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GH
ParticipantA person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit.
Almost everyone I know who has bad credit right now used to have good credit. One couple I know had pristine credit for over 25 years, but lost their way speculating on the sure thing housing market. You would be surprised how big medical bills or long term unemployment can turn even the most characterful individual into a no good deadbeat. Credit scores should be treated differently when the economy is going up and when it is going down.
With regards to home loans, I would question how a worthy borrower with high income would not have saved for a decent down payment. Personally I would rather someone with a lower score and bigger down payment.
ParticipantA person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit.
Almost everyone I know who has bad credit right now used to have good credit. One couple I know had pristine credit for over 25 years, but lost their way speculating on the sure thing housing market. You would be surprised how big medical bills or long term unemployment can turn even the most characterful individual into a no good deadbeat. Credit scores should be treated differently when the economy is going up and when it is going down.
With regards to home loans, I would question how a worthy borrower with high income would not have saved for a decent down payment. Personally I would rather someone with a lower score and bigger down payment.
ParticipantA person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit.
Almost everyone I know who has bad credit right now used to have good credit. One couple I know had pristine credit for over 25 years, but lost their way speculating on the sure thing housing market. You would be surprised how big medical bills or long term unemployment can turn even the most characterful individual into a no good deadbeat. Credit scores should be treated differently when the economy is going up and when it is going down.
With regards to home loans, I would question how a worthy borrower with high income would not have saved for a decent down payment. Personally I would rather someone with a lower score and bigger down payment.
ParticipantA person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit.
Almost everyone I know who has bad credit right now used to have good credit. One couple I know had pristine credit for over 25 years, but lost their way speculating on the sure thing housing market. You would be surprised how big medical bills or long term unemployment can turn even the most characterful individual into a no good deadbeat. Credit scores should be treated differently when the economy is going up and when it is going down.
With regards to home loans, I would question how a worthy borrower with high income would not have saved for a decent down payment. Personally I would rather someone with a lower score and bigger down payment.
ParticipantA person’s FICO score is indicative of their WILLINGNESS to pay their debts in a timely manner. It has EVERYTHING to do with the CHARACTER part of the 3 C’s of credit.
Almost everyone I know who has bad credit right now used to have good credit. One couple I know had pristine credit for over 25 years, but lost their way speculating on the sure thing housing market. You would be surprised how big medical bills or long term unemployment can turn even the most characterful individual into a no good deadbeat. Credit scores should be treated differently when the economy is going up and when it is going down.
With regards to home loans, I would question how a worthy borrower with high income would not have saved for a decent down payment. Personally I would rather someone with a lower score and bigger down payment.
ParticipantFICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.
I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…
The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…
A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…
ParticipantFICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.
I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…
The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…
A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…
ParticipantFICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.
I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…
The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…
A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…
ParticipantFICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.
I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…
The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…
A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…
ParticipantFICO Scores only indicate you have held a reliable job and have been lucky enough not to get laid off.
I for one would put a lot more weight on what you do and what the chances something could go wrong there. In the past government jobs have been real meat and potatoes reliable incomes. Will they still be as reliable in 10 years? Software engineers have done well in the past. With off-shoring impacting the industry severely will these continue to be reliable jobs in the future etc…
The KEY is reliable income when it comes to credit. That AND savings. A person with several hundred thousand in cash is a lot less likely to default that one with $4000…
A lot of it is common sense, but ANYONE who carries high interest consumer debt I would assign a score of 400 regardless of if they have even been late and have the highest income…
ParticipantGas prices will most likely climb to around $4 -$5 a gallon as issues in the middle east heat up. In a month or so Gadaffi will be a distant memory and most likely other hot spots will chill. So after a brief spike and a whole lot of Prius sales I suspect gas prices will settle back around $3 a gallon…
ParticipantGas prices will most likely climb to around $4 -$5 a gallon as issues in the middle east heat up. In a month or so Gadaffi will be a distant memory and most likely other hot spots will chill. So after a brief spike and a whole lot of Prius sales I suspect gas prices will settle back around $3 a gallon…
ParticipantGas prices will most likely climb to around $4 -$5 a gallon as issues in the middle east heat up. In a month or so Gadaffi will be a distant memory and most likely other hot spots will chill. So after a brief spike and a whole lot of Prius sales I suspect gas prices will settle back around $3 a gallon…
ParticipantGas prices will most likely climb to around $4 -$5 a gallon as issues in the middle east heat up. In a month or so Gadaffi will be a distant memory and most likely other hot spots will chill. So after a brief spike and a whole lot of Prius sales I suspect gas prices will settle back around $3 a gallon…
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