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Your blogs on profiling a person ..who has a fico of 500 is not fair...the fico system sucks

By
Mortgage and Lending with Free America Realty

I WROTE ABOUT A GRANT PROGRAM THAT MY BANK HAS FOR PEOPLE THAT HAVE A FICO AT 500

great second chance!!!

I believe that the fico system is unfair

so many people wrote to tell me that i could just forclosure on them rite after i give them the mortgage

i guess this blog is for the people that don't understand the way ficos work

 

*just have one late payment..fico goes down

*to much credit but are able to make your payment but the credit company says your a risk

*co-signer makes a late payment

*lost your job...takes time to get back on track..but you do and you have a few lates

* death in family or someone gets sick...throws you off for a little while

*your husband or wife leaves you....

you could have make you payment perfect for years then just one to two payment late

your !@#$%^&*()_

Fico system is not fair

then you have a 21 years old

makes 24000 year, 2 credit cards(2 years old...he has a fico of 720

That"s why we have all these forclosures...people with great ficos getting mortgages they should not have

fico system sucks

Do i sound mad...good i am( and i don't care if anything is spelled wrong)

judith

home of the grant...........branchlendamerica.com

 

 

 

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
The FICO system is definitely a mystery to me and everybody else except the ones who invented it.
Dec 22, 2007 06:22 AM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt
Judith, I read your blog because of the title - I think the FICO system sucks too!! It is just too easy for a person to manipulate.
Dec 22, 2007 06:30 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

With all these foreclosures maybe the new good FICO will be 560...or less! The FICO system does categorize people but...is there a better system. BTW, my FICO ain't that great either, thanks to this market!@

Dec 22, 2007 07:16 AM
judith boggio
Free America Realty - Patchogue, NY

just make one mistake...it's over

judith

Dec 22, 2007 08:42 AM
"Tommy" Decebal
HomeSpector Inc. 516-851-5833 - Farmingdale, NY
Adamescu Long Island NY MASTER Home Inspector

Wish you a Merry Christmas and best wishes for a great year in 2008.

Tommy   New York Certified Home Inspector Long Island NY Nassau/Suffolk Home Inspections

Dec 22, 2007 05:04 PM
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Judith- You are right that the score isn't fair and it is the reason for a lot of foreclosures. Both of my children bought homes at 19 years old. They had high scores because we built them up at a young age. One is ok, the other, the mortgage is killing him. He hasn't been late, but every other bill has. I am selling his home because the burden is too much for him after 3 years.
Dec 22, 2007 05:13 PM
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Judith- by the way, why are you posting in All Things Florida when you are in New York?
Dec 22, 2007 05:14 PM
judith boggio
Free America Realty - Patchogue, NY

my bank is lic in florida

Jan 02, 2008 09:44 AM
judith boggio
Free America Realty - Patchogue, NY
great
Feb 10, 2008 10:08 AM