JW’s Financial Coaching Podcast JW’s Financial Coaching Podcast-A show devoted to answering your personal financial questions and covering current events in personal finance. Giving people a new perspective on their money!

November 20, 2014  
00:0000:00
  • Sharing a revelation I had about FICO
  • What the FICO score really is
  • Don't make financial decisions based on a product
  • Making financial decisions based on what others tell us is important
  • Quote of the week

I've spoke and written before about my feelings about the FICO score before but today I want to share a revelation I had recently reading an article talking about FICO's new credit scoring system FICO 9.

There is a lot of great quotes in there but the light that went on in my head while reading the article was the FICO isn't a score . . . it's a product. I've always known FICO is a product but it really dawned on me the absurdity of measuring how well we are doing financially based on a product. What makes it worse is that in another article I found most people believe the mortgage companies aren't going to switch over to FICO 9 anytime soon.

The JW’s Financial Coaching Podcast_80With that being said today's lesson we are going to discuss why measuring yourself against a product design to help lenders, not consumers is dangerous. Also we'll discuss what to measure yourself against instead.

For other lessons I have done on the credit reports and credit scores:

This lesson’s quote is brought to you by the JW's Financial Coaching Newsletter and comes to us from Calvin Coolidge:

"There is no dignity quite so impressive and no independence quite so important as living within your means.”.

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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

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