The FICO score.
The hoax is to make you care about your FICO score. So you can borrow more money. So you can get a higher FICO score. So you can borrow more money. So you can get a higher FICO score. SCAM! Why do I care what score lending institutions give me? FICO was invented by Fair Isaac Corp to make you think that you need to maintain a high score to make people borrow more money.
How a FICO is calculated....
-Payment history 35% of score
-Current credit usage 30% of score
-Length of credit history 15% of score
-Applications for new credit 10% of score
-Total credit types (Mortgage, loans, cars, credit cards etc.) 10% of score
It's an "I Love Debt" score. SCAM! Everybody is so worried about it and it irritates me that they don't see through this farce. It's like if I sold Widgets, and came up with a score to make you think that you are a loser if you don't buy more Widgets. That's all debt is, a product. And it's a product that has damn near ruined America if you ask me. Give FICO the finger! I want a score of zero.