A new FICO credit scoring system is expected to debut in early 2019—and it may lead to a boost in your credit.
The Fair Isaac Corp., the originators of the FICO Score, is planning to create a more holistic credit scoring method. Traditionally, a borrower’s credit-worthiness has been calculated based on payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%). Now, Fair Isaac Corp. will factor in a person’s ability to manage liquid assets such as checking, savings, and money-market accounts.
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Original article source: http://aurn.com/new-credit-scoring-system-expected-in-2019/ | Article may or may not reflect the views of KLEK 102.5 FM or The Voice of Arkansas Minority Advocacy Council