In the current economic downturn, the last thing you want to see is your credit score go to hell. Today, a new system for determining your credit score has rolled out, and here are the highlights.
Photo by TheTruthAbout….
The new FICO system—called FICO 08 (apparently it was meant to debut last year)—has tweaked many factors, hoping to distinguish between consumers who've made an isolated mistake and those with habitual credit troubles. Our friends over at Consumerist have covered the highlights:
- 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.
Head over to Consumerist for a closer look at four other ways the scoring has changed, then let’s hear how you feel about those changes in the comments.
6 Ways Your Credit Score Changes Thursday [Consumerist]
