FICO 10 UPDATE – WHAT DOES IT MEAN FOR YOUR CREDIT SCORE?

Everyone is “WORRIED” about the new FICO 10 Update and what it will mean for their credit scores.

Well I’m about to give you a quick summary of what I’ve learned about the new FICO 10 Update.

  1. 40,000,000 Americans will have their scores go down by 20 points and 40,000,000 Americans will have their scores go up by 20 points.
  2. Estimations are that over 110 million consumers will see changes to their credit scores once the new model hits fully to the 3 major credit reporting agencies, Transunion, Equifax and Experian.
  3. FICO 10 update will also take into account a 24+ month calculation of your payment history to figure scores.
  4. If you have delinquencies your scores will drop more than they would under the older FICO Scoring model.

To sum everything up somethings will remain the same regardless of what FICO UPDATES happen now and in the future.

  1. Pay your bills ontime.
  2. Don’t open too many accounts.
  3. Keep your credit card balances under 35% of available credit by the statement date.
  4. Keep your inquiries low.
  5. Don’t co-sign for someone else.
  6. Don’t get Subprime type loans such as: payday loans, department store cards, etc.
  7. Get your credit in order – Repair it!!!

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