Quote:
Originally posted by KRL
Its a FICO score.
Here is info how it works.
http://www.myfico.com
and these guys created FICO scoring.
http://www.fairisaac.com/
Its a fucked up system in my opinion. Some dealers don't look at anything but that number. And I think they should consider where you are at today and where it looks like you are going and not judge people on things from as far back at 7 years ago. Think about how nutty that is.
You can be wealthy and pay cash for things and not need credit and FICO can give you a lower rating for not having credit which is absurd.
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Most do look at everything, but there are minimum guidelines for what the score can be.
They probably start around 530-540.
Realize, that its not just cut and dry, here I'll give you a loan, pay me back, you look like you're good for it.
In mortgages atleast, there's a huge market for buying loans... Thats pretty much what Fannie Mae and Freddie Mac do.
So not only are you taking on the risk for however long you have it, someone else is also.
Wells Fargo and Washington Mutual are 2 of the big buyers right now... I think they've got a combined portfolio of $680 billion + now.