FICO: Fair Isaac Company (credit score)
Three numbers that weigh heavily on whether or not we get stuff on credit. Auto loan, credit card, house. Today you can apply for credit for anything online; results are immediate, but sometimes you get that message that tells you a letter will be sent to the address you’ve provided regarding your application – that normally means you’re outta there – reject! OR just maybe FICO needs time to fish for a little more proof that you’re a good candidate for the repayment.
I am sure everyone who is reading this understands what a “credit score” is – it ranges from 300-850 - the higher the number the better off you are in obtaining a good deal. The FICO score helps lenders determine whether or not you’re a high risk or a low risk in terms paying back the loan and/or the interest rate. Simple and easy and I’m out the door with my purchase IF those 3 numbers are nice and high…let’s say between 700 and 750.
Got it? Good. So what does all of this have to do with your social media accounts? Glad you asked. I stumbled upon an article written by Steven Rosen (Red-Eye newspaper.) According to Steven, FICO is checking out your social media pages to determine if you’re a good or bad risk concerning that credit card or auto loan you just applied for. Say what?? Yes, FICO is sifting through your social media pages looking for posts with words like “wasted” “turned up” “make it rain” maybe even pictures of you wasted, turned up, and making it rain. I guess they’re figuring that you most likely will not pay back the loan if you’re blowing all your money on booze and the green stuff.
Soooo, you might wanna think twice before bragging about your “Project X” adventures on social media.
See article here