Changes to FICO Score on the Way this Year

Mortgage and Lending with Franklin Advantage Inc. NMLS Lic. # 343946


Consumers, including those who may be applying for new mortgages or refinances, might be in for a big surprise this summer.


Fair Issac Corporation, the company which creates the FICO credit score models, will introduce two new ones this summer, the FICO Score 10, and the FICO Score 10-T.


The information collected will include account balances going back two years or more.  It also means that delinquencies and defaults will continue to impact score for a longer time, and might help lenders determine if consumers are trying to reduce their debt.


Interesting to note, is the fact that the new scores will also weigh any personal loans more heavily that might penalize people who use them to pay off debts, then go back to use more credit from those paid off.


They also indicate that up to 40 million Americicans coult see their score drop due to these changes.  Others who already have high score, may see them increase.  Only time will tell the true affect that these changes will make.


People should make themselves aware of these changes, and at least pay more attention to their spending habits.


For a detailed explaination of these changes, please refer to the link below from Mortgage News Daily who announced these changes on Friday.


Changes to FICO Scores Coming this Summer



Photo Courtesy of Master Isolated Images/









Posted by


Wayne L. Brown, NMLS # 343946
Licensed Mortgage Specialist
Franklin Advantage, Inc.
Direct: 858-997-6300

Online Application:



L/O CA DRE LIC. # 00906571

Corp. NMLS # 285786

CORP CA DRE LIC. # 01837286


Equal Housing Lender


About Wayne Brown


Wayne is a Licensed Mortgage Banker, and is based in San Diego.  With over 35 years in commercial and mortgage banking, he serves all of California and has closed more than 5,600 loans in his career.


He specializes in Conventional, FHA, VA, and Reverse Mortgages for residential lending purposes.  Both he and his company always strive to exceed each client's expectations through knowledgeable, ethical, and transparent representation to service their financial needs. 


Contact Wayne for a Free and Confidential mortgage analysis and pre-approval without obligation, or to simply get answers to your mortgage questions.  Wayne can be reached directly at 858-997-6300.

Equal Housing Lender                     

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