{"id":14197,"date":"2021-04-22T09:54:00","date_gmt":"2021-04-22T15:54:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=14197"},"modified":"2024-11-13T12:50:24","modified_gmt":"2024-11-13T18:50:24","slug":"new-credit-scoring-system","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/news\/new-credit-scoring-system.html","title":{"rendered":"What to know about FICO\u2019s new credit scoring system"},"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\/06\/new-credit-score-system-hero1.jpg\" alt=\"A woman looks at her credit card.\" class=\"wp-image-14201\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-hero1.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-hero1-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-hero1-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.&nbsp;<\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<div class=\"quick-answer\">\n<h2>The FICO 10 &amp; 10T scoring system weighs three factors more heavily: personal loans, history of delinquencies and credit utilization ratio.<\/h2>\n<\/div>\n\n\n\n<p>The Fair Isaac Corporation (FICO) <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.fico.com\/en\/newsroom\/fico-introduces-new-fico-score-10-suite\" target=\"_blank\" rel=\"noreferrer noopener\">has announced<\/a> it will be updating its credit scoring system this summer when they roll out the <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/fico-score-10.html\">FICO Score 10<\/a> and 10T, which together represent the biggest change to the FICO system since 2014.\u00a0<\/p>\n\n\n\n<p>The new system is designed to help identify high-risk borrowers by incorporating people\u2019s history of credit behavior, paying special attention to those who use personal loans to consolidate debt but do not pay that debt down. FICO <a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/01\/23\/fico-changes-mean-40-million-americans-could-soon-see-lower-credit-scores\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">has estimated<\/a> that about 110 million users will see a change in their credit score under the new FICO 10 and FICO 10T systems.<\/p>\n\n\n\n<p>Here we\u2019ve broken down how the new system works, what effect you can expect it to have on your score and what to do differently under the new system.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-different-about-the-new-credit-scoring-system\">What\u2019s Different About the New Credit Scoring System?<\/h2>\n\n\n\n<p>The new FICO scoring system allows lenders to incorporate \u201ctrended data\u201d that shows how responsibly a borrower behaves with regard to credit. It also adjusts how important certain information is when calculating your score.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/education\/what-affects-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">Credit score factors<\/a> weighed more heavily in the new FICO scoring model include:<\/p>\n\n\n\n<ul>\n<li>Personal loans, especially those used to <a href=\"https:\/\/www.lexingtonlaw.com\/bad-credit\/consolidate-credit-card-debt\">consolidate credit card debt<\/a><\/li>\n\n\n\n<li>Delinquencies, especially those in the past two years<\/li>\n\n\n\n<li>Credit utilization ratio<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"900\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-1-EDIT.png\" alt=\"What's different about the FICO 10\/10T? They weigh personal loans, history of delinquencies, and credit utilization ratio more heavily.\" class=\"wp-image-14198\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-1-EDIT.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-1-EDIT-1100x660.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-1-EDIT-768x461.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-will-my-credit-score-change\">Will My Credit Score Change?<\/h2>\n\n\n\n<p>Though millions are likely to see their scores change as a result of the switch to the FICO 10, not all of these changes will be significant, and some users could even see their scores receive a boost. FICO representatives estimate that <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.washingtonpost.com\/business\/2020\/01\/23\/fico-changes-mean-40-million-americans-could-soon-see-lower-credit-scores\/\" target=\"_blank\">about 40 million<\/a>\u2014with already high credit scores\u2014could see their credit scores increase by a small amount, with another 40 million seeing a decrease in their scores.<\/p>\n\n\n\n<p>Consider these factors and try to predict how your score may change in the switch to the FICO 10.<\/p>\n\n\n\n<p>You\u2019re likely to see a drop if:<\/p>\n\n\n\n<ul>\n<li>You\u2019ve had recent <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)\">delinquencies<\/a>.<\/li>\n\n\n\n<li>You consistently carry a balance on your credit cards.<\/li>\n\n\n\n<li>You took out a personal loan to consolidate credit card debt.<\/li>\n\n\n\n<li>You\u2019ve maintained a high credit utilization ratio in the past two years.<\/li>\n<\/ul>\n\n\n\n<p>You\u2019re less likely to see a drop (and your score might even increase) if:<\/p>\n\n\n\n<ul>\n<li>You\u2019ve stayed current on your payments in the past two years.<\/li>\n\n\n\n<li>You\u2019ve maintained a healthy <a href=\"https:\/\/www.lexingtonlaw.com\/education\/credit-utilization\" target=\"_blank\" rel=\"noreferrer noopener\">credit utilization ratio<\/a> in the past two years.<\/li>\n\n\n\n<li>You only put high balances on your credit cards occasionally and pay those balances down quickly.<\/li>\n<\/ul>\n\n\n\n<p>Note: The FICO 10 will become available in the summer, but that doesn\u2019t mean lenders will start using it right away. Many lenders still use FICO 8 or FICO 9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-can-a-20-point-difference-make\">What Can a 20-Point Difference Make?<\/h2>\n\n\n\n<p>According to FICO, most users whose credit scores change with the new system will see a difference of around 20 points. While that may not seem like much, a 20-point difference can be significant.