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

In article <o-qdnWUIps6HhbPVnZ2dnUVZ_oLinZ2d@[EMAIL PROTECTED]
>,
 joetaxpayer <joetaxpayer@[EMAIL PROTECTED]
> wrote:

> John A. Weeks III wrote:
> > Don't worry about FICO.  All that tells a lender is how profitable
> > you will be, so they know how badly they can take advantage of you.
> > You have been living just fine for years without knowing your FICO
> > score, so don't waste the $8 to find out.  It doesn't matter.  When
> > you go for a loan, you may find lenders that wor****p at the god of
> > FICO.  And then there are better lenders that do manual underwriting.
> > Those are the ones that you want to deal with.  They will evaluate
> > your history and give you a rate based on how well you have behaved.
> 
> Can you actually ask a bank if they are FICO-driven or if they'll look 
> strictly at your record (credit re****t, income, etc.) only?
> I find this response curious, similar to the reply to the refinancing OP

> who someone told not to bother calling the bank holding the current 
> mortgage. $8 seems a small sum to waste, the resulting knowledge may be 
> pretty valuable.
> Joe

That is just it...wasting money, no matter how much, is not a wealth
building strategy.

And how would the FICO score matter at this time.  Will the OP say,
"hey, my score is really good, so I'll make 2 late payments?"  If
the OP has been behaving, the score will be good enough.  If they
haven't been behaving, then they may not get the loan.  In any
case, with a loan pending in the near future, the OP is going to
want to behave well and not make any late payments.  Knowing the
exact score shouldn't change their behavior, and if their behavior
doesn't change, then they don't really have a need for the score.
Save the money, even if it is only $8.

-john-

-- 
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John A. Weeks III           612-720-2854            john@[EMAIL PROTECTED]
 
Newave Communications                         http://www.johnweeks.com

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