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Warren Buffet's FICO Score

The last post in this topic was posted 3619 days ago. 

 

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I would bet this was posted a couple years ago, but it's new to me.

 

http://www.myfico.com/crediteducation/articles/warren-buffett-fico-score.aspx

 

Fortune Magazine reported that Warren Buffett has a FICO score of 718 (2008, March 31, The Oracle's Credit Crisis). How can that be? Isn't Warren Buffett one of the wealthiest men on the planet?

 

I wonder if he just doesn't have many CC's? I watched a documentary on him once and he drives a relatively plain Cadillac and lives in the same modest house he did decades ago. Really seemed like a down-to-earth guy.

Edited by uncoder2010

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I wonder if he just doesn't have many CC's?

 

I guess his First Premier and HSBC Secured Orchard card aren't doing much for his scores. :(

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Quite a few wealthy people have relatively bad credit scores...

 

My companies CEO for instance, iirc he claimed to have a credit score in the mid 600's. No mortgage in many years, no CC, an amex charge card, no car loans. That being said, I'd bet the bank will give him a $5m loan much faster than most with an 800+ score.

 

When you reach a certain wealth level, credit doesn't mean much anymore, let alone when you have billions in cash.

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Quite a few wealthy people have relatively bad credit scores...

 

My companies CEO for instance, iirc he claimed to have a credit score in the mid 600's. No mortgage in many years, no CC, an amex charge card, no car loans. That being said, I'd bet the bank will give him a $5m loan much faster than most with an 800+ score.

 

When you reach a certain wealth level, credit doesn't mean much anymore, let alone when you have billions in cash.

 

Credit is just that... credit. Warren Buffett does not need credit with that kind of wealth.

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Quite a few wealthy people have relatively bad credit scores...

 

My companies CEO for instance, iirc he claimed to have a credit score in the mid 600's. No mortgage in many years, no CC, an amex charge card, no car loans. That being said, I'd bet the bank will give him a $5m loan much faster than most with an 800+ score.

 

When you reach a certain wealth level, credit doesn't mean much anymore, let alone when you have billions in cash.

 

Credit is just that... credit. Warren Buffett does not need credit with that kind of wealth.

 

You don't have to be wealthy - just have enough not be in debt. It's so easy to use debit cards instead of charge or credit cards. Less paperwork - in the old days anyway. 2 1/2 years ago I didn't even have a FICO score as a result of drifting away from credit products. I'd say Buffett is doing good.

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Yeah, it's kind of counterintuitive -- getting yourself OUT of debt doesn't necessarily help your credit score. And to have the BEST credit score, you almost always have to be in some sort of debt (limited debt obviously i.e. utilization, but in debt nonetheless).

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Good points. I've been making changes so that I don't have to use my debit card. Too many horror stories out there. When I realize at how many places that card has been used (especially websites), I realize it's a ticking timebomb.

 

So, my plan is to either have the bank give me a new one or, if wait until i move my bank account and then only use CCs or the debit at very reputable places.

 

 

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