One of the biggest worries about these two new scoring systems, was if a consumer’s score would be negatively or positively affected.
We always have to remember, no matter the application, the lenders or financiers have the right to utilize several scoring systems. The FICO 10 score will consist of the traditional 5 influential factors.
Being amounts owed, payment history, credit age, new accounts, and the variety of credit. The FICO10T (FICO Trended Data), I like to reference this scoring as the “throwback scoring”.
This particular model can observe up to 30 month previous of credit history. This allows lenders to be more skeptical, yet analytical for their decisions for borrowers.
