Friday, August 21, 2009

15 Reasons Why You Should Ignore Your FICO Score

Warning: Only read this if you are in “goofing off” mode. You may also want to ignore this post (along with your FICO score of course) if you just got yelled at by your boss.

Everyone ignores their FICO scores anyway so why don’t you as well? Here are the reasons why I believe you should stop checking those reports and just relax, watch some TV and let the others do all the hard work.

  1. Out of Sight – You never really see it unless you ask for it, out of sight, out of mind!
  2. Promotes Use of Credit – I’m a cash person. No credit right here.
  3. Seldom Used – How many times do you ever need a loan anyway? Why bother when the score is only used a few times in your life?
  4. Not Always Used – Furthermore, not every company will use your FICO score to determine your credit risk. You can always try your luck and hope for the best.
  5. Wait for the Bubble – If you couldn’t get a loan approved, you can always just wait till the next credit bubble when everyone including the no-income retired folks were approved to buy million dollar homes with $0 down. Actually… I take the no-income part back. They have social security to pay for the loans.
  6. Just a Number – The thing is only three digits. Who cares? How much of a difference could it make?
  7. Scams – All you hear are scams associated with credit scores and reports. This can’t be important.
  8. I Live in a Vacuum – The FICO score is country specific, so whatever you do here means nothing in another country. In fact, only Canada and United States call it a FICO score.
  9. No Hope – I just got disapproved so whatever I do, it won’t make a difference anyway. I want a house NOW.
  10. The Thing is Jumpy – The score is a snapshot of information in your credit report so it fluctuates. Who has time keep track of something that’s ever-changing?
  11. Government Cares – Since the government pretty much screws up everything and they claim that credit scores are reliable, FICO scores must be useless.
  12. Temporary – Most negative credit information only stay on file for seven years. Even a bankruptcy is gone by the tenth year. I’m young. I have patience if any mistakes get on there…
  13. No Control – No one (except the people who actually make money off us with this) really knows exactly how it’s calculated, so if it can’t be manipulated, you can safely ignore it right?
  14. Against the Grain – Whenever everyone talks about something, it’s reason enough to ignore it. I’m special. I don’t need to think about what everyone else worries about.
  15. Still Reading? – By now, you should know how ridiculous it is to think that your FICO score doesn’t matter. Do you check your credit reports regularly? Are you on top of your credit score? If not, you are already ignoring your score.

Think again if you’ve been ignoring your FICO score… and congratulations. You must be in a happy mood if you got this far :)

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