The FICO Game
“Credit cleanup: Higher scores sought as lenders get more selective” by Eleanor Laise is about the movement among lenders to require higher FICO scores for borrowers who want to receive the best interest rates on loans.
It also explains how many are tweaking the system to improve their FICO scores. And for some consumers, raising their FICO score is a game they play to join the “700″ club, the group of consumers who have FICO’s of 700 or above.
The takeaway is that one’s FICO is a result of one’s financial behavior which can be changed to impact one’s FICO score for the better. The higher one’s FICO, the less one pays in interest when he or she borrows money. Enjoy the article!
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