Re: Expanded "FICO High Achievers" (scores of 760 and above) characteri
01-06-2008 06:40 AM
for the 5k balance Q, dont forget that financially responsible people are more are less likely to jump into a big purchase (such as a car) unprepared, I will use my latest car loan as an example: in May 2006, we decide to upgrade my wife's car, so we opened what we called a car saving acct, by Dec 06 we had 9k ready in it for the car down payment. the car we chose, had a price tag of 22k(being financially consrervitive also means no crazy 50k suv for us), so we put down the 9k and after taxes and all we had to finance about 15k, next was the payments: by the time this loan hit my credit report( took 2 months) I already paid down the balance to 13k, now 12 months later, the balance is indeed under 5k, so the way I see it, high FICO is another factor in being financially responsible and theirfore not jumping into big debts if you can avoid it.
Message Edited by mkatan on 01-06-2008 06:04 AM
I bought a new car December 2006 for c. 25K now 1 year later the loan is down to 11K. I have gotten 0 FICO points for it.