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Credit Scores and How the Rules Are Changing New York

Each time we buy a new car, refinance a mortgage, or apply for a credit card, lenders pull our credit report to check the credit score. are a convenient little number that enable lenders to evaluate a borrower’s credit worthiness in a split second.

Local Companies

Anthony B. Smolen, Jr., CPA
(716) 834-6111
3949 Forest Park Way 100
N. Tonawanda, NY
Bank of America - Niagara Falls Boulevard Office
(716) 833-3330
1188 Niagara Falls Blvd.
Tonawanda, NY
Bank of America - Payne Avenue Office
(716) 694-2551
1012 Payne Ave.
North Tonawanda, NY
Bank of America - South Side Office
(716) 822-4601
2221 Seneca St.
Buffalo, NY
Bank of Holland
(716) 537-2264
12 South Main St.
Holland, NY
Citizens Bank - Mid City Plaza/Tops
(716) 692-4397
301 Meadow Dr.
North Tonawanda, NY
Citizens Bank - Niagara St./Tops
(716) 693-2658
150 Niagara St.
Tonawanda, NY
Citizens Bank - South Park-Buffalo/Tops
(716) 826-0500
1989 South Park Ave.
Buffalo, NY
Citizens Bank - Tonawanda
(716) 693-2440
20 Main St.
Tonawanda, NY
Citizens Bank - Young St.-Tonawanda/Tops
(716) 693-7285
890 Young. St.
Tonawanda, NY
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Each time we buy a new car, refinance a mortgage, or apply for a credit card, lenders pull our credit report to check the credit score. are a convenient little number that enable lenders to evaluate a borrower’s credit worthiness in a split second.

Credit scores, or FICO scores, were developed by the Fair Isaac Corporation as a means to give lenders an easy way to determine how likely a potential borrower is to pay off their loan. from a person’s behavior on a range of variables predictive of how responsibly they will handle future credit. FICO scores range from 300 to 850, with scores higher than 700 considered excellent. The average FICO score for U.S. consumers is around 690.

In January of 2009, FICO introduced a new credit-scoring model called FICO 08. FICO 08 so far is only available from TransUnion, one of the three major credit reporting agencies, but it is expected to eventually become industry standard. Here is how the new credit scoring rules change the way lenders look at credit behavior.

1. Credit utilization is more important than ever - Credit utilization is a measure of how much of one’s available credit a consumer uses. The credit utilization ratio has always been highly important, making up an estimated 30% of the FICO score. In FICO 08, it becomes even more important. People with high credit card debt in relation to their available credit are considered to be higher risk than before and hence get zapped more. ...

Click here to read the full credit card article from CreditCard Guide.

Featured Local Company

Anthony B. Smolen, Jr., CPA

(716) 834-6111
3949 Forest Park Way 100
N. Tonawanda, NY
Read more about Credit Scores and How the Rules Are Changing

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