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House the Market?​

Giving Credit Where Credit is Due

2/12/2020

 
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FICO just announced a new scoring system that could change your credit score. The majority of people (110 million people, to be more exact) will only see a 20 point difference, if that. About 80 million will see a much more significant change in their scores. Bullet points below for easier explanation.
  • Your credit score will most likely drop if you: 
    • Have a score of under 600
    • Have a high amount of credit card debt
    • Recently missed payments
  • Your credit score will probably go up if you: 
    • Have a score above 680
    • Don't carry high balances 
    • Don't take on personal loans
    • Always make on-time payments
While our economy is experiencing record-breaking growth, consumer debt is still at an all-time high and lenders no longer want to take on unnecessary risks. This change allows them to make more informed decisions aka be pickier about who they lend their $$$ to. 

Moral of the story is this: Minimize your debt and always pay on time to increase your chances of qualifying for a credit card, home loan, and/or a decent date! 
​

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MICHAELA TO
510.266.2802
mto@MichaelaTo.com
6211 La Salle Ave. Oakland, CA 94611
DRE# 01883913
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  • Home
  • About
  • Buyers
    • Search Homes
    • Buyer's Guide
    • Mortgage Calculator
    • Schools
  • Sellers
    • What's Your Home Worth?
    • Seller's Guide
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  • Reviews
  • News
  • Blog
  • Contact