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Bad Credit folks helped by New FICO
(NextGen FICO Scores)
New FICO Score eases bad credit repair as FICO Corp. 'relaxes' scoring model.
Bad credit folks who sign up for Credit Counseling or Debt Consolidation plan hear this a lot: "your Beacon score is too low...", "you must improve your FICO score...". Little do they know that their FICO score may've improved already without them noticing. Every 5 points up counts!According to Fair Isaac Corporation (NYSE:FIC), the new FICO is a more predictive and consumer friendly score now...
And forget about the Beacon score - the name is NextGen now! What? You didn't know? According to research done by Bad Credit Advisor.com, it's true, most people don't know that three major credit agencies TransUnion, Experian and Equifax are now using the new and more friendly NextGen scores.
How people with bad credit history can benefit from these new and improved scores? They can get better rates. And more people will get loans, and for larger amounts... It would also help their credit repair!
FICO NextGen scores go easier on Sub-prime loan seekers!
On their web site, FICO Corp. states: [new scores] "... allow for more scoreable files (credit reports), updated treatment of mortgage and auto inquiries to better reflect consumer rate-shopping (low interest rates), and more consumer-friendly treatment of finance trades(!) and low-balance collections(!) and public records(!)."
Why these improvements? Bad Credit Advisor thinks that FICO Corp. is trying to meet sub-lenders requirements for more applications processed and better interest rates offered. With such low rates, sub-lenders are making all the money by giving 'great' deals to people with bad credit history. The new scores let more people in the range of allowed FICO scores, thus creating more business for lenders. And keeping the housing industry strong.
This thought may be very close to the real thing... as FICO Corp. states on their web site: "Lenders want to price appropriately, and lend safely, while making more credit available to more people and effectively managing their operations costs."
In layman terms, the NextGen scores loosen up scoring criteria so more people can get better credit rating and borrow more money. But make no mistake, FICO Corp. claims these new scores are even more predictable - which works for lender advantage.
Plus, the latest score version NexGen 2.0 allows people with short or dormant credit history to get loans!
So, does this all mean that we can now have more unpaid medical bills, have more inquiries on car and mortgage loans, get a car loan at the age of 18, get better interest rates after a recent bankruptcy ...?
I guess we are to find out ... when we'll see more bankruptcies in the years to come. Or will we?
Bad Credit Advisor suggests we remain calm and keep our credit score as high as possible. On a serious note, they said, this relaxing in credit scoring presents great opportunity to dispute more items on your credit report than was possible before and improve your credit score more substantially!
(this arcticle is an opinion of www.Bad-credit-advisor.com and not of Fair Issac Corporation.)
About the Author
www.bad-credit-advisor.com is maintained by an experienced Mortgage Broker who deals mainly with bad credit clients.
More Useful Resource and Updates on commercial equity real estate loans
- Real estate coach shares game plan (The Record)
You could call Kimberly Brennan a commercial real estate coach. As managing director of Cushman & Wakefield's three New Jersey offices, she has made the training of new real estate brokers one of her primary missions.
- New York Law School Announces New Master's Degree in Real Estate Law (PRWeb)
New York Law School, one of the oldest independent law schools in the nation, today announced that it will offer an LL.M. degree in Real Estate Law, the only program of its kind in New York City and one of only four in the nation, to begin in the spring 2009 semester. (PRWeb Nov 6, 2008) Read the full story at http://www.prweb.com/releases/2008/11/prweb1578124.htm
- Buy Real Estate Now (Forbes)
Forbes gathered four real estate experts to examine the broken, but perhaps bottoming sector.
- New York Law School Announces New Master's Degree in Real Estate Law (PRWeb via Yahoo! News)
New York Law School, one of the oldest independent law schools in the nation, today announced that it will offer an LL.M. degree in Real Estate Law, the only program of its kind in New York City and one of only four in the nation, to begin in the spring 2009 semester.
- Fitch Affirms Resource Real Estate Funding CDO 2007-1; Assigns Outlooks (wallstreet:online AG)
Fitch Ratings affirms and assigns Rating Outlooks to Resource Real Estate Funding CDO 2007-1 Ltd./LLC
- CB Richard Ellis Jumps After Earnings Beat Estimates (Update2) (Bloomberg)
Nov. 7 (Bloomberg) -- CB Richard Ellis Group Inc. , the world's largest commercial real estate broker, rose in New York trading after third-quarter earnings exceeded analysts' estimates and the company said it's considering raising capital.
- Commercial Alliance Group Announces Seller Financing for Its Florida Waterfront Marina Communities (wallstreet:online AG)
Commercial Alliance Group, a Central Florida based real estate development and financial services
- Commercial Alliance Group Announces Seller Financing for Its Florida Waterfront Marina Communities (Business Wire via Yahoo! Finance)
SANFORD, Fla.----Commercial Alliance Group, a Central Florida based real estate development and financial services advisory firm announced on Tuesday, November 4, 2008, that it has begun offering seller financing for its luxury waterfront marina communities at the Palm Coast Resort, Palm Coast, Florida and Callalisa Villas, New Smyrna Beach, Florida.
- Jim Randel: IS COMMERCIAL REAL ESTATE NEXT? (HuffingtonPost)
Some journalists have been suggesting that values in commercial real estate will be the next to crash - following housing and dragging the U.S. economy...
- Real Estate (In Business Las Vegas)
Although the economy is struggling and the housing market remains weak, homebuilders are plotting their future for acquiring land and finished lots, according to Ken Perlman, a Sullivan Group Real Estate Advisers vice president.
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