More Americans Credit Scores In The Tank

If you think it's so stupid then why don't you come up with a better model and put them out of business?
Quote from bigarrow:

True but the FICO is a screwy way to measure credit as the example above shows, 680 was 1/2% lower loan rate than a 679, stupid.
Also when people cancel credit cards that lowers their FICO, again stupid.
Sometimes having a very old bad credit mark on your report removed lowers the score.
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People should stop spending more than what they earn. So if this means less people borrow, well I think that is a good thing.

All this faking it till you make it and faux rich lifestyles need to end.
 
Quote from Trader666:

If you think it's so stupid then why don't you come up with a better model and put them out of business?
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Geez Louise Trader, it's only a discussion and I was posting an opinion. Time for a beer, which I'm having right now.
 
Quote from maxpi:

The median credit score is about 580 or something like that. That means that more than half of Americans are not credit worthy... I think that a bk will disqualify you from some Prop Shops but bad credit score won't so much since you are ponying up some cash to join in... I always recommend just defaulting and fighting it out with the collections people over bk for that reason...
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the median score is 720
 
Today's median score is not 720. That certainly may have been the case prior to the credit crisis but with credit card companies artificially lowering people's scores by reducing credit limits, canceling cards and then add to it the swelling unemployment, bk's and defaults...
 
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