(Forgive the title, I haven't read the bible in years - Fair Isaac*)
So apparently the FICO score calculation algo is going to get a revamp.
Right now your score is this:
If you have many different types of non-delinquent credit, your score will go up. Your score will also get a small boost if you have only made small mistakes in the past such as one late payment.
Those who have multiple delinquent accounts are going to get sandboxed instantly and can expect a lower score than they currently have.
So apparently the FICO score calculation algo is going to get a revamp.
Right now your score is this:
- 65% is how much you owe and how well you pay it back
- The rest is a mix of how long you've had the debt/credit, the type of credit, and the volume of recent inquiries or changes.
If you have many different types of non-delinquent credit, your score will go up. Your score will also get a small boost if you have only made small mistakes in the past such as one late payment.
Those who have multiple delinquent accounts are going to get sandboxed instantly and can expect a lower score than they currently have.
