In an effort to boost contracts with financial institutions TransUnion has enhanced credit profiles within their Vantage Credit Scoring of consumer FICO scores.
If that doesn’t make any sense don’t worry, TU says their service is steering away from consumer credit services and is looking out mainly for creditors. You may have noticed this whole year TU is the lowest of the 3 major reporting agencies with regards to FICO scores. This new system says TU, will better forecast credit worthiness after the Federal government drops the remaining freeze on medical and college debts starting Jan 1, 2023. Average consumer FICO scores will be as much as 25% lower on a TU Vantage 3 or Vantage 8 scoring.
Always do a Google search for which reporting agency a creditor uses for aid in credit approvals. Hard pull credit requests that don’t show as any line of credit in 45 days will end up as an adverse action and cost you as much as 5% of your FICO scores.
With interest rates rising, credit tightens and therefore minimum FICO scores are rising. This time a year ago 660 was a minimum score with TU and Experian. As of Sept 1st, 2022 the minimum computer generated fast approval score is now 690.
What does this have to do with you? In 2025 most all states will have accepted the National Insurance guild lines for auto premiums. Aside from a good driving record, good credit will be checked. High risk premiums go with high risk credit on policies exceeding $10,000 in coverage.
Mortgage lenders for refi and broker margin accounts have changed minimum standards sometime this summer.
One last thing, do not make ACH payment to your creditors on your statement dates, ask me why.
If that doesn’t make any sense don’t worry, TU says their service is steering away from consumer credit services and is looking out mainly for creditors. You may have noticed this whole year TU is the lowest of the 3 major reporting agencies with regards to FICO scores. This new system says TU, will better forecast credit worthiness after the Federal government drops the remaining freeze on medical and college debts starting Jan 1, 2023. Average consumer FICO scores will be as much as 25% lower on a TU Vantage 3 or Vantage 8 scoring.
Always do a Google search for which reporting agency a creditor uses for aid in credit approvals. Hard pull credit requests that don’t show as any line of credit in 45 days will end up as an adverse action and cost you as much as 5% of your FICO scores.
With interest rates rising, credit tightens and therefore minimum FICO scores are rising. This time a year ago 660 was a minimum score with TU and Experian. As of Sept 1st, 2022 the minimum computer generated fast approval score is now 690.
What does this have to do with you? In 2025 most all states will have accepted the National Insurance guild lines for auto premiums. Aside from a good driving record, good credit will be checked. High risk premiums go with high risk credit on policies exceeding $10,000 in coverage.
Mortgage lenders for refi and broker margin accounts have changed minimum standards sometime this summer.
One last thing, do not make ACH payment to your creditors on your statement dates, ask me why.