How will the new FICO scoring impact credit scores?

FICO 10-T will take into account 24 months' worth of trended data.

Info from Fox News 2/2/2020
About 80 million people will see a shift of 20 points or more in their credit scores thanks to the new models, according to FICO. Of those, about half will see their scores go up and the other half will see a drop.

For example, consumers who consolidate their credit card debt into personal loans, only to then go on and run up new balances, will be judged more harshly under the new FICO rules.

​In addition, rather than looking at a month-long snapshot of consumers’ credit habits, FICO 10-T will take into account 24 months' worth of trended data. It will indicate, for instance, if you have a history of paying your balances on time or if your credit utilization has a tendency to spike over the holidays, but remains low for the rest of the year.

This data is thought to be more predictive of a consumer's overall spending habits, which will give lenders a clearer picture of how clients manage their credit long-term and allow them to better assess risk levels when making lending decisions. Read more at the Fox News Article - Click Button Below

FOX NEWS Article