October 7th, 2020 by firstname.lastname@example.org
1. late payments are a bigger problem
*Payment history is 35% of your FICO score
* The new FICO scores will further penalize you for missed payments!
2. Credit Utilization matters more
*Credit Utilization makes up 30% of your score
* This means keeping a lower credit card balance or asking for a limit increase is key!
3. Historical payment information
*FICO 10T will be using “Trended data” which is historical payment information which includes credit card balances, minimum payments due, and how much you paid to your card issuers over the course of 2 years.
Transactor: Paying full balance each month on revolving credit.
Revolver: Paying minimum due on a revolving account leaving a balance.
Each of these types of payors paid on-time, however, being a “REVOLVER” FICO 10T may hurt your score.
4. Personal Loans may be affected by FICO 10
There is an indication that FICO 10 may consider personal loans in a different way. Possibly in a negative way.
FICO 10 should be completed by the end of 2020
One thing to note it will take years before the majority of lenders adopt this new scoring model.
Having late payments is not a good thing, no matter which FICO model is being used. Sending goodwill letters to the creditors can sometimes work–resulting in late payments being removed, but there is no guarantee.
By starting now and creating better spending habits with your revolving credit line, will get you confident and ready before FICO 10 hits the commercial market.
DON’T WAIT UNTIL JANUARY 2021 TO START FIXING YOUR ERRORS ON YOUR REPORT!!!
Start NOW! Before the model is released! REMEMBER this model will go back 2 years!
Get your report in order NOW so you know you’re ready!
Anyone can fix his/her own credit report. However, most quit after a few attempts after using the standard dispute methods.
New Beginnings Credit Solutions uses ATTACK methods many other credit repair companies don’t even know exists.