What does FICO stand for?

mullet over

Many people in the U.S. are concerned with their FICO scores although they have no idea what FICO stands for or how the scores are calculated. In the 1950s, an engineer named Bill Fair teamed up with mathematician Earl Isaac to create a formula for evaluating an individual’s probability to pay off loans. FICO stands for Fair-Isaac Corporation. These data folks normally use about 65 samples of economic information and some version of the Fair-Isaac formula to derive a number (300-850) that supposedly indicates a borrower’s likelihood to repay. The FICO algorithm proved to be far more reliable than experienced bankers’ guesses. Nearly all money loaning institutions have their own FICO-like plans. Most formulas are frequently tweaked (different from twerked), sometimes considering payment punctuality, currents debts, annual income and even one’s neighborhood. Those making loans primarily consider financial histories, making people without any pecuniary track record to face difficulty in obtaining decent credit ratings.

Back in 2002, eclipse lovers were required to travel to areas in and near Australia to observe a total eclipse of the sun. Such an event has not been seen from the U.S. mainland since 1979. However, on August 21, 2017 a solar episode is predicted to “affect” 10 states and should be quite a spectacle. Extreme caution is advised when witnessing solar eclipses. Permanent eye damage can result if safety protocol is not employed. August 21 will be on a Monday and the astral (clean word) happening will occur over a span of two and a half minutes. If you miss this one, another total eclipse of our sun is predicted for December 14, 2020. However, to see this one live, a trip to South Africa, South America, Antarctica or regions in nearby seas would be required.

Talk about determination: Meteorite hunter Steve Schoner searched and walked over a likely meteor collision path for seventeen years before he succeeded in discovering his quarry – a 44 pound meteorite at a site on Glorieta Mountain in New Mexico. Steve no longer has the stone, but one piece of the meteorite recently sold at auction for $82,000. He’s looking for more rocks from outer space.

This is just in from my source of junior high jokes: How did Moses make tea? Hebrewed it. I usually check my facts, but not this time. Well, I guess that I’ll take my little ol’ 306 FICO score and close down for a while. Have a great week.

James White is a retired mathematics teacher who enjoys sharing fascinating trivia. He can be reached at jkwhite46@gmail.com.