{"id":16781,"date":"2020-01-27T14:38:29","date_gmt":"2020-01-27T14:38:29","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=16781"},"modified":"2020-01-27T14:38:30","modified_gmt":"2020-01-27T14:38:30","slug":"fico-scoring-could-impact-buyers","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/fico-scoring-could-impact-buyers\/","title":{"rendered":"FICO Scoring Could Impact Buyers"},"content":{"rendered":"

FICO Scoring Could Impact Buyers<\/h1>\n
\"FICO<\/a>

FICO Scoring Could Impact Buyers<\/p><\/div>\n

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The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage, The Wall Street Journal<\/em> reports.<\/p>\n

Fair Isaac Corporation, more commonly known as FICO, will soon start more harshly penalizing the scores of consumers who have rising debt levels or who fall behind on loan payments. The company will also flag certain consumers who sign up for personal loans, which is a growing area of debt.<\/p>\n

Just how could this impact borrowers? Consumers with high FICO scores of 680 or higher who continue to manage their loans may see an increase in their scores. But those with scores below 600 who continue to miss payments or have blemishes on their credit will see even larger declines in their scores. The best way for consumers to increase their credit score: Pay down bills on time and reduce any credit card balances, financial analysts say. They also advise that borrowers keep revolving debt below 30% of their available credit so that they don\u2019t see a larger impact to their credit score.<\/p>\n

\u201cCredit scores are extremely important because they help determine whether or not you get approved for a loan or line of credit, and if you do, what interest rate you will be charged,\u201d Ted Rossman, an industry analyst with CreditCards.com, told CNBC.com. \u201cThey\u2019re among the most important numbers in your financial life.\u201d According to FICO, the average score nationwide is now over 700\u2014the highest on record.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cWhy Your Credit Score Matters So Much<\/a>,\u201d CNBC (Jan. 23, 2020) and \u201cFICO Changes Could Lower Your Credit Score<\/a>,\u201d The Wall Street Journal (Jan. 23, 2020) [Log-in required.]<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

FICO Scoring Could Impact Buyers The way FICO scores are calculated is changing this summer, and the move could make it tougher for some Americans to get approved for a mortgage, The Wall Street Journal reports. Fair Isaac Corporation, more commonly known as FICO, will soon start more harshly penalizing the scores of consumers who … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-16781","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nFICO Scoring Could Impact Buyers - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"FICO Scoring Could Impact Buyers looking for new homes this summer of 2020. This change in FICO is important. 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