NEW CREDIT SCORE BOOST TECHNIQUE SKYROCKETS SCORE BY 100+ POINTS INSTANTLY

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The New Credit Scoring System: Opportunities for Homebuyers

As a Credit Specialist, I'm excited to share information about two new credit scoring systems that are set to benefit many individuals looking to purchase a home.

The New Scoring Systems

• Vantage Score 4.0 and FICO 10T (the "T" stands for "Trending")
• These new systems focus on your credit history over the past 12-24 months
• Key factors include:
  • Utilization - keeping credit card balances under 10%
  • Paid-off collections - no longer a disqualifying factor
  • Rental history and utilities - can help boost your score

Impact on Mortgage Qualification

While banks are not yet using these new scoring systems for loan qualification, the changes are expected to make it easier for many people to get approved for a mortgage, especially those who have struggled with issues like tax liens or judgments in the past.

Remember, these new systems only affect your score by about 20 points, so if you're already managing your credit well, you should be in good shape. For those new to credit, manual underwriting may be necessary.

If you have any questions about how to optimize your credit for homebuying, I'm here to help. Feel free to schedule a consultation.

YouTube Source: https://www.youtube.com/watch?v=yDVvwf-IvnI
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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