Income vs. FICO

Discussion in 'Credit Talk' started by BlueVegas, Apr 13, 2001.

  1. BlueVegas

    BlueVegas Active Member

    I think income should matter, because one can make large payments on the small limit cards. I laugh when the bastards decline me for credit. I can by my stuff on cash....except car & house.

    Who cares if you have good credit. Ya need to live without being under the weight of the CC companies. They take your soul when you are in extreme debt. They make people do things that they would otherwise not do.

    FICO is BS. I just want a higher score(650), so when I go get a mortgage I can get a good deal. Otherwise I'm not trying to charge the world like some of you. My debts will be gone for good this year.

    FICO without income is unfair, because it doesn't show what you are capable of paying. I can't even get a cheezy store card after having $1400-1800 left over after bills each month. I've been responsible the last 2 1/2 years and I only slipped for 6-9 months out of a 10 year credit history. When will it change....Blahhhhh!!!

  2. Momof3

    Momof3 Well-Known Member

    Sorry I don't agree. Income has no place on FICO scoring. Person A makes 75K a year, Person B makes 45K a year, so person B should automatically receive a lower score bc of their income?? I don't think so. Many people can handle their bills and make timely payments and still have a moderate income. FICO although extrememly flawed at times, bases your score on your credit history and that's how it should remain.
  3. lbrown59

    lbrown59 Well-Known Member

    Income vs. FICO
    Author: BlueVegas (
    Date: 04-13-01 00:21

    FICO is BS. Reply To Message= right it's a farce

    Re: Income vs. FICO
    Author: Momof3 (
    Date: 04-13-1

    FICO although extrememly flawed at times, bases your score on your credit history and that's how it should remain.Reply To Message===Defective parts should be discarded:
  4. mj

    mj Well-Known Member

    Re: Mom's Right

    The amount you make does not equate to how well you pay your bills.

    In fact, there may be an inverse relationship, given the "millionaire bankruptcy" problems in FL and TX!!

    I'm in the upper income group, and I pay my bills well ahead of time. So I should have a good score.

    I know people in the higher income levels who have a "yeah, whatever" approach to paying thier bills - "they know I'm good for it, I didn't have time to get my expenses done for work, etc."

    I know people with lower incomes who are better than accountants when it comes to managing money.
  5. Momof3

    Momof3 Well-Known Member

    Thanks MJ

    Thank you:)

  6. Saar

    Saar Banned

    Re: Thanks MJ

    Couldn't have said it better, MJ.

  7. ShyGuy

    ShyGuy Well-Known Member

    Re: Thanks MJ

    With a high income it's just as easy to get overextended -- only for a larger amount. And a high income is no guarantee against medical problems or a long period of unemployment. Though I have a good income -- and think it should be a part of a company's credit-granting decisions -- it shouldn't be a part of FICO scoring.
  8. ShyGuy

    ShyGuy Well-Known Member

    Little bored today.......

    Lizardking and girlfriend possible story:

    He drives a BMW. She drives a Mercedes. They live in a beautiful $500,000 dollar home. He is a successful commercial real estate broker. She is a doctor. He makes anywhere from $50,000 to $250,000 per year in commissions. She makes $200,000 per year as a general practitioner. They have two dogs and some Goldfish.

    To the outside world, it would seem like the perfect relationship. On the inside, it was different.

    They were on the verge of breaking up.

    "Lizardking, what is this?"


    "It's a $10,000 visa bill on your Chase card! With cash advances on it from Las Vegas!"

    "It's not in your name so don't worry about it."

    "I'm your girlfriend. I have to worry about it!"

    "Listen, I have always come up with my half of the bills so don't sweat it."

    "Where were you last night."


    "What kind of business."

    "Just business."

    "Was it Las Vegas again, Lizardking? Be honest with me."

    Lizardking was silent.

    "Damnit, Lizardking! What the hell are you going to..." and on and on and on.

    Investments? They had none. No stocks. No bonds. Hardly any equity in the home. The fighting between them had taken a toll as their debts were mounting.

    Now the word "break up" had come up.

    The Lizardking and girlfriend's combined income since their living together totaled well over $1,000,000 and yet they have no money to show for it. Up to this point in their lives, their combined education adds up to over 30 years of schooling which is over $400,000 in education costs and over 32,000 hours worth of classroom instruction. But not one teacher out of all that schooling had ever taught Lizardking and girlfriend one of the most important skills of all. A skill you must have, if you're going to successfully live in today's world.

    How to manage finances!!
  9. BlueVegas

    BlueVegas Active Member

    Re: Little bored today.......

    OK...SO I was wrong...Everyone had valid points. I guess I'm a bit salty due to I keeep getting declined and all my bills are current excepet for an error on report for electric bill.

    Am I the only one in America that has ever been sued or has a judgement? WTF? The online computer forms will never verify me. I have managed to have no lates for almost 2 1/2 years on 3 CC accounts and all my old stuff is PAID off. I make more and can't get any new cards. I'm getting tired of being rejected when I have been responsible with my finances and my report doesn't show it. Blahhh!!!

  10. jason

    jason Well-Known Member

    Re: Little bored today.......

    The FICO score will never depend on income for one reason:

    Fair, Isaac and the bureaus would be sued into eternity for racial discrimination. Because of the "trans-generational transfer of wealth," ethnic minorities are supposed to command less capital and therefore, an income-based FICO system would keep them out of credit opportunities.

    Fair, Isaac and the bureaus are already being sued constantly for anything remotely approach racial bias in their system (by agencies of the federal government, usually.)

    If it weren't so, you could count on them to use any indicator which has ANY relevance to the repayment of debt (and, let's not kid ourselves, having MORE income absolutely increases the odds of the repayment of debt. ie.: it takes money to repay debt and having more money makes it easier than having less money. Overall, statistically, it has to be so.)
  11. BluVegas

    BluVegas Guest

    Re: Little bored today.......

    That's what I was saying...MORE INCOME , increases chances to pay...I see how they would be sued if it was included.

    Somebody better give me more credit soon before I start to CRY....LOL

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