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New FICO Score Could Change the Way You Borrow to Buy Your Next Home

New FICO Score Could Change the Way You Borrow to Buy Your Next Home

The Fair Isaac Corporation – the ones who created the FICO score in credit – has announced that they’re unveiling a whole new credit scoring method… and it could affect the way you borrow.

New FICO Score Could Change the Way You Borrow to Buy Your Next Home

The new FICO score, called the UltraFICO, is a different scoring model that’s currently in beta testing with a small group of lenders. It’s supposed to change the lending landscape drastically, so here’s what you need to know.

FICO vs. UltraFICO

Your FICO score only counts the money you borrow – like your credit cards, your auto loan and personal loans. It doesn’t account for the cash you have stashed in savings and checking.

The UltraFICO does count those things – it ranks your banking behavior, on-time credit payments and even money market accounts based on account history, balances and activity. The UltraFICO score is supposed to show lenders whether you engage in “responsible financial behavior,” and it can seriously affect your score.

Is UltraFICO Replacing Your Regular Credit Score?

For most people, UltraFICO won’t make a difference – at least not at first. Most lenders will continue to use your regular FICO score to determine your creditworthiness. However, if you don’t qualify using your regular FICO score, lenders can ask to see your UltraFICO – which isn’t actually calculated unless you give a lender your permission to look at all your financial information.

It looks like the UltraFICO score will benefit people with borderline credit and those who have limited credit histories. However, it’s probably not going to help people with little or no savings to build up their credit ratings – and in fact, you may want to steer clear of the UltraFICO if that’s your situation. (Don’t worry – more than 60 percent of Americans have “very little” or no savings funds at all, so you’re not alone.)

Check out this infographic about what makes a good score:

UltraFICO Score vs. Traditional FICO Score - North Florida Land for Sale

Are You Buying a Home for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

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15585 184th St $549,900

15585 184th St McAlpin, Florida

2 Beds 2 Baths 1,130 SqFt 41.81 Acres

Posted in: Blog, Buyers, Buying, Credit, Financing, Mortgages Tagged: Buying a Home, Credit, Credit Score, FICO, Financing, Mortgage, UltraFICO

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Search Smarter

Did you know the hottest North Florida land for sale often sells within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest land as they hit the market! Simply click the button below and choose the types of North Florida land you are looking for and save your search to start getting alerts today!

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As a local expert, I also have access to North Florida land for sale before it hits the market and can show you more information that is only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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