From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, November 28, 2012 2:03 PM
To: Moira Vahey, spokesperson, U.S. Consumer Financial Protection Bureau
Cc: Richard Cordray, director, U.S. Consumer Financial Protection Bureau (via press office); Mallory McLean, press assistant, U.S. Consumer Financial Protection Bureau
Subject: RE: Who changed the name of our Consumer Financial Protection Bureau?, utilization ratio advice
Your website states, “Experts advise keeping your use of credit at no more than 30% or less of your total credit limit.”
You must be citing alleged-credit score experts from the credit card industry. What experts gave that advice to get and keep a good credit score? Name at least two.
Here is mine:
- Fair Isaac, the FICO score company, states, “The more you owe compared to your credit limit, the lower your score will be.”
- A person who pitches scores for Fair Isaac on its website stated, “The FICO brain trust says there is no specific number that qualifies as a ‘good’ ratio, just that lower is always better.”
- In describing traits of those who Fair Isaac deems “High Achievers,” the company claims that those people use “an average of 7% of their available revolving credit.”
http://creditscoring.com/creditscore/fico/factors/creditutilizationratioadvice.html#zero
http://www.myfico.com/fico-score-high-achievers-infographic.aspx
And, please answer Monday’s question. I’m with the media, and I’m on deadline! The law says that you are to be known as the Bureau of Consumer Financial Protection, and you are doing everything you can to be known as something else.
—
Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342