Wow - I don't get it

[wincrasher]

I was visiting another site - won't mention which one (but it's popular).

Seems like alot of folks with low FICOs handing out advice to others with even lower scores.

What surprised me was most of the advice was how to remove/challenge info, or game the system-let debts expire the statute of limitations, etc.

The last thing to do seemed to be actually paying what was owed.

Oh, of course the only reason to clean up their credit scores was to take on additional debt, a house or whatever.

I mean really, do these people watch the news? A mortgage with a 600 FICO? Who are they kidding?

[cantretire]

I've been thinking the same thing. i see posts - probably on the same site you are talking about - from people with a BK, large CC debt, collections, and a 621 score wanting to apply for a mortgage.

Words escape me!

[ksluis62]

I think its hard to generalize too much about those with FICOs in the low 600s. Yes, there are many in this range that should not have a mortgage. But the FICO is just one of many indicators of a person's risk level. High income and/or large net worth compensates for a low FICO. Some of these people have had temporary setbacks, or are simply sloppy payers (always pay, but pay late with a fee). On the flip side, there are many in the high 700's that are a layoff away from foreclosure, because they have little savings.

What I see on forums most is a lot of noise from the unknowledgeable and those seeking a quick fix or shortcut. But more often than not, somebody posts the conventional wisdom, that of actually paying off the debt and building savings. I see many names from this board on other forums doing exactly that, and I try to do that too.