Higher is better. Will your scores be going down soon?
In January, Fair Isaac Corp., the company behind the FICO credit score, announced that its latest model will start incorporating consumers’ debt levels into their scores.
According to FICO estimates:
►About 110 million consumers will see a change to their score under the new model.
►Roughly 40 million will see a shift upward over 20 points.
►Another 40 million will see a shift downward over 20 points.
If your plans for 2020 include buying a new home or refinancing your current loan, let’s discuss how these changes in credit scores could affect your timetable. We’re here to answer your questions!
The Brandon Pratt Team
CrossCountry Mortgage, LLC
180 Main Street Unit A
Gloucester, MA 01930