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UltraFICO's Effect on Getting a Mortgage
January 4, 2019 — 2 min read
How FICO's new credit score could make it easier to get a home loan
FICO recently announced a new way to score credit: UltraFICO. Potential borrowers - especially those in the 500 to 600 FICO score range or who have little to no credit history - may be able to qualify for mortgages they previously didn't qualify for. UltraFICO does this by helping to establish credit based on banking and savings activity, rather than credit cards, loans, and other debt.How may this affect getting a mortgage?
Here's how:
For potential borrowers, enhancing credit scores with UltraFICO may help them qualify for a mortgage they previously did not qualify for. It may even improve the terms of a loan or open up new financial opportunities when it comes to the details of a loan. UltraFICO may act like a "second-chance score" to benefit two main groups of consumers:- Those with little-to-no credit history.
- People rebuilding credit after a personal financial breakdown.
- Evidence of saving money
- Maintaining a bank account over time
- Avoiding a negative balance in an account
- Regularly paying bills
- Making other bank transactions
Have questions about UltraFICO? Think you may want to use it to qualify for a loan? Contact us or fill out the form below!
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