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.
