New Credit Score System Might Make It Easier to Get A Mortgage

The FICO scores range from 350 to 850; an 850 is the Holy Grail of credit scores and 723 is the median score in the U.S., but you can expect good mortgage interest rates at the 720 to 760 level and up.

Getting a mortgage without a credit score gets easier. As of June 26, Freddie Mac is automating the underwriting process to allow non-traditional sources of credit history such as rent payments and utility bills to be used to establish credit for people who don’t have a FICO credit score. "We’re committed to supporting responsible lending.

A good credit score makes it easier to qualify for a home loan-at a lower interest rate. Your credit score shows your overall credit history and helps lenders decide if you qualify for a loan. The higher your credit score, the more mortgage options available to you and the more likely you’ll qualify for a lower interest rate.

FICO 8 Mortgage Score Could Make it Harder to Get Approved. Posted by Miranda Marquit Last updated on August 19, 2019 | Credit Scores, Home Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any other entity.

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Forbes: New Credit Score System Might Make It Easier to Get A Mortgage November 1, 2018 / by Finicity Editor In The News In this article, Finicity CEO Steve Smith speaks with Aly Yale from Forbes to take a deeper dive into what the new UltraFICO score will mean for mortgage lending – particularly how it will help increase financial inclusion and give consumers more control over their financial options.

The new score is said to most benefit the 7 million consumers who fall into the upper 500 to low 600 FICO score range – usually just under a lender’s minimum credit threshold. It should also help the 15 million Americans who have no credit score at all (due to never taking out a loan, applying for a credit card, etc.)

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