Most people don’t understand how credit scores are derived. Algorithms derive (from big data) commonalities among those who paid accounts on time. Exaggerated ex: If significantly more people who wear brown shoes paid w/in 30 days, then brown shoes become a factor in credit score
Banks have no idea who’s creditworthy anymore amid the coronavirus pandemichttps://www.wsj.com/articles/flying-blind-into-a-credit-storm-widespread-deferrals-mean-banks-cant-tell-whos-creditworthy-11593423001 …
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While the article is thoroughly paywalled, I get a deja-vu feeling that goes all the way back to 2008...
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Anyone who follows their credit score and has continued to make regular payments probably knows that they've figured out some signals none the less.
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