April 24, 2020 – While we’re distracted by COVID-19… FICO recently made a big announcement, and no one is talking about it…
They say, “An ounce of prevention is worth a pound of cure.” And that’s FICO/Lender’s move right now.
FICO recently announced major changes to the FICO credit scoring model set to hit your credit report this summer.
This update will impact over 120 million Americans and in comes right as the FED and regulators fear that Americans are over-extended while the US is on the brink of a recession.
FICO is expecting 10-19% less default rates as a result of this correction (in the end, meaning less ppl will qualify for credit, but will save lenders…).
This comes as total household debt in the U.S. has steadily increased for about 2 years, and currently sits at about $13.95 trillion as of September 2019, according to the Federal Reserve Bank of New York. That’s higher than the previous high of $12.68 trillion seen right before the 2008 financial crisis.
This is tough news for first time homebuyers as mortgage loan program guidelines tighten up as risk for default increases due to the COVID-19 aftermath.
I explain what you and every American needs to know about the new FICO 10 credit score changes and how you may be impacted.
(Since the media isn’t talking about this, let your friends and family know what’s about to take place in July. You can read the formal announcement from FICO in a linking the comments below).
I Want To Be Your Mortgage Advisor!
I LOVE connecting with my social media followers and readers! You are the reason I produce this content and share it weekly on The American Dream TV-Seattle. I can always be reached directly at 425-350-7136 or via email at firstname.lastname@example.org .
To Learn How To Get Pre-Approved With Dan – CLICK HERE
If you found this information valuable, please share it! If you are a real estate broker and would like information like this to be shared at your next office meeting, please contact my office to schedule me! .
More Info On Our Next Home Buyer Class – This Month’s Home Buyer Class
Get Pre-Approved With Dan – Apply Now
Monthly Budget With Dan Class – www.BudgetWithDan.com
Download My Mortgage Planning Guide – Dan Keller Mortgage Planning Guide .
Want to know more about me? Visit my Yelp page to see what others say….