Tuesday, September 1, 2009

Great News about NEW Credit Scoring Model - Could Boost Your Scores

Read all about it here: New Credit Scoring Model May Boost Some Borrowers’ Scores | RISMedia

In the newest version of the credit scoring system, called FICO 08, small missed paymenets lingering in collections with original amounts of less than $100 will no longer damage your credit rating. Plus you are less likely to be penalized for a single delinquency if it was two or more years ago and your credit is otherwise clean.

But, don't forget: Getting close to your Credit Card Limits is still a strict NO-NO and is penalized in some way in every FICO score.

This new system has been available to all three credit bureaus since last month, so if your credit is otherwise clean except for one or two small glitches, keep it that way and now you may actually have a better credit score.

Plus, don't forget, to get the $8000 tax credit, you MUST close by 12/1/09. So, call us today if you are thinking of buying a home in the Austin or Highland Lakes areas (Travis, Hays, Williamson, Blanco, Burnet or Llano counties) and we will get you pre-qualified in just a couple of hours.

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