Never understood why they wouldn't in the first place but here we are. Anyway, this should elevate the score for many. Source
As a landlord I see big red flags when I see all kinds of collection agencies. I feature myself taking their unpaid rent to a collection agency and getting 30 cents on the dollar.
This should be a free WSJ link: http://online.wsj.com/articles/fico-recalibrates-its-credit-scores-1407443549?tesla=y So, wondering if this will affect me. Our house in Ohio sold as a short sale in Dec '11. We were in default at the time. I know the short sales has been affecting us (we're looking at a new house down here), but I'm wondering if this will announcement will change anything.
So if most FICO scores go up won't the FICO score required go up also? If a bank formerly required a 750 score for their best rate won't they raise it so only the same percentage of borrowers qualify?
No, stays the same. FICO is making this change because of banks asking them to eliminate that unfairness. That's all.
Anybody who has 750 shouldn't worry. That is silver plated. Over 800 is gold plated. About 830 is the best you can have. Each of the three has their own scoring system and you have to average them to get a good number.
