Some lenders are already looking at applicants FICO Score 9 credit scores. There are some major differences between this new system for determining a credit score and the FICO 8. So, how will this affect you if you go to buy a home and the lender uses FICO Score 9? Well, to start, most lenders haven’t made the switch yet, but in time, they will. Scientists at FICO believe the new system is a more accurate way for lenders to determine the level of risk involved with lending to someone. For many potential home buyers, this new system will actually improve their credit scores. Here are some big changes:
If you had an account in collections, but paid it off already, the FICO Score 9 will make it so that it doesn’t bring down your score. It removes the effects that would have otherwise had on your score.
If you have medical bills, it lowers the effect of those on your score. With the new FICO Score 9, medical bills will be weighted less heavily than a credit card, thankfully!
Also, a huge perk for people who pay their rent on time: If your landlord reports your rent, payments made on time will bring up your score! This is great news considering that most people will pay their rent every month, so its a better indicator of your actual likelihood to pay your mortgage or other loans!
Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
- Marco Island homes for sale from $100k to $200k
- Marco Island homes for sale from $200k to $300k
- Marco Island homes for sale from $300k to $400k
- Marco Island homes for sale from $400k to $500k
- Marco Island homes for sale from $500k to $600k
- Marco Island homes for sale from $600k to $700k
- Marco Island homes for sale from $700k to $800k
- Marco Island homes for sale from $800k to $900k
- Marco Island homes for sale from $900k to $1 million
- Marco Island homes for sale over $1 million