Which Credit Card Companies Do A Hard Pull For A Credit Limit Increase? - Doctor Of Credit

Holding Steady...Mid 800ish! 💯🙏🏽

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However, the current administration has implemented and proposed several changes to the credit reporting and scoring landscape, including: - Accepting Alternative Credit Scoring Models: The Federal Housing Finance Agency (FHFA) has approved the use of new credit scores, VantageScore 4.0 and FICO 10T, for mortgages sold to Fannie Mae and Freddie Mac. These models consider additional data, like rent payments, which could help more Americans qualify for loans, especially those with limited credit history. - Changing Credit Reporting Requirements for Mortgages: Lenders will soon be able to use a "bi-merge" report pulling data from two credit bureaus instead of the traditional "tri-merge" report (three bureaus), potentially lowering costs for borrowers and fostering competition among credit reporting agencies. - Addressing Medical Debt on Credit Reports: The Trump administration is attempting to reverse a Biden-era rule that aimed to limit the impact of unpaid medical bills on consumers' credit history, according to The New York Times. The New York Times reports that a federal judge has blocked a rule intended to make it easier for many Americans to get loans by removing medical debt from credit reports.  In addition to these government-related changes, it's worth noting that FICO, a private company, is also making changes to its scoring model, FICO 10T, which will incorporate "buy now, pay later" (BNPL) loan data starting in Fall 2025. This change reflects the increasing use of BNPL loans and could lead to shifts in credit scores for many consumers, according to Newsweek 💯🙏🏽

✅FICO 8 - Standard model. Keep balances low and pay on time. - Truist uses this model. ✅FICO 9 - Rewards you for paying rent and ignores paid medical debt. - WellsFargo uses this model, see screen with 770 fico. ✅FICO 10 - More sensitive to personal loans and long-term trends — consistent good habits matter most.” - US. Bank uses this model. See image with yellow highlight text.