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masdeocho wrote:I remember the good ol' days ... TNWM has mellowed out for sure, man.
masdeocho wrote:I remember the good ol' days ... TNWM has mellowed out for sure, man.
TheNewWorldMan wrote:
When I first came here, I wasn't exactly calm, cool and collected myself. The FICO system was enough to make me blow that proverbial 50-amp fuse.
MidnightVoice wrote:Which do you prefer?
@Anonymous wrote:
I believed that the FICO scores are determined by demographics, which include ethnic groups. Those that believe it is only a number, is only kidding themselves. Don't believe the hype. This is is just as corrupt as any other system. I know FICO claims to be an equal opportunity institution,but some individuals are more privileged when it comes to scores. Look at the rich and famous LOL
I love the way you make your points! Very clear... I am always a little surprised by people who want to blame things like this directly (meaning race, religion etc...) when there is no direct correlation. I do want to point out that there are poor white people too, who have a difficult time paying bills and therefore have lower FICO scores. Being white did not help them! Demographically caucasians may appear better off but demographics mean zip to the single working mother/father with two kids making 8 bucks an hour at the only job s/he can find... This forum is probably not chock full of those types of folks whose priorities are completely different.
TheNewWorldMan wrote:FICO does not directly consider race or any other demographic information. One could argue that the scoring system has an inherent bias in favor of older people since length of credit history is a factor in the score. However, I know a 19 year-old who is about to pass 700 on her score, so FICO's ageism, which undeniable, is hardly an insurmountable obstacle.
FICO does not directly consider race either. If a white person, a black person, a Latino and an Asian with identical credit histories pull their FICOs, the scores will be the same. Does FICO favor the rich? My off-the-hip answer is, "yes, and what doesn't?" If you're rich, you have an easier time paying bills than if you're poor. But being rich doesn't ensure a high FICO. Look at the celebrities who make millions and end up bankrupt. Upgrading from a Hyundai to a Maserati won't turn a bad driver into a good driver, and rich people with bad money management skills sometimes just end up making financial messes with the decimal place further to the right.