Ultra FICO

Hey Columbia SC Metro Friends!Are you ready to buy that new home, get car insurance, or finance your new vehicle? Ever wonder how your credit is calculated? You need to understand how your Ultra FICO score is calculated. There will be some changes coming soon in the credit scoring model.

January 2019 you will see some changes that may affect you. The Ultra FICO changes may affect you either negatively or positively. It is rumored that these changes will affect about 7 million people and really be impactful for consumers who have scores in the low 500s to mid 600s.

Why should you be concerned about the changes to FICO in the Metro?

Your banking history will now be calculated in your Consumers credit rating. The good news is that if you are denied credit for something you possibility could request the Ultra FICO version to be used in rating your credit worthiness. Lenders will then use not only credit history but your banking history when reevaluate the your consumer’s reports. Your banking history, the length of time, overdraft records, & your cash flow in savings, checking, and money marketing accounts will then be used. In the past the availability of cash had no affect on credit ratings or worthiness so this may work in favor of some consumers while hindering others.

How can you handle these changes and have a positive impact on your credit rating so you can buyer your new home or invest in real estate?

Do not allow your balance in your checking and saving accounts to go below $400. This may pose a challenge for consumers with lower paying jobs. Keep at least $400 in your checking & savings accounts at all times, paying bills before the due date, and never over drafting your accounts can show an increase in your score from about 20 – 30 points!

The Ultra FICO scoring model will be available in all markets by Summer 2019, but I wanted to make sure my Sellers and Buyers in the Columbia Metropolitan area were prepared! Practice makes perfect so start saving money in those accounts now and manage your funds so you see an increase in your scores next summer!

The Flagler Real Estate Team wants to keep you up to date so that we can help your family start earning generational wealth through real assets! Buying a home and investment properties is the way to go to start gaining some equity. I’d love to meet you for lunch, coffee, or just drop by for a chat! Call Tiffanie Flagler at 803.917.3894 so we can schedule a time to meet or if you see me out and about let’s talk! Im always available to get you started on your journey to home ownership. Visit www.TiffanieFlagler.com/Available-Homes and choose your perfect plan today! Put it on your vision board, save it as your screen saver, and let’s get a plan in place to make that dream come true.