FICO 8

Just what we needed… it may be even easier now for consumers to get a credit card with the new FICO 8 scoring system. The logic of credit scores somehow evades me. If you have debt, your score is higher than if you manage to live within your means.

“If a consumer is applying for a mortgage and they tend to have higher utilization rates on their credit cards, it could (raise their credit scores and) make a difference” in how much they pay for interest, says Tom Quinn, Credit.com’s credit-scoring expert and formerly the vice president of scoring at FICO.

In other words, having a mortgage AND credit card debt will raise your credit score!

Wake up, people! I can go along with mortgages. But I just can’t go along with getting into credit card debt, not anymore. It is just too easy to get in over your head and have a disaster strike and then where will you be?

Thoughts? Opinions? I’d love to hear them. Leave them in the comment section below.

3 comments for “FICO 8

  1. September 19, 2011 at 11:34 am

    Really? People need to know this. Could this have something to do with why our economy is in crisis right now? Let’s THINK people.

  2. September 19, 2011 at 11:35 am

    Really? Everybody needs to know this information.
    Laura Baker recently posted..How long is the Learning Curve?My Profile

  3. September 19, 2011 at 6:59 pm

    Incredible, isn’t it? I will post more about FICO 8. Just wanted to put a quick word out when I first heard the news. Thanks for stopping by, Laura, and I look forward to reading more articles on your website as well!

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge