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“Just the Facts Ma’am”: Why is there a rise in FICO Scores?

By December 1, 2020No Comments

So what is going on? That’s what this series is about and let’s get right into it; as Joe Friday said, “Just the Facts Ma’am”.

Earlier this year, we made a post about the rise in FICO scores. Why the rise though? To be specific, the stimulus check. 35% used the money to pay down and/or retire debt. 36% put it straight into savings (you have probably heard or seen some news story about the rise in deposits country wide). The remaining 29% spent it (we are not saying that this was not impactful to our economy, frankly it was).

This means about 2:3 people used the check to pay down debt or add to their savings, improving their financial situation, raising their FICO score, and leaving them in a much stronger position going forward. Strangely, this is something that is not being discussed in the news.

Donna Stott

Donna Stott

A Realtor since 1986 Donna has devoted her career to helping Buyers, Sellers, and other Realtors succeed in in their goals. She been a Broker in Florida, Hawaii, and in Georgia. Her permanent home is is Canton, GA. Donna is married to Mike Stott, past president of the Cherokee Association of Realtors where she currently serves as Education Chair. She is also a Certified Coach and Licensed Seminar Leader with the Academy for Coaching Excellence. Donna & Mike have 5 children, 8 grandchildren and 1 dog - Millie. She enjoys traveling, gardening, and Audible books.