Bev O'Shea NerdWallet.com Published 7:00 AM EDT Oct 27, 2018 A new FICO credit score, launching in 2019, could be good news for consumers who don’t quite have the credit scores they need to qualify for a financial product or for the terms they were hoping for. The UltraFICO score is an opt-in credit model that uses information from your checking, savings or money market accounts to supplement data already in your credit report. The information being considered includes how much you have in savings, how long the accounts have been open and how active they are. It’s meant to boost your existing FICO score, which ranges from 300 to 850. If you are already in the excellent credit range, and don’t need additional points for approval, or to qualify for the best terms, it won’t be offered to you. But this supplemental information can be especially helpful for consumers with scores in the upper 500s to lower 600s, considered bad to fair credit. More: New FICO … [Read more...] about Who will UltraFICO score help and what is difference from FICO score?
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Business By Dennis Boyd / Small Business Matters | Monday, September 17, 2018, 12:05 a.m. Share this story A customer pays with a chip credit card on Feb. 16, 2016 at a Target Express store in Chicago. (Abel Uribe/Chicago Tribune/TNS) Do you know what your credit score is? This is one of the first questions I ask startup or current business owners when they come to me to talk about financing for a new business or a business expansion, and all too often the answer is “no,” or “I looked a few years ago, but I’m not sure now.” ADVERTISING Most often business owners or owner wannabees need to fall back on their own resources and credit for financing. This is where credit scores come in because even with established businesses, financial institutions are partly basing the decision on whether to loan or not on the owner’s personal creditworthiness. A credit score is a shorthand representation of one element of what … [Read more...] about Small Business Matters: Personal credit scores matter in business financing
America's Credit Czar wants to finally set the record straight and educate the ‘credit experts’ about the impact of reported balances at the time of scoring No individual has ever obtained a perfect FICO 850 score without 'carrying' a balance. In fact, among other ‘Leaves’ FICO requires both an installment and a revolving balance to achieve perfection.”— FICO Professor and SubscriberWise CEO David HoweSAN FRANCISCO , CALIF., UNITED STATES OF AMERICA, September 1, 2018 /EINPresswire.com/ -- SubscriberWise, the nation’s largest issuing CRA for the communications industry and the leading protector of children victimized by identity fraud, announced today the public challenge to CNBC’s Yoni Blumberg -- and any other financial writers who may be interested – who inadvertently misreport the information that consumers need to know about the impact of favorable utilization (low credit-to-debt ratios on credit obligations, particularly … [Read more...] about FICO Professor Howe Makes Public Challenge After CNBC’s Yoni Blumberg Misreports the Myth Dispelled by FICO’s Dornhelm
By Jeff Lazerson | [email protected] | MortgageGrader.com PUBLISHED: June 7, 2018 at 2:47 pm | UPDATED: June 7, 2018 at 2:47 pm What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 4.54 percent, dropping 2 basis points from last week’s 4.56 percent. The 15-year fixed averaged 4.01 percent, better by five basis points over last week’s 4.06 percent. The Mortgage Bankers Association reported loan application volume increased 4.1 percent from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 3.89 percent and payment of $2,135 isWAS $172 lower than this week’s payment of $2,307. What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at a one-point cost: A 15-year at 3.75 … [Read more...] about FICO now has competition. But will that improve credit scores?
Most consumers are aware that their FICO score is the gatekeeper to securing credit, determining the rates lenders are willing to offer on everything from mortgage loans to credit cards. For some, getting a higher FICO score is about to become much easier. That's because Fair Isaac Corp. (FICO), the company that calculates the country's most widely used credit score, said it will recalibrate its measures, including giving less weight to debt linked to medical bills. It will also stop including records of failures to pay bills if the consumer has settled with a collections agency or paid the debt. The changes come as more Americans are increasingly struggling with medical-related debt, with more than half of collections on credit reports tied to medical bills. Consumers are can be "overly penalized" for medical debt that goes into collections, as it shows up on their credit reports and lowers their creditworthiness, the Consumer Financial Protection Bureau said in May. "This is a … [Read more...] about How FICO’s new scoring could boost your score