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The New Credit Scoring Systems: What You Need to Know
As a Credit Specialist, I want to provide you with important information about the **new credit scoring systems** that are changing the landscape for those looking to purchase a home or get into the real estate game.The New Scoring Systems: Vantage 4.0 and FICO 10T
- **Vantage 4.0** and **FICO 10T** are the two new credit scoring systems that are now being considered by lenders. - These new systems focus on **trending data** from the past 12-24 months, with factors like credit utilization, debt consolidation, and payment history weighing heavily. - However, the major banks are still using the traditional FICO 8 and FICO 9 systems for credit card and loan approvals.How to Boost Your Credit Score
- **Manage your credit utilization**: Keep your credit card balances below 10% of your limit. - **Add rental and utility history**: This can help build your credit age and payment history. - **Paid-off collections and judgments**: These will no longer negatively impact your score under the new systems.The Impact on Mortgage Qualification
- The new scoring systems are designed to **benefit those who struggled to qualify for mortgages in the past**, making it easier to get into the real estate market. - However, credit unions and some lenders may still use the traditional mortgage FICO scores for credit card and loan approvals. Remember, these new credit scoring systems are a step in the right direction, but it's essential to maintain good credit habits to maximize your chances of getting approved for the financing you need.YouTube Source: https://www.youtube.com/watch?v=yDVvwf-IvnI
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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