FICO announced that it’s changing up how it scores credit by introducing two new formulas — so how will it impact you?
Yesterday, FICO announced that it’s changing up how it scores credit by introducing two new formulas, FICO Score 10 and 10 T. This is big news for all of us who are trying to take control of our finances this year. So how will it impact you personally? Read on for what you need to know.FICO is a data analytics company that creates the most widely-used credit scoring system in the U.S. — approximately 90% of American lenders use scores provided by FICO.
. That’s how often you make on-time payments. Late payments can stay on your record for up to seven years.. This isn’t how much credit you’re using in a dollar amount, it’s a ratio that calculates how much you’re using of the total credit available to you.age, but how long your credit accounts have been open., or what types of credit you have.
The last time the FICO formula was updated was in 2014, with the introduction of FICO 9. With FICO 10 and 10 T, your score calculation is looking at even more factors., one of the biggest updates specific to FICO Score 10 T is that it will take into account not just your credit balance right this moment, as previous FICO versions did, but your balance over the past 24 months. That means if your balance has been consistently growing over the past 2 years, your score will go down.
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