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FICO scoring article

AndySoCal
Valued Contributor

FICO scoring article

Here is an article from FICO on FICO scoring you may find interesting

 

https://www.fico.com/blogs/fico-fact-does-ficos-minimum-scoring-criteria-limit-consumers-access-cred...

 

 

FICO 8 EX 815 TU 812 EF 822
Discover IT Opened 9/1990 CL 19,000, JC Penney Opened 10/2008 CL 4700, US Bank Cash Plus Opened 8/2010 CL 12000, Citibank Double Cash Opened 5/2015 CL 11,100, Chase Freedom Flex Opened 09/2020 CL 10,500
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2 REPLIES 2
GlennvilleGA
Regular Contributor

Re: FICO scoring article

That's good information! I imagine the "credit retired" people are Dave Ramsey followers and the others that have abandoned credit due to lots of negative information have probably fallen on hard times. 

Message 2 of 3
Anonymalous
Regular Contributor

Re: FICO scoring article


@GlennvilleGA wrote:

That's good information! I imagine the "credit retired" people are Dave Ramsey followers and the others that have abandoned credit due to lots of negative information have probably fallen on hard times. 


I suspect that group's a small minority.

 

If you've planned for retirement well, you'll have the cash to buy a car or a home outright, and credit card rewards will seem more and more trivial as your wealth growths. I've known a couple people who shifted banks and credit cards when they moved, and at a certain point just didn't bother to apply for a new card. These are people who manage their finances extraordinarily well, so they're not afraid of credit. They just prefer not to use it unless they need it, and they don't need it anymore.

 

There are also people in assisted living, or who need greater degrees of care, who don't shop for themselves anymore. They often pare back, including credit cards.

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