Obscure Credit Scores

jazz4cash · 11-25-2007, 11:59 PM

This was new info to me, but not the least surprising. I believe credit scoring is fundamentally flawed because it does not consider any assets....only info about your debt. I just noted in another thread that I had recieved less favorable CC offers from BofA than OP had cited and then I stumbled on this............

8 secret scores that lenders keep - MSN Money

clifp · 11-26-2007, 05:31 AM

Quote:

Originally Posted by jazz4cash

This was new info to me, but not the least surprising. I believe credit scoring is fundamentally flawed because it does not consider any assets....only info about your debt. I just noted in another thread that I had recieved less favorable CC offers from BofA than OP had cited and then I stumbled on this............

8 secret scores that lenders keep - MSN Money

Interesting article, I figured they use more than just a single number when determining credit ratings.

Having a lot of assets does help in obtaining loans but not necessarily your credit score. For instance when I sent in my brokerage statement showing assets several times larger than my mortgage, my loan got approved pretty much immediately.

mathjak107 · 11-26-2007, 06:11 AM

just because one has the ability to pay dosnt mean you will pay like they say, show me!

FUEGO · 11-26-2007, 10:30 AM

My take is that credit scores and consumer credit applications and the underlying processes are designed for the 80% of folks that are basically broke living paycheck to paycheck, w/ not many real assets other than a mortgaged house and cars with loans on them.

If you are monied, you might need to contact a real person at a bank/credit company to explain your situation and show them your personal balance sheet and maybe evidence of your significant assets.

calmloki · 11-26-2007, 12:03 PM

Dunno about monied - we're more what the old farmers called "land poor" - but the last time we needed a loan we had to provide 3 years of taxes, a list of tenants, their rents and contracts, and a list of debts and assets, which was really fun since we had a bunch of free and clear properties. And still the more hidebound conservative banker types wanted to have the gal's employment shown, even though it was part time and contributed about 4% to our annual income.

11-25-2007, 11:59 PM	#1
jazz4cash Thinks s/he gets paid by the post Join Date: Aug 2004 Location: Laurel, MD Posts: 1,060	Obscure Credit Scores This was new info to me, but not the least surprising. I believe credit scoring is fundamentally flawed because it does not consider any assets....only info about your debt. I just noted in another thread that I had recieved less favorable CC offers from BofA than OP had cited and then I stumbled on this............ 8 secret scores that lenders keep - MSN Money

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11-26-2007, 06:11 AM	#3
mathjak107 Thinks s/he gets paid by the post Join Date: Jul 2005 Posts: 2,430	just because one has the ability to pay dosnt mean you will pay like they say, show me!

11-26-2007, 10:30 AM	#4
FUEGO Full time employment: Posting here. Join Date: Nov 2007 Posts: 673	My take is that credit scores and consumer credit applications and the underlying processes are designed for the 80% of folks that are basically broke living paycheck to paycheck, w/ not many real assets other than a mortgaged house and cars with loans on them. If you are monied, you might need to contact a real person at a bank/credit company to explain your situation and show them your personal balance sheet and maybe evidence of your significant assets.

11-26-2007, 12:03 PM	#5
calmloki Thinks s/he gets paid by the post Join Date: Jan 2007 Location: Independence Posts: 1,398	Dunno about monied - we're more what the old farmers called "land poor" - but the last time we needed a loan we had to provide 3 years of taxes, a list of tenants, their rents and contracts, and a list of debts and assets, which was really fun since we had a bunch of free and clear properties. And still the more hidebound conservative banker types wanted to have the gal's employment shown, even though it was part time and contributed about 4% to our annual income.

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