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How to convince your friends about Fico Scoring?

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BetterTomorrow
New Contributor

How to convince your friends about Fico Scoring?

One of my friends and I had a discussion about Fico scoring. He believes that having lower limits with about 50% utility will give you a better score than having high limits with under 10% utility. Hence, he purposely requested to lower his credit limits. I told him he was crazy but in his mind he thought I was an idiot. I even told him about this forums but he still believes what he believes. I realize you just can't get through to certain people no matter what but it's so frustrating to talk to people about something as vague as Fico scoring. What would be the best way to handle this situation? I'm thinking just let it be...
4/22/08
TU 673 EQ 631 EX 689

7/1/12
TU 705 EQ 717 EX 718
Message 1 of 5
4 REPLIES 4
psychic
Moderator Emeritus

Re: How to convince your friends about Fico Scoring?

Could you suggest to him that he reads Tuscani's Credit Scoring 101--
 
 
If that doesn't work, then I really can't think of any other solution.  There are some people who simply won't listen or change their minds.  But, at least you tried!!!
 
 


Message Edited by psychic on 03-29-2008 03:00 AM
EQ 814 / TU 815 / EX 842
Message 2 of 5
Junejer
Moderator Emeritus

Re: How to convince your friends about Fico Scoring?



@BetterTomorrow wrote:
One of my friends and I had a discussion about Fico scoring. He believes that having lower limits with about 50% utility will give you a better score than having high limits with under 10% utility. Hence, he purposely requested to lower his credit limits. I told him he was crazy but in his mind he thought I was an idiot. I even told him about this forums but he still believes what he believes. I realize you just can't get through to certain people no matter what but it's so frustrating to talk to people about something as vague as Fico scoring. What would be the best way to handle this situation? I'm thinking just let it be...


Probably stems from the nervous banker's belief that if you have the credit available, then you can run it up. If he thought about what he said for just a second, he would realize that, from a common sense standpoint, it doesn't add up...wouldn't he?






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Message 3 of 5
Anonymous
Not applicable

Re: How to convince your friends about Fico Scoring?



@Junejer wrote:


@BetterTomorrow wrote:
One of my friends and I had a discussion about Fico scoring. He believes that having lower limits with about 50% utility will give you a better score than having high limits with under 10% utility. Hence, he purposely requested to lower his credit limits. I told him he was crazy but in his mind he thought I was an idiot. I even told him about this forums but he still believes what he believes. I realize you just can't get through to certain people no matter what but it's so frustrating to talk to people about something as vague as Fico scoring. What would be the best way to handle this situation? I'm thinking just let it be...


Probably stems from the nervous banker's belief that if you have the credit available, then you can run it up. If he thought about what he said for just a second, he would realize that, from a common sense standpoint, it doesn't add up...wouldn't he?




You just can't give some people that much credit. Hence, this problem.
Message 4 of 5
Anonymous
Not applicable

Re: How to convince your friends about Fico Scoring?

Have your friend pull his FICO score. lol That usually does it. Often people need to hear advice from someone with a higher score. That's a large part of my learning. If that doesn't work, get your friend to sign up for a free month of Score Watch and see if they get hooked. Otherwise they will learn on their own given enough time. And some are stubborn and will never learn. I've been in that situation with people a few times. They have told me I was so completely wrong, I gave them proof, they still said I was wrong. I said prove that you are right, they responded I can't, don't understand, but I know I am right. lol Just let it be.
Message 5 of 5
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