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Originally posted by calmbutwary
Personally I don't see that it matters. Those who are defaulting on their mortgages are essentially ruining their credit, so whatever we have will be the new high score. Our home was our biggest purchase, and in this economy I don't see us upgrading to a bigger one, so I don't really worry about my credit score right now.
Originally posted by belidged
Your credit score is a rating on your past ability to pay. Other than that a credit score is purely fiction based. Those with lower incomes actually pay out a larger percentage of their income to satisfy their debts than those with higher incomes.
To answer the question of your thread, it's my personal belief that credit ratings should not be based on your ability to pay, but based on something completely different like each person's value of their individual security. This security is created in each of our names, (most people had this done for them as a child) and has a prepaid value based on how much one can produce in their life time.
Originally posted by GreenBicMan
reply to post by Bachrk
The banking industry owns you for life with that number. That would be giving up control. Probably never would happen.
Originally posted by dbates
Try paying off your credit cards every month and deny them interest. See what that does to your score. Trust me.
FICO is a publicly-traded corporation (under the ticker symbol FICO) that created the best-known and most widely used credit score model in the United States. Here is a percentage breakdown of a FICO score:
•35% - Payment History
•30% - Debt Ratio
•15% - Length of Credit History
•10% - Types of Credit
•10% - Number of Credit Inquiries