my CR, my FICO score would have been 300 point higher then it actually was.  Would it have been smart of FICO to give me more points back then because I was an ex-New Yorker living in Texas and for a lender to give me more credit so I could have generated more CC debt that most likely would have landed me in BK and the CCCs down say 100k?

It's not about how much you have or how little but how you use it.


11/28/2014 FICO: EQ: 796 EX:788 TU:803