The Altar of FICO

Updated: Feb 14

Do you worship at the altar of F.I.C.O?

Who is FICO. I am pretty sure you know it by its other name. It is called your Credit Score. Everyone wants a good score. After all we are told you can’t buy anything without credit. But is it true?

Imagine this scenario. You are have a horrible credit score but then someone gives you a billion dollars. A billon with a capital B. Can you picture it? What could you not buy at that moment? With a billion dollars you can buy any car, any house, all the food you want, all the clothes you want. You would be officially rich. In fact you would be a billionaire. Guess what would happen to your credit score then? You would think a billion dollars would improve your credit score. It does not.

Dave Ramsey is about to finish building a new office building for his business valued at 50 million dollars. He is building this new building in cash. He has not borrowed the money for this new building. Yup, you read that right. 50 million in cash. He saved up for this new building. Do you think that is all the money he has? He obviously has more because he practices what he preaches. Do you know what is Dave Ramsey’s credit score? A big fat zero!

How can that be? That is because your credit score is based on only one thing. It is based on how much you love debt. In essence it is a I love debt score. Dave Ramsey has not borrowed money in over 40 years. Therefore, his credit score is zero. Ponder how ridicules we have become in America, that a man who is a millionaire could not rent an apartment that is owned by a company that is publicly traded, because his credit score is zero. He could buy the entire complex, but can’t rent an apartment from them!

You credit score is made up of 5 different aspects all related to debt.

  1. 10% of your score is made up of—do you have new debt? In other words they want you to keep getting into debt to have a new score.

  2. 15% of your score is your credit history. In other words, how long have you been in debt? The longER the better according to FICO.

  3. 10% is a mixture of debt. In other words if all you have is a mortgage, that lowers your credit score.

  4. 35% is based on paying your bills on time. Paying your bills on time is a matter of integrity, not a way to build up a credit score.

  5. 30% is made up from how much you owe. In other words, they only want you to borrow around 30% of your line of credit. For example if your credit card limit is 10k and you spend 5k that month and don’t pay it off, that is 50% of your credit limit. That dings your credit, too.

Each of the 5 items above it all have to do with how you manage debt. In other words it is an, “I love debt” score. I do not want to play that game anymore. I am not going out of my way to worship at the altar of FICO.

If you have questions don’t hesitate to ask here. Take charge of your money!

Your biggest cheerleader on social media,

Gio Marin

P.S. Day 325 please pray for the 7.2 million goal for 2020


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