New credit scoring will be better for people with isolated credit problems.

 According new credit scoring guidelines being implemented over the next year will be beneficial to people who have an isolated credit problem and they won’t be lumped together with habitual delinquents.  This could help people recover much more quickly from a short sale or credit issues related to a job loss or medical event when buying a home in the Boise Idaho area. “If you have one isolated missed payment you won’t score as low as before.” The new FICO model also focuses less on how many accounts a borrower has and more on the amount of balances carried.

Read the full article on Kiplinger.

Posted by DarrinJ at 2/6/2009 3:44:00 AM
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