101Cliche.com
Fifth Third Tries to Look Smart About Credit Scoring
No substantiation of credit score information
| By Greg Fisher
Fifth Third Bank states, "Your debt-to-available-credit ratio determines 30% of your credit score." #Myth7
However, Fair Isaac, the FICO credit score company indicates that any such ratio exists within a category of factors whose weight is 30%. In other words, if that ratio is 30%, then it takes up the enitre category and the other factors are zero. And, of course, that makes no sense.
The only score brand mentioned in the text of the article titled "Credit Score 101: Need-to-Know Basics About Why This Number Matters" is FICO.
A test: If the ratio is 30 percent, then what percent is "How many accounts have balances"?
See Credit Score Myth 7.
If you're going to act like you're some expert educator and title your work Something 101, you had better make sure that you can -- as they say in arithmetic class -- show your work.