@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Let's not get too out of hand with this notion. Where did the figure of 95% of lenders using FICO come from? I'm pretty sure, no wait, I'd bet my last buck it's nowhere near that number. In fact other than the mortgage world, which way other lenders choose as their source is driven by so many different factors, Location being one of them. The lenders' current qualification levels, despite all the other lip dancing, comes down to supply and demand, That's the bottom line. They really don't care if a borrower defaults on a loan. What they really care about is whether or not one of the GSE's is in place to ensure their success, and compensate for any losses.
As for the guy with the Ford truck, that's kind of a no-brainer isn't it? No bank loans for ford trucks, no money for Ford. It's in there best interest to finance you, and hell yes at a low rate. Now they have a repeat customer that otherwise didn't care for them.
Not exactly sure what you are talking about but a LOT more lenders other than mortgage companies use FICO scores including the vast majority of credit card companies and the vast majority of auto finance companies use an auto enhanced FICO Score
(Mod Cut - Non FSR)
This is all so funny to me. Makes me think a that jingle "Potato Patatta, tomato, tamata...", or is it a PC or a Mac? All I know is you slice either one of them dirty little buggers up and toss 'em in hot grease, you get french fries. And PC or Mac are both conputers. The little apple on the lid don't mean it's a Mac.Just means it resembles one before you turn it on.
And so I wonder, do people know what a FICO is? Is it different than a credit score? If you use one system to put one together, and a different one to put together the rest, then mix them both up together, did the information change? Hell I don't know. Like I said, I don't care. What I do know is the same three companies crunch 'em both ways, and none of them ever match each other. Which one is right? Which one is better? Lenders that hand out that green stuff choose one over the other based on what? Who knows, but I know if I was going to pay someone to let me know when my fires had enough salt, and had just three idiots to choose from, I'd use the same idiot every time so all my fries were the same. But whether or not he useed his right or left hand to shove them in his face I'm pretty sure wouldn't change his answer.
But since I know that FICO is just a method to create your CREDIT SCORE from the information on your CREDIT REPORT, and I know it isn't an exact science, because three people see the same numbers, then must use their own magic math equations to come up with three different results. In the end, it doesn't work anyway, because the dumb hick with the 600 pays his house off, and the college yank in the pretty pink sweater has to box up those worthless degrees and get out before the bank takes back his and his boyfriend's cute little apartment overlooking the city. And that's about all on that.
