Friday, June 24, 2005

credit score

here is a little info on the illusive credit score model. I for one had heard it said that it was not good to have credit cards with high limits. this I learned is FALSE, as a high limit with none of it used INCREASES your avalable credit to used credit ratio. I also learned that it IS good to have multiple sources of credit (at least 3) as this is required to come up with an average.

and.. to the young among is, did you know the credit score was not utilitzed in aquiring a home mortgage until the mid 90's? our forefathers and grandfathers didn't have to worry about this crap!

1 comment:

palegreenhorse said...

news to me about the credit score only being used the last ten years... i wonder how in the world they figured it out before. that must have been a ton of paperwork. i think today there is a higher probability of not needing to document everything and still get a good rate.