If you’re looking for perfection in Jennifer Lopez, you probably won’t find it in her credit file. Sure, she looks like a million bucks — and that’s on a bad hair day — but odds are, J. Lo’s credit stinks. In fact, credit scoring is one of the few areas where Madonna, Mel, Snoop, Bennifer, Bradiffer, Whoeveriffer, and Demi can’t compare with any of us.
How could the finances of the unmanicured masses be more desirable than those of the rich and fabulous? It’s not because of bad management, bankruptcy, or a bad-mouthing ex ruining their credit reputations. It’s because extreme wealth stumps the credit-reporting companies. The formulas that Equifax, Experian, TransUnion, and Fair Isaac use for determining creditworthiness scream “Tilt!” when faced with multiple mortgages and lines of credit that make King Midas look like a cheapskate.
Our dirty-blonde finances, on the other hand, are comparatively straightforward — that is, if you consider 11 credit obligations to be uncomplicated. According to the Fair Isaac site myfico.com, that’s how many obligations appear on the average American’s credit report. Fewer than four out of 10 of us have a 30-day (or more) late payment on file; almost half indicate credit card debt of less than $1,000. But 10% show $10,000 or more on plastic.
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