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11-25-2007, 10:59 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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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, 04:31 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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
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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.
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11-26-2007, 05:11 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,192
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just because one has the ability to pay dosnt mean you will pay like they say, show me!
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11-26-2007, 09:30 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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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.
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11-26-2007, 11:03 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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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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