First of all…Happy Easter! I just read an article that I found awhile back notifying that FICO will be changing the way they calculate credit scores. This will go into effect sometime later this year and they say will likely help more people that it will hurt.

FICO says that they will put more weight into the types of credit people use such as mortgages, car loans, student loans and anything related that’s not a direct credit card. They will also not hold as much weight for delinquent items in the past either so if you made a late payment 5 years ago but since have been good at paying your bills on time, your score should not take such a huge hit. This is not to say if you pay a bill late now, you are fine. FICO talking about weighing less on past history items and not things that you do now so it’s important to pay on time…each and every month.

It’s probably a good idea to check your credit score now before these changes go into effect and then check it once they have been in effect for a few months to see how much your score has either increased or decreased.

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