Why Knowing Your FICO® score Is So Important
How can knowing your FICO® score help you get through the current credit crunch? By understanding how credit scoring works, you can take the right actions to improve your credit health. Find out how in this short video from Fair Isaac, the creators of the FICO® score that is used in most lending decisions in the U.S. Youll learn how the kind of information at www.myFICO.com can help you avoid credit mistakes that will hurt your score, and how Fair Isaac is helping consumers learn about scores through programs like the Scores on Statements initiative. Darcy Sullivan of Fair Isaac interviews Shon Dellinger, Fair Isaac vice president of consumer solutions, for this Fair Isaac Tech Talk.
www.fairisaac.com/techtalk
Duration : 0:8:36
November, 27th 2009 at 3:50 am
Bottom line is that …
Bottom line is that if you want to maximize your FICO score, you need to borrow money. I think it is ludicrous that you have to borrow money to get a score. One who doesn’t borrow money shouldn’t need a FICO score to rent an apartment or get a mortgage. But, banks have done an excellent job of convincing us that the score is required, meaning we must all go into debt to do something as simple as rent an apartment. Financial responsibility is discouraged, going into debt is.