A new system for determining your credit-worthiness, FICO ’08, rolls out today. From The Consumerist we have the following 6 changes to credit score calculations.
- Spouses and children can improve their credit score by being an authorized user on a credit card account, but that’s it. No more piggybacking off strangers.
- Debts less than $100 that go to collections will matter less.
- They will look at the total picture more. A single repossession, for instance, won’t matter as much if everything else looks good.
- Having less available credit will drag down your score more.
- Diversity matters more. A mix of healthy auto, personal and student loans would bring up a score.
- Closing accounts will bring down the score.
FICO’08 – Credit Score Changes
A new system for determining your credit-worthiness, FICO ’08, rolls out today. From The Consumerist we have the following 6 changes to credit score calculations.
This entry was posted by David on February 6, 2009 at 1:07 pm, and is filed under Commentary. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.