5 Reasons Your High Credit Score Doesn’t Impress Me

high credit score has nothing to do with wealth

“Hey Derek, guess what? My credit score just got bumped up to 803! BOOM!!”

Okay…is that supposed to impress me? I mean, have you really sat down and thought about what your credit score means (both for you AND the bank)?? Long story short, your high credit score has nothing to do with wealth and therefore doesn’t impress me at all…but let’s make sure you understand why.

5 Reasons Your Credit Score Doesn’t Impress Me

The idea of the credit score was born with the banks. With the increase in demand for loans, they needed a way to quickly understand who would likely repay the loan and who would not. There were many varieties of credit score calculations throughout the years, but the one that stuck (and is now widely accepted as the credit score) is FICO’s credit score model, born in 1989.

Related: What’s Killing Your Credit Score? And . . . → Read More: 5 Reasons Your High Credit Score Doesn’t Impress Me