New FICO system could impact your rating

New FICO system could impact your rating

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Consumers who are already fretting about a miserable credit score will have yet another reason to be freaked out. The rules are changing, and not in a good way for those who face financial troubles

And if you’re already credit-challenged, it’s going to be even more important to pay all your bills on time, never miss payments, and avoid running up those credit cards to the maximum available line of credit. 

“Everyone knows that missing a payment is bad. Everyone knows that excessive credit is bad. Now, it’s just worse,” said John Ulzheimer, a credit expert who formerly worked for credit-scoring company FICO and credit bureau Equifax. 

“People who have elevated risk are going to score lower,” Ulzheimer said. 

The Fair Isaac Corp. in late January announced its latest version of the popular FICO score — dubbed the new FICO Score 10 Suite. It’s a bit like an overhaul of an iPhone, and not every lending outfit is going to immediately jump on board and use the latest technology.



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