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

In article <gfOdnYjvXuu2vq_VnZ2dnUVZ_vednZ2d@[EMAIL PROTECTED]
>,
 joetaxpayer <joetaxpayer@[EMAIL PROTECTED]
> wrote:

> John A. Weeks III wrote:
> 
> > I guess I even dispute that statement.  FICO does not look at
> > assets or savings, only debts.  I think credit part has to
> > include assets to be fair.  After all, is someone like Bill
> > Gates a bad credit risk if he has no loans outstanding, and
> > thus a zero FICO?  And if a person can handle a $200K loan,
> > but also has another $100K in the bank, aren't they a better
> > risk than someone with $0K in the bank and $50K in credit card
> > debt?
> > 
> > I still only see FICO as a measure of how badly a bank can
> > rip you off, not what a great deal they can give you.
> > 
> > -john-
> 
> But John, since income is not part of the FICO score, nor are assets, 
> it's possible, however unlikely, that Bill's FICO is not great.
> Is he actually a bad risk? Of course not. When we last went around on 
> FICO, I thought we agreed that FICO created a number offering a 
> likelihood of default, not a measure of one's ability to pay anything.

OK, I'll grant that.  My line of thought is that if you have a plan
B and a plan C, you are much less likely to default.  But of plan
B and plan C are assets or savings rather than income or credit
limit, FICO doesn't look at it.  In my case, I'd rather than assets
than income or credit as a backup plan.

-john-

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

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