Why do we need a FICO score?

[JohnnyO]

I mean, what does it really measure? Since I was discharged and have no more credit cards, I'm lovin it. I only buy what I need, and if I want a little frill here and there, I pay cash for it. I honestly couldn't care less about my FICO score. I have no more home purchases in my future, and Im happy driving used vehicles that I pay cash for. Im just wondering what others think about it.

[killinstinct]

I'm with you. I'm just a bit concerned about renting, insurance scores, etc. So far, though, there have been no issues. I plan on paying for cash for everything else now.

I still am kinda bummed in a strange way, I was such a "winner" on paper at least, had outstanding credit, now trashed.....

[momisery]

Never bounced a check, never late on a payment and I did that almost up to 60 years of age. I was proud of that almost 800 credit score! Now, the whole thing seems so foolish. If I would have simply stopped and thought about it and filed much sooner I would not have been so broke, I would still have a 401K. Live and learn I guess. I disagree with how they use our credit scores, and how we can lose our good credit over fraud or poor reporting and can't really fix the score when that happens. Speaking of total messes, the credit reporting system would be one of those messes made by big business. My bank does not report helocs, and I do several a year for the afluent. If they don't pay no one knows but our bank. When they apply for credit, the whole scope of their debt is not disclosed this way. So, either we should report ALL or NOTHING, and you should be able to fix it at the expense of whoever mess it up if they made a mistake. Doesn't cost a lot to fix, but your time is worth something.

[Flamingo]

FICO scores usually mean nothing to some creditors when a BK appears on your records. You can have a high FICO and still be denied credit due to the BK.

[frogger]

I still am kinda bummed in a strange way, I was such a "winner" on paper at least, had outstanding credit, now trashed.....

A winner on paper, but really.

My paper was beautiful too........

[JohnnyO]

Good to hear others feel like I do. As I research it more, it seems to be more of a measure of how much debt we have and how we repay it. Good answers, thanks.