Your credit score might be better than Warren Buffett’s
Posted by
Sam
This is interesting…
Up until recently, when he donated most of his wealth to charity, Warren Buffett was the richest man on the face of the earth. If you had a net worth of more than $60,000,000,000 you would think your credit score would be perfect. Not the case with good old Warren – his FICO score was only 718. While this isn’t a bad score, it’s certainly around average.
Why would he only score 718? Simple. FICO is not based on income, but rather your credit history. If Warren never had a car payment or a mortgage, what is there to base it off of?
Gosh, if for no other reason, you would have thought such a penny-pinching wise man would have used reward credit cards for the cashback and airline miles if for no other reason. :p
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This just goes to show how screwy credit scoring is. It should be based on assets and income too instead of only the other stuff.
Happy Friday: I stumbled upon this post from a search at technorati and found it very informative and interesting. Please post more on this topic. Regards.
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Thanks
This man is great. Anyhow I don’t think that Credit Score counts for people like him. They will just get what they need.