Become informed — new FICO® Scores that may help you get access to credit at more attractive rates
The UltraFICO Score is a new type of FICO Score that may benefit people who have a lower FICO Score or no FICO Score at all. By incorporating a wider variety of data, the UltraFICO Score can score more people and can give others the chance to increase their score. The UltraFICO Score has two key differences compared to traditional FICO Scores:
The first key difference is that the UltraFICO Score uses a combination of credit report data and information about your money habits from your bank accounts — such as your checking account and/or savings account to generate an UltraFICO Score (traditional FