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

"Thumper" <jaylsmith@[EMAIL PROTECTED]
> wrote
> last
> week i related a story where I was present with a 
> co-worker who
> applied for a cell phone and was denied without putting 
> down a
> substantial down payment.  This guy had a great income 
> with a long job
> history.  I know because I worked with him for 30 years. 
> His house
> was paid of 15 years earlier, he always paid his credit 
> card off every
> month and even had a business that had a cash flow of 
> several hundred
> thousand dollars.  The problem is he had no recent track 
> record of
> making payments over time.
> This is a true story.

Seems like apples (cell phone deposit) and oranges (home 
loan) to me. What are we talking about here for a down 
payment for a cell phone, a few hundred bucks, tops? What 
does the company use to make its decision? Maybe it does not 
use FICO because this costs money.

Plenty of businesses demand a down payment/deposit 
regardless of one's credit score, especially when the DP is 
peanuts. 

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