Obscure Credit Scores

[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

 

[clifp]

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]

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

 

[FUEGO]

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]

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.