Michael Jackson had a 563.67 credit score
Last Updated on Thursday, 27 August 2009 10:42 Written by admin Thursday, 27 August 2009 10:41
Here’s a shocker — Michael Jackson had an abysmally low credit score.
TMZ has learned that in 2007, Jacko’s average credit score was 563.67 (Equifax 592, Transunion: 524, Experian: 575) which most experts consider very low.
(According to creditreport.com, the average credit rating for people in California is 672.)
The reasons for MJ’s credit woes … We’re told he was dinged for several reasons, including:– A derogatory public record or collection filed– The amount owed on delinquent accounts– Number of accounts with delinquency– Too many inquiries last 12 months
We’ve also learned Barneys New York actually shut down Jacko’s credit line after he racked up more than $224,000 in one billing cycle, this according to Jacko’s credit report.
MJ’s troubles seem to have stemmed from a large net worth but nearly no disposable income. As we reported earlier, MJ’s “Cash in Bank” was $668,215 — or .05% of his net worth.
You know, I deal with credit troubles every day with my line of work as a housing consultant. I see so many more bad credit scores than good credit scores. People need to realize that with a little time and work, they can get themselves back into a position to buy right.