It is amazing how many aspects of our lives are outside of our control. The Fair Isaac Corporation is a company that creates a three digit FICO score, which is used to rank your credit. The higher the score, the better your credit.
These scores are not only used for loans, but may affect your ability to rent an apartment or determine how much you pay for insurance. Now FICO is adjusting its scores. You may not have changed your behavior one bit, but your credit score may change.
According to the New York Times, “...about 40 million people who already have favorable scores are expected to gain about 20 points, while another 40 million with lower scores will probably see a drop.”
Do you have any say in this? Of course not. And, as I found out, you can’t even use “PayPal” to pay for a poetry submission to some of the journals if you don’t have a credit card. You can’t buy an airplane ticket with cash any more. I have no idea what my credit score is, but it might have just moved up or down without any action on my part. I’m at the mercy of forces over which I have no control.
See Bernard, Tara Siegel, “FICO Tweak May Change Credit Scores,” New York Times, (Jan. 27, 2020), pp. B1, B4.
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