Is FICO still worth its weight?
Wednesday, December 5th, 2007Your credit health may start going south, and it may not be your fault.
Currently, your FICO score is the long standing gauge on risk when it comes to lending money. Some are saying that the FICO financial thermometer may be due for calibration, all thanks to the current credit crunch, backed up by the mortgage epidemic.
Analyst Meredith Whitney, on the notion that more people have taken on “more house”, says that a loan-to-value (LTV) may be a more appropriate way to measure financial risk when it comes to lending money. Lenders who have put too much weight into credit scores when it came time …
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