{"id":13880,"date":"2021-03-19T18:28:00","date_gmt":"2021-03-20T00:28:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=13880"},"modified":"2022-05-23T19:39:13","modified_gmt":"2022-05-24T01:39:13","slug":"fico-score-10","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/fico-score-10.html","title":{"rendered":"How the New FICO\u00ae Score 10 Suite Will Affect Your Score"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/fico-score-header.jpg\" alt=\"couple reading paperwork in their dining room\n\" class=\"wp-image-13882\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/fico-score-header.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/fico-score-header-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/fico-score-header-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<div class=\"quick-answer\">\n<h2>Borrowers will see their credit score improve if they currently have a good credit score, but will see a decline if they&#8217;re in a lower FICO\u00ae score range, about 580 and below.<\/h2>\n<\/div>\n\n\n\n<p>The Fair Isaac Corporation (FICO<sup>\u00ae<\/sup>) recently announced that they will release the new <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fico.com\/en\/newsroom\/fico-introduces-new-fico-score-10-suite\" target=\"_blank\">FICO\u00ae Score 10 Suite<\/a> in summer 2020. This scoring model update will include FICO\u00ae Score 10 and FICO\u00ae Score 10 T.<\/p>\n\n\n\n<p>FICO\u00ae says the new suite will have stronger predictive power and use more comprehensive data than previous scoring models. This helps lenders make more precise lending decisions.<\/p>\n\n\n\n<p>For example, FICO\u00ae says that lenders can reduce the defaults in their portfolio by 10 percent among newly originated bank cards and 9 percent among newly originated auto loans, compared to using FICO\u00ae Score 9.<\/p>\n\n\n\n<p>For consumers, the new scoring model could impact scores and future credit and loan applications depending on both their current scores and credit history. Read through our guide below to learn about the changes with FICO\u00ae Score 10 and how they could potentially affect you.<\/p>\n\n\n\n<p><strong>Table of Contents<\/strong><\/p>\n\n\n\n<ul><li><a href=\"#what-new-scores\">What are The New FICO\u00ae Scores?<\/a><\/li><li><a href=\"#main-changes\">What Are the Main Changes?<\/a><\/li><li><a href=\"#when-lenders-adopt\">When Will Lenders Adopt the FICO\u00ae Score 10 Suite?<\/a><\/li><li><a href=\"#changes-affect-me\">How Could the Changes Affect Me?<\/a><\/li><li><a href=\"#if-score-is-affected\">What Should I Do if I Think My Score Will Be Negatively Affected?<\/a><\/li><li><a href=\"#maintain-credit-score\">How Can I Maintain a Good Credit Score During Scoring Model Changes?<\/a><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-new-scores\">What are the New FICO\u00ae Scores?<\/h2>\n\n\n\n<p>FICO\u00ae Score 10 and FICO\u00ae Score 10 T are two scores included in the new score suite. We\u2019ll briefly explain the differences between both before diving into the major changes the new suite brings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FICO\u00ae Score 10<\/h3>\n\n\n\n<p>Specifically, for FICO\u00ae Score 10, many things have stayed similar to make it easy for lenders to transition from old models. This means the scoring model uses the same <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fico.com\/en\/latest-thinking\/product-sheet\/us-fico-score-reason-codes\" target=\"_blank\">reason codes<\/a> and consistent <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/credit\/credit-score-range\" target=\"_blank\">scoring ranges<\/a> from previous models.<\/p>\n\n\n\n<p>FICO\u00ae Score 10 does not use trended data like past models to give lenders the flexibility of using the model they prefer to use.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FICO\u00ae Score 10 T<\/h3>\n\n\n\n<p>FICO\u00ae Score 10 T, on the other hand, uses trended data (also known as time-series data). Trended data will give lenders a historical view of a person\u2019s credit history from the previous 24 months.<\/p>\n\n\n\n<p>This is the first time FICO\u00ae will use trended data in their scoring model. Previous models only gave lenders a small window into a person\u2019s credit history, but trended data allows lenders to see behaviors and patterns based on a longer snapshot of a user\u2019s credit history. For example, lenders can see if you tend to run up high balances on your credit card during the month, even if you\u2019re never late on payments.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"775\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-1.png\" alt=\"fico score 10 and fico score 10 T\" class=\"wp-image-13881\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-1.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-1-1100x568.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-1-768x397.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"main-changes\">What Are the Main Changes?<\/h2>\n\n\n\n<p>The main changes with the FICO\u00ae Score 10 Suite are that FICO\u00ae Score 10 T uses trended data, personal loans are treated differently than before, and high balances, revolving debt and late payments are more heavily scrutinized.<\/p>\n\n\n\n<p>Additionally, data for the entire suite is more comprehensive than before and algorithms have been updated to better predict risk for today\u2019s consumer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trended Data<\/h3>\n\n\n\n<p>The use of trended data is the main source of the other major changes. Since lenders can take a historical look into a borrower\u2019s behavior, they can make more informed decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Personal Loans<\/h3>\n\n\n\n<p>Using personal loans can drop your score if FICO\u00ae determines you\u2019re irresponsibly using it.<\/p>\n\n\n\n<p>Vice President of Scores and Analytics at FICO\u00ae, Joanne Gaskin, said in an <a href=\"https:\/\/www.npr.org\/2020\/01\/30\/800563459\/fico-is-about-to-change-credit-scores-should-you-worry\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">NPR<\/a> interview that personal loans are now broken out into their own category to evaluate whether or not they are properly used.<\/p>\n\n\n\n<p>In the old model, your score may have gone up if you paid off a large sum of debt with a personal loan. The new model will look at your behavior over a longer period of time to see if you continued to keep your balances low or if you increase your revolving debt after paying off the loan. For borrowers who do the latter, they can see a potential drop in their credit score.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"680\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-2.png\" alt=\"fico will scrutinize a person' credit more heavily after they use a personal loan\" class=\"wp-image-13883\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-2.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-2-1100x499.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-2-768x348.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">High Balances, Revolving Debt and Late Payments<\/h3>\n\n\n\n<p>A high balance and revolving debt will more severely impact credit scores with this model compared to previous ones since FICO\u00ae Score 10 T can track your debt over time. Both high balances and revolving debt impact your <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/credit-utilization\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">credit utilization<\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/fico-10-score-changes-what-it-means-to-your-credit\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Late payments<\/a>, also referred to as delinquency, will also more severely impact a person\u2019s credit score. Payment history is the factor that most highly impacts your credit scores.<\/p>\n\n\n\n<p>\u201cThose consumers with recent delinquency or high utilization are likely going to see a downward shift, and depending on the severity and recency of the delinquency it could be significant,\u201d FICO\u00ae Vice President of Product Management, Dave Shellenberger, <a href=\"https:\/\/www.cnbc.com\/select\/credit-score-changes-fico-10\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in a statement<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why Does FICO\u00ae Update Their Scoring Model?<\/h3>\n\n\n\n<p>FICO\u00ae updates their scoring model to reflect consumer trends and lender needs. They update their scoring model about every four to five years, but this fluctuates depending on need and the types of changes needed.<\/p>\n\n\n\n<p>These updates help lenders make more accurate decisions when evaluating credit applications. Changes can sometimes work in favor for consumers if they are more accurately scored as a result.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"680\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-3.png\" alt=\"updated scoring models accurately reflect consumer trends and lender needs when evaluating credit applications\" class=\"wp-image-13884\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-3.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-3-1100x499.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-3-768x348.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>For example, <a href=\"https:\/\/www.fico.com\/blogs\/innovation-never-sleeps-why-we-redevelop-fico-score\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">FICO\u00ae<\/a> predicts that the new FICO\u00ae Score 10 T will allow credit card lenders to approve up to 6 percent more applicants while keeping default rates steady, compared to FICO\u00ae Score 8.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"when-lenders-adopt\">When Will Lenders Adopt the FICO\u00ae Score 10 Suite?<\/h2>\n\n\n\n<p>FICO\u00ae will release the FICO\u00ae Score 10 Suite this summer, but it may take some time before lenders adopt the new model. <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.myfico.com\/credit-education\/credit-scores\/fico-score-versions\" target=\"_blank\">FICO\u00ae<\/a> says most lenders still use FICO\u00ae Score 8, which was introduced in 2009.<\/p>\n\n\n\n<p><br>Although FICO\u00ae is used by most lenders, some use other scoring models like <a href=\"https:\/\/www.vantagescore.com\/\">VantageScore<\/a>. This is a newer scoring model created by the big three credit bureaus: Experian\u00ae, TransUnion\u00ae and Equifax\u00ae. Despite this, lenders may be tempted to use the newest FICO\u00ae score because of its stronger predictive model.<\/p>\n\n\n\n<p>\u201cWhen we release a stronger more predictive model we see that lenders will migrate to the stronger model because it allows them to make more loans to more consumers without taking more default risk,\u201d Shellenberger said to <a href=\"https:\/\/www.marketwatch.com\/story\/fico-just-updated-its-scores-heres-what-you-need-to-know-2020-01-24\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">MarketWatch<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"changes-affect-me\">How Could the Changes Affect Me?<\/h2>\n\n\n\n<p>Borrowers will see their credit score improve if they currently have a good credit score, but will see a decline if they\u2019re in a lower FICO\u00ae score range, about 580 and below, Gaskin said in that same NPR interview.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"680\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-4.png\" alt=\"borrowers with a current fico score at or below 580 could see a decline with the fico score 10 scoring model\" class=\"wp-image-13885\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-4.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-4-1100x499.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-4-768x348.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>About 110 million consumers will see a change of less than 20 points to their score under the new credit score model and roughly 80 million consumers will see a change in score of 20 or more points in either direction, upward or downward, FICO\u00ae said as reported by <a href=\"https:\/\/www.cnbc.com\/2020\/01\/23\/fico-10-credit-score-changes.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">CNBC<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"if-score-is-affected\">What Should I Do if I Think My Score Will Be Negatively Affected?<\/h2>\n\n\n\n<p>You can pay down and keep balances low, start an emergency fund, and avoid accumulating debt after using a personal loan if you think the new scoring model is going to hit your score. Take a look at below at how you can do these things to prepare.<\/p>\n\n\n\n<ul><li><strong>Pay down any high balances: <\/strong>Chip away at high balances since it has a more pronounced impact with the new scoring model.<\/li><li><strong>Pay balances more frequently to keep them low: <\/strong>Trended data can work against you if your balance is consistently high throughout the month. You can make smaller payments more frequently and decrease your spending to keep utilization low.<\/li><li><strong>Start and maintain an emergency fund: <\/strong>Instead of turning to credit cards or loans to cover an unexpected expense, an emergency fund is a great resource in a pinch that won\u2019t impact your credit score. Start by putting aside what you can afford each month.<\/li><li><strong>Avoid building high balances after paying off debt with a personal loan: <\/strong>Since personal loans are given extra attention with this new model, be careful not to generate more debt after paying it off with a loan. Explore other options before taking out a personal loan and create a budget you can stick to in order to avoid taking on more debt.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"1375\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-5.png\" alt=\"how to protect score drops from the fico score 10\" class=\"wp-image-13886\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-5.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-5-1100x1008.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/03\/Fico-Score-10-Update-In-Post-5-768x704.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"maintain-credit-score\">How Can I Maintain a Good Credit Score During Scoring Model Changes?<\/h2>\n\n\n\n<p>Although it\u2019s great to stay on top of scoring model changes, it\u2019s best to continue engaging in good credit habits to maintain a good score. Keeping your balances down and paying bills on time are things you should always do since the <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/what-affects-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">factors that affect your credit score<\/a> likely won\u2019t change.<\/p>\n\n\n\n<p>You can look into options like <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/secured.html\" target=\"_blank\">secured credit cards<\/a> and <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/credit-builder-loan.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">credit builder loans<\/a> if you have bad or nonexistent credit. These are options you can use to build or rebuild your credit if you have difficulty applying for unsecured credit cards or other types of loans.<\/p>\n\n\n\n<p>Take a look at our <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/how-to-build-credit\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">tips for building credit<\/a> if you want to take a deeper dive into improving your credit score and establishing good habits to keep your credit and finances in good shape. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Borrowers will see their credit score improve if they currently have a good credit score, but will see a decline if they&#8217;re in a lower [&hellip;]<\/p>\n","protected":false},"author":63,"featured_media":13882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the New FICO\u00ae Score 10 Suite Will Affect Your Score<\/title>\n<meta name=\"description\" content=\"FICO\u00ae is releasing the FICO Score 10 Suite in summer 2020. Learn about the changes and how they could affect your credit score.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/fico-score-10.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the New FICO\u00ae Score 10 Suite Will Affect Your Score\" \/>\n<meta property=\"og:description\" content=\"FICO\u00ae is releasing the FICO Score 10 Suite in summer 2020. 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