New Credit Score Changes Could Give You A Boost
March 6, 2008 – 2:56 pm
New changes to the way your credit score is calculated could give your score a real boost. The changes are intended to better reflect credit risk issues and make less of an issue of the occasional
“If you are generally in good standing on several accounts and have a credit history of 10 years or more, one big mistake from a while back - such as a late payment of 90 days or more - won’t mar your record as much as it used to. In fact, you could see a one-time boost in your score with the new formula.”
Gee, and it seems like just yesterday that the credit companies were swearing there was no such thing as a credit score…as those were the days.
The changes won’t show up in the system immediately. In true form of the credit reporting cartels, they do things when they darn well feel like it.
“Under the new system, multiple credit inquiries in a short period of time won’t do as much damage as before - now they will be weighted less heavily in determining your overall score. The change is a reflection of the fact that the average person has more credit accounts and loans today than in the past.”
This article on CNN Money provides more detail.
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