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

"Daniel T." <daniel_t@[EMAIL PROTECTED]
> wrote:

>> I haven't had a loan in over ten years, always pay my credit cards
>> in full each month, and have a top drawer FICO score.
>
>Well, the FICO score depends on other things besides punctuality of 
>payment, for example your ratio of outstanding revolving debt to total 
>possible revolving debt. I expect you are in good standing there.

Sure. One side effect of prompt payment (regardless of whether you carry a
balance) is that they keep raising your credit limit.  By the way, there
are
only two credit cards involved here.  You don't need lots of cards to get
a good
score, either.

>So the question to ask is, would your score go up or down (or remain 
>unchanged) if you took out a loan (non-revolving debt) and made "timely 
>payments"? Myfico.com claims that doing so would raise your FICO "in the 
>long run."

It might, but who cares?  I used myself as a counter example to the
original
assertion that someone needs to pay $5-$10K in interest to get a top notch
FICO
score.  They don't.

-- Doug

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