<\/p>\n\n\n\n<p>Here are three ways a 20-point drop in credit score can impact you:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-higher-loan-interest\">1. Higher Loan Interest<\/h3>\n\n\n\n<p>Depending on where your score started, a 20-point drop can cost you significantly when it comes to taking out a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/credit\/credit-score-needed-buy-a-house\" target=\"_blank\">home mortgage<\/a> or auto loan. For example: On a 30-year fixed rate mortgage of $200,000, someone with a 660 credit score will pay about <a href=\"https:\/\/www.bankrate.com\/mortgages\/how-your-credit-score-affects-your-mortgage-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">$18,000 less<\/a> in interest than someone with a 640.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-higher-premiums-on-insurance\">2. Higher Premiums on Insurance<\/h3>\n\n\n\n<p>Credit is also one of the factors that determines the amount you must pay in insurance premiums, and a 20-point difference can be significant there as well. According to insurance comparison site The Zebra, the <a href=\"https:\/\/www.thezebra.com\/auto-insurance\/#verygood\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">average difference in annual premiums<\/a> from \u201cvery good\u201d (740 \u2013 799) to \u201cgreat\u201d (800 \u2013 850) credit is $116.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-weaker-loan-applications\">3. Weaker Loan Applications<\/h3>\n\n\n\n<p>If your credit was already on the low side, a 20-point drop may do more than increase your interest and premiums\u2014it can actually disqualify you for a number of applications. For instance, <a href=\"https:\/\/www.credit.com\/credit-repair\/minimum-credit-score-for-home-loan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">most low-interest mortgage programs<\/a> (like FHA, VA and USDA) have strict minimum credit score requirements.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1500\" height=\"1412\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-2.png\" alt=\"Minimum credit scores for various loan programs: 500\u2013579 for an FHA loan at 10% down, 580 for an FHA loan at 3.5% down, 620 for a VA loan, 640 for a USDA loan, and 680\u2013720 for a jumbo loan.\" class=\"wp-image-14199\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-2.png 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-2-1100x1035.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/06\/new-credit-score-system-2-768x723.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-i-keep-my-new-credit-score-up\">How Can I Keep My New Credit Score Up?<\/h2>\n\n\n\n<p>Best practices for keeping your credit score healthy will remain unchanged even after FICO rolls out its new system. However, certain tactics will be more powerful than others using the new FICO calculations.<\/p>\n\n\n\n<p>Here are three key tactics for maximizing your new FICO score:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-keep-detailed-financial-records\">1. Keep Detailed Financial Records<\/h3>\n\n\n\n<p>The new credit scoring system weighs the last two years of debt balances, so it\u2019s important to have accurate records on all of your lines of credit going back at least that far. Keeping pristine records of your debts is the first step to identifying and solving any problems or discrepancies.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-pay-credit-balances-early-in-the-month\">2. Pay Credit Balances Early in the Month<\/h3>\n\n\n\n<p>Even though it amounts to the same as paying your bill once a month, paying your credit balance twice a month or even once a week can improve your credit score. By preventing your credit balance from ever getting too high throughout the month, you lower your credit utilization score, which is weighed heavily under the new system.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-sign-up-for-boosted-credit-services\">3. Sign Up for Boosted Credit Services<\/h3>\n\n\n\n<p>Alternative credit models like UltraFICO and Experian Boost raise users\u2019 credit scores by incorporating \u201cextra\u201d data, like utility bills and rent payments. If you\u2019re not enrolled in one of these services and you\u2019re concerned about your score taking a plunge following the FICO 10 rollout, signing up could offset any negative impact caused by the new model.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bottom-line-good-financial-habits-are-always-a-good-idea\">Bottom Line: Good Financial Habits Are Always a Good Idea<\/h2>\n\n\n\n<p>When it comes down to it, good credit habits are essential, and none of the changes being made as part of the FICO scoring update are revolutionary. The same positive financial behavior that resulted in a great score with the old system will prove successful using the FICO 10 as well.&nbsp;<\/p>\n\n\n\n<p>However, those who stand to be most impacted by a 20-point change in their score\u2014like anyone whose score is currently on the cusp of two different credit categories\u2014may want to use this information to strategize how best to protect their score from changes. There are a number of ways to work on <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/improve-credit\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">improving your credit health<\/a> that range from simple tweaks to long-term changes to your financial habits. It\u2019s always a good time to start prioritizing your financial well-being!<\/p>\n\n\n\n<p><strong><em><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">Note:<\/a><\/em><\/strong><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FICO is set to roll out a new credit scoring system at some point during the summer. Here\u2019s what you need to know.<\/p>\n","protected":false},"author":63,"featured_media":14204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[531],"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 Does FICO\u2019s New Credit Scoring System Work?<\/title>\n<meta name=\"description\" content=\"FICO is set to roll out a new credit scoring system at some point during the summer. Here\u2019s what you need to know.\" \/>\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\/news\/new-credit-scoring-system.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to know about FICO\u2019s new credit scoring system\" \/>\n<meta property=\"og:description\" content=\"FICO is set to roll out a new credit scoring system at some point during the summer. 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