Bankruptcy in Massachusetts and the New Credit Score – FICO 10T
Do you want a perfect 850 FICO score? Well only 1% of folks have it and it just got more complicated to reach that goal. The new scoring may divide the high scorers from the bottom folks more than ever. Note that currently only about 20% of Americans have a credit score above 800. The biggest change is how your payment history trends to create a “smoothing effect” over time. The effect may be that auto lenders may approve of more applicants. Once in effect, this will help folks who have filed for bankruptcy protection and work hard to build up their credit.
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