Re: How Much Is A Credit Score (FICO) Worth?

On May 16, 12:22 pm, "abby" <abbybr...@[EMAIL PROTECTED]
> wrote:
The FICO is $7.95
> from Equifax.  My only concern is that we haven't had a loan since
> 1995 which I paid off in a few months.  We are planning on buying
> a winter home when my wife retires in four years.  With a clean
> history is the FICO useful now?  Ever?

If you NEVER use credit then you can igore your FICO.  FICO is a
pretty good guess of how likely you are to pay back a loan.  If the
lender is confident you will pay back the loan then he only needs to
charge you for the time value of money and a modest profit.  If there
is significant question that you will pay back the loan then he needs
to charge for loss of principle even if it is only partial and spread
over many loans.  This is going to cost you more money.  If it is
likely you will not pay back, he has to charge you a lot.
Knowledge is power.  If you don't know your FICO and the loan officer
does, he can bluff you into accepting terms higher than you need to.
Car dealers do this (packing) all the time.  Practically the first
question a lender will have will be about your FICO.  It only makes
sense that you know what it is.
Sounds like you have lived a decent life.  Why not get the benefit?

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