What is FICO 10 score and why should you know about it. Learn from credit experts

What is FICO 10 Score? FICO 10 is the latest, more accurate, and strict version of the previous scoring models. If you are a credit cardholder or planning to calculate your score before applying for a loan, you should understand the latest model first. So, without further ado, let’s dive right into the Fico 10 scoring model and determine its impact on your credit score.

What Is FICO 10 Score Model?

These changes are expected to widen the gap between those with a good credit score (670 to 739) and those with a bad credit score (less than 580). FICO 10 comes with trending data that will help credit scoring companies even further while lending. 

How FICO 10 Models Affect Your Score?

It is also worth noting that 40 million users can experience the same rating rise. And 110 million will probably see a difference of fewer than 20 points. Here’s what you need to know about the latest FICO scores.

Use Trended Data to Provide More Accuracy

Trend data, also known as time-series data or reports, show how the loan has been processed over the past 24 months. This allows you to get a more detailed picture of the financial situation at the time.

More Strict Policy

Good Scores with Bonus Cards 

You have to do your best to pay your bills on time, keep your credit balance low and pay your bills in full.

what is fico 10 score the basics

Counts Personal Loans

In most cases, personal loans are used to pay off high-interest credit card debt, so they have a fixed interest rate and a fixed monthly payment. However, paying off your loan and debt consolidation have the greatest impact on your credit rating.

Final Verdict

Now that you know what is FICO 10 score, If your credit rating is not up to par and you want to modify your credit rating, Credit Repair Today can help you recover your credit score. Credit Repair Today is an authorized credit improvement service that provides consultancy services all across the United States.