Did you know that some lenders are already looking at a new credit scoring model called the FICO Score 9? It’s still not as widely used, but as it catches on, it might mean the difference between your mortgage denial and your mortgage approval. It could also get you a better rate over the rate you’d get if the lender uses the FICO 8 scoring model.
So, as you probably know, credit scores typically range from 300 to 850. They let lenders know how risky it is to lend you money. The principal scientist at FICO believes that the new FICO Score 9 is a better indicator of a lender’s risk. The FICO Score 9 downplays medical debt. A debt you incurred through your own choice, like credit card debt will weigh more heavily than any medical debt with the new scoring system. Additionally, if you previously had a collections account, but you paid if off, that debt will will be disregarded from your credit score.
Additionally, if your landlord reports rent payments, they finally are included in your credit score. They’ve always shown up on credit reports, but they didn’t used to affect your score. Now, paying your rent on time every month will boost your score. That’s how it should be, considering that’s a better indicator of how well you will pay a mortgage!
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