New Credit Score System Might Make It Easier to Get A Mortgage

 · Credit score shift likely to make loans easier. Accounts that are sent to collections, including credit-card debts and utility bills, can stay on borrowers’ credit reports for as long as seven years, even when their balance drops to zero, and can lower their.

FICO changes could make it easier for some consumers to get loans and credit cards at lower rates.

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The new score is said to most benefit the 7 million consumers who fall into the upper 500 to low 600 FICO score range – usually just under a lender’s minimum credit threshold. It should also help the 15 million Americans who have no credit score at all (due to never taking out a loan, applying for a credit card, etc.)

 · How Your fico credit score Works. For purposes of getting a mortgage, your credit score generally means your FICO score. FICO is an acronym referring to the Fair Isaac Corporation, which developing the FICO credit scoring system which is used by the three major consumer credit reporting companies: equifax, Experian and Transunion. Your FICO credit.

 · How to use our credit score guidelines for credit card approval. Once you know or estimate your credit score, avoid being declined when you shop for a new credit card by choosing a card for which you have an above-average chance of approval.. If you walk into a bank for a loan or apply for a credit card online, you have no idea what credit score is required to get approved.

Credit scores and credit activity have a major impact on mortgage approvals. According to the Home Loan Learning Center , a large percentage of lenders require a minimum credit score of 680 (620 for FHA mortgage loans) – and if your score falls below 680, lenders can deny your request for a conventional mortgage loan.