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Pretty sure it's equator, guy.
Losing a lot of potential interest income lending to you vs. 650, since he can charge 650 a higher rate. If he can get comfortable 650 can make his/her payments, it's way more profitable than lending to you.
This is true. However, percentages say loan officers have to work a lot harder to get all the payments on that 650 vs the 850. Hence the higher rate.
Also true. There is more risk on the financial institution when loaning to a consumer with a 650 vs. a 800+. Higher chances of a default, however, there's probably more of a chance that the 650 is a revolver (carrying balances and paying interest) vs. a transactor (who pays off the balance in full monthly).
There must be a mistake. Give me your pets name and your social. I promise I won't rest until I figure this out.
That's a loan that (presumably) you paid timely. That's a predictor of how you might pay things in the future. Its existence helped the score and its absence hurts it.
So basically if you keep paying us interest we will give you a great imaginary score. If you stop paying us that interest, because you don't owe us any more money we will lower your imaginary score.
You can have over an 800 score just by having some credit cards that you pay in full each month. You don’t have to pay interest.
I know, I was trying to be funny. I failed this time, but there will be another day!
Industry specific ones, like auto and credit card, can if they use the newer versions (FICO 8). But your overall FICO is limited to 850.Walking Boot said:
