2019 New UltraFICO™ Credit Scores May Help Buyers

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

Inspirational thoughts for 12/5/18

by Patricia Feager

 

Experian makes a big improvement to credit scores to help people move quicker and easier. Something buyers dread is when they hear from their lender, they need a higher FICO score to qualify for a loan to get the better rate. Scheduled to be unveiled in 2019, the UtraFICO ™  Credit Score may significantly improve credit worthiness for consumers with current credit scores in the upper 500s to lower 600s. Prospective buyers who will benefit include the following:

 

  • Consumer with limited credit history
  • Consumers with previous financial distress

 

There are many reasons why credit scores can drop due to financial obligations. Should consumers who previously maintained a good credit history and had a misfortune be punished forever? Unless there really is a fairy godmother or someone willing to gift money, consumers with limited credit history in the past, had difficulties getting approved. The new Credit Score should be a big help to consumers and a boost to the economy. 

 

 

With the announcement that Experian®, FICO, and Finicity their new improvements to credit scores should give many consumers a break and reduce the stress of trying to achieve higher credit scores. However, “It’s easy to underestimate the real cost of home ownership,” says Suze Orman. I agree, that is why I would never suggest someone buying a home based on the highest limit.

 

 

Before running out to look at houses, I highly recommend consumers talk to a local and trusted Lender and a local Real Estate Agent. I serve consumers in the Dallas-Fort-Worth Metroplex for the past 15 years helping consumers with all types of needs. Whether this is your first rodeo in potentially owning your own home, relocating to Texas, downsizing, divorced, or have other reasons to move, let me be your guide. I believe being trustworthy, honest, knowledgeable, work with integrity, and most of all listen, really, really listen to my buyers.

 

 

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Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

Real Estate Commission Consumer Protection Notice  

 

 dfw fine properties

 

DFW FINE PROPERTIES

                                        2900 W Southlake Blvd, Suite 180
                                        Southlake, TX 76092
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                                         Patricia Feager
                                                        Cell: 469-951-4758

                                                        Email: patricia.feager@gmail.com

 

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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Patricia Feager, MBA, CRS, GRI  This is great information .  Of course buyers need to be qualified by a mortgage banker before they start the buying process That is the first step

Dec 05, 2018 09:28 AM #1
Rainmaker
1,006,577
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Patricia,  This is certainly good news to those who will need to qualify for a loan. 

Dec 05, 2018 09:46 AM #2
Rainmaker
377,997
Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

Awesome news to those looking to purchase a home.

Dec 05, 2018 11:15 AM #3
Rainmaker
2,694,753
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

It will be interesting to see how this new credit scoring plays out for people. 

Home buyers absolutely need to get lender approval before they start looking for a home. It's just a smart thing to do. 

Dec 05, 2018 05:23 PM #4
Rainmaker
1,428,647
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Patricia, I agree with Kathleen Daniels I'm curious to see how this plays out. Buying a home takes a lot of preparation financially and shouldn't be something one stretches to do. The help for limited credit history seems like it could be a good idea. I'll be following this topic, thank you for sharing with us.

Dec 06, 2018 05:04 AM #5
Rainmaker
2,227,709
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That sounds interesting and it is the first that I have heard of it, I will be happy if it does indeed improve the credit score of many and they will now be more qualified to purchase a home!

Dec 06, 2018 06:16 AM #6
Rainmaker
1,855,816
Patricia Feager, MBA, CRS, GRI
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Hannah WilliamsKathleen DanielsAmanda S. Davidson - I absolutely agree consumers need to be lender approved beforehand. I do not take buyers out to look at houses without approval. My area is a very transient location and many buyers don't have a lender when they move to this location. If that is the case, I can provide a list of local Lenders who have been in the mortgage business a long time who are highly qualified, who will be straight shooters, and not just anyone off the Internet or someone they heard about on the radio. 

Have a wonderful day.  

Dec 06, 2018 06:24 AM #7
Rainmaker
1,855,816
Patricia Feager, MBA, CRS, GRI
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Sheri Sperry - MCNE®Graziella Bruner and Brian England - It will be good for those who qualify. I find it interesting that Experian, FICO, and Finicity came together to potentially improvement credit scores across the board. 

Have a wonderful day! 

 

 

Dec 06, 2018 06:29 AM #8
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Patricia this is the first I have heard of this new Experian credit score model.  I wonder what is different about it which will cause an increase in credit scores quicker?

Dec 06, 2018 03:06 PM #9
Rainmaker
1,855,816
Patricia Feager, MBA, CRS, GRI
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

George Souto - Here's the link: www.fico.com/en/products/ultrafico-score or www.fico.com/ultrafico. 

Dec 06, 2018 03:11 PM #10
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Rainmaker
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