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Credit Score Scale Wrong!!!

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solid07
Contributor

Credit Score Scale Wrong!!!

I dont understand how poles can say the average U.S. credit score is a 676.  I just refuse to believe that, I think it is more like 620.  Over half the people I know has bad credit.  I also think it is unfare for people to have to have x amounts and certain credit accounts on there reports to acheive high credit scores.  It shouldnt matter if a person maxes their credit card out and their score drops very low if they pay on time every month it shouldnt matter.  I think credit in general terms IS OVER ANALYZED!!!    AND UNFARE IN MANY WAYS !!!!!
2/22, FICO ,TU 638, EQ 654, EX 630
Message 1 of 12
11 REPLIES 11
fishbjc
Senior Contributor

Re: Credit Score Scale Wrong!!!

Smiley Very Happy  I AGREE!
 
 
Message 2 of 12
Anonymous
Not applicable

Re: Credit Score Scale Wrong!!!

One of my favorite topics-
 
IMO-
The large number of baby boomers and older persons with good/exellent credit skews this number greatly-
 
There are X number of people that have no credit score (like my brother)
 
There  are lots of homeless people with 700+ FICO's
 
Late payments hurt credit: A single late payment slashes a person's credit score by an average of 98 points, according to Experian's National Score Index. Nationally, the average credit score for consumers with no late payments is 703. With at least one late payment, the average dips to 605. When a payment is late by 90 days or more, the average score drops to 580.
 
 
Message 3 of 12
Anonymous
Not applicable

Re: Credit Score Scale Wrong!!!

I would guess that with everything that is going on that there are many more people with scores under 620 then ever before. And it could only get worse.
 
I listen to polls but every poll is different.
Message 4 of 12
Anonymous
Not applicable

Re: Credit Score Scale Wrong!!!

This is based on Exp plus scores-
 
see how you stack up -
Message 5 of 12
Anonymous
Not applicable

Re: Credit Score Scale Wrong!!!



@Anonymous wrote:
This is based on Exp plus scores-



see how you stack up -





This is just interesting to me.

Now they are saying, for my area, that the average person has 13,700 dollars of debt, excluding mortgages???

That's just hard to believe. With as many people who have car payments, it looks like, that alone, would jack the price up higher than that. And then, when you throw in second mortgages, school loans, charge cards.....just doesn't make any sense.
Message 6 of 12
solid07
Contributor

Re: Credit Score Scale Wrong!!!

 We all have very good points of view!!!
I THINK A 680 THIS DAY AND TIME SHOULD BE LOOKED AT THE WAY THEY WAY THEY LOOK AT A 720.  It is 2008 the so call experts and etc ack like it is 1990.  I wonder if enough people raise enough u know what will they change it.
I DO KNOW THIS, WITH ALL THE FORECLOSERS AND PEOPLE LOSING EVERYTHING THEY HAVE IN THE NEXT YEAR, BANKS ETCS ARE GOING TO LOVE TO A SEE A 620 CREDIT SCORE.  I hate to see a person loss there homes and stuff but maybe this is what the country needs to get this credit scoring on scale!!!!!!!!!!


Message Edited by solid07 on 03-02-2008 04:44 PM
2/22, FICO ,TU 638, EQ 654, EX 630
Message 7 of 12
marty56
Super Contributor

Re: Credit Score Scale Wrong!!!

Most lenders will tighten the requirements for credit so I see say 750 being the new 720.
 
As for as the people loosing their homes, well I dug myself into a 70k CC debt hole that took 5 years to climb out of.  You know who was to blame - ME. 
 
Those people who took a ARM have no one to blame but themselves.
 
Preditory Lenders?  I say clueless  borrowers.  I should know, I used to be one.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 8 of 12
solid07
Contributor

Re: Credit Score Scale Wrong!!!

Yea but think of it this way, what if a person with a mid 600's credit score was offered a fixed rate loan for 30 years, instead an adjustible rate because the didnt have a 700 plus score, you can say what u want  what if your rent doubled over night or your mortgage payment doubled,  bottom line a person with a lower score should be offered the fixed rate loans
 
 
That is like saying, Iknow you can barely afford this house, but your payent is going to double in three years anyway
Intead of saying, I know u barely can afford this house so im going to give u a fixed rate loan so u want have any suprises in the future, Not hey get this adjustible rate loan for the cheaper payment for now and worry about the higher payments later
 
My heart is not cold I feel sorry for every single person who has lost their house
2/22, FICO ,TU 638, EQ 654, EX 630
Message 9 of 12
solid07
Contributor

Re: Credit Score Scale Wrong!!!

THAT IS A BAD WAY TO PUNISH SOMEONE WHO HAS NEVER PURCHASED A HOUSE OR DOESNT KNOW ANYTHING ABOUT HOME LOANS DONT U THINK!!!!
2/22, FICO ,TU 638, EQ 654, EX 630
Message 10 of 12
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