Higher income = higher credit score?

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Higher income = higher credit score? wangchieh 10-04-2006  Re: Higher income = higher credit score? Elle 10-04-2006  Re: Higher income = higher credit score? joetaxpayer 10-04-2006  Re: Higher income = higher credit score? Sgt.Sausage 10-05-2006  Re: Higher income = higher credit score? emailforian@gma... 10-12-2006  Re: Higher income = higher credit score? Sgt.Sausage 10-13-2006  Re: Higher income = higher credit score? Don 10-06-2006  Re: Higher income = higher credit score? flagsposters 10-06-2006  Re: Higher income = higher credit score? joetaxpayer 10-06-2006  Re: Higher income = higher credit score? Don 10-06-2006  Re: Higher income = higher credit score? kkangeter 10-13-2006  Re: Higher income = higher credit score? kkangeter 10-13-2006
Posted by on October 13, 2006, 6:59 pm I'm pretty sure that income does not affect your credit score. The only way income can have any effect on your credit score is because it enables you to either take care of bills quickly and efficiently, or it hinders you from making your payments ontime and therefore hurts your score in many different ways. However, "John" and "Gary" in essence should have the same credit score if they have excellent credit. I watch Suze Orman all the time. She's on MSNBC on Saturday nights at about 9p.m. eastern time and she has a lot of good financial information. You could also go to her website www.suzeorman.com. She actually breaks down how the credit bureaus figure out your credit score. They go by your credit history with current credit cards that you have opened rotating accounts with, if you're making your payments on time, if you've maxed out your credit cards, and also things like bills in collections and unpaid accounts can hurt your credit score and your FICO score. Check out Suze's website, there's a lot of good, helpful information there. wangchieh@wongfaye.com wrote: > Hello All, > > Does your income have an affect on your credit score? Or does only > your credit behavior affect your credit score? > > > For example: > > John makes $120,000 a year, has an excellent credit history, and has a > score of 820. > > Gary makes $45,000 a year, has the EXACT same excellent credit history > as John. Can Gary get an 820 credit score too? Or will his score be > lower because his income is less? > > > > Thanks. Posted by on October 13, 2006, 7:03 pm I'm pretty sure that income does not affect your credit score. The only way income can have any effect on your credit score is because it enables you to either take care of bills quickly and efficiently, or it hinders you from making your payments ontime and therefore hurts your score in many different ways. However, "John" and "Gary" in essence should have the same credit score if they have excellent credit. I watch Suze Orman all the time. She's on MSNBC on Saturday nights at about 9p.m. eastern time and she has a lot of good financial information. You could also go to her website www.suzeorman.com. She actually breaks down how the credit bureaus figure out your credit score. They go by your credit history with current credit cards that you have opened rotating accounts with, if you're making your payments on time, if you've maxed out your credit cards, and also things like bills in collections and unpaid accounts can hurt your credit score and your FICO score. Check out Suze's website, there's a lot of good, helpful information there. wangchieh@wongfaye.com wrote: > Hello All, > > Does your income have an affect on your credit score? Or does only > your credit behavior affect your credit score? > > > For example: > > John makes $120,000 a year, has an excellent credit history, and has a > score of 820. > > Gary makes $45,000 a year, has the EXACT same excellent credit history > as John. Can Gary get an 820 credit score too? Or will his score be > lower because his income is less? > > > > Thanks. Similar Threads Posted plan for higher income tax rates October 22, 2008, 11:13 am higher rate of return December 5, 2007, 6:36 am How to capture higher global interest rates November 25, 2006, 10:36 am old retirement acct: total withdrawal vs higher annuity? November 14, 2008, 12:52 pm student loans to achieve higher earning power faster. January 24, 2008, 5:22 pm Questions about hard credit inquiries and your credit score. October 18, 2006, 2:39 pm Using low-ratio loan to pay-off a higher-ratio loan December 10, 2006, 1:46 pm Credit report and FICO score November 27, 2006, 5:10 am How Much Is A Credit Score (FICO) Worth? May 16, 2008, 3:22 pm Rental Car Collections & Credit Score July 9, 2008, 8:14 pm