A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Credit score changes
The credit scoring company ”FICO” is ready to change the way
they calculate your credit score and it’s about time. So many Americans are
held hostage by these scores and they are unable to get out from under a bad
score and if they pay their bills but have no outstanding credit and no
available credit, they are seen as a bad credit risk.
I really hate the way
these scores are comprised. First, if you are trying to get a loan or a credit
card and your credit is run multiple times you are hurt by that and in my
Business of Property Management in Anaheim Ca. I have Tenants tell me that,
this happens to them all the time when they are trying to get qualified to get
a new rental property.
Next if you cancel a credit card or line of credit, you get
punished by this “FICO” score because you have less available credit. This is
just stupid and it seems to want to force people to be able to get in debt. The
more chances you have to get in debt the better your score.
I was watching an interview with the head of “FICO” and he
said that they are going to start tracking your cell phone payments and cable
bills, and if you pay them on time, this could help your score. Finally they
are starting to help the average person get out of the credit score jail and
maybe, be able to get a better loan rate.
Allowing this credit score company to control so much of our
live and the way we are able to have access to credit is a ridiculous system
and the 3 credit agencies are not customer friendly as I found out with Experian.
I hope these changes to the “FICO” scoring system starts to help the people
that need help the most.
I understand the need to be able to evaluate potential borrowers,
but it needs to be fair and the people who are being evaluated need to be able
to answer for themselves without being put through credit purgatory
.
A.D. Cantelmo Property
Management Specializes in Property Management in Orange County
Ca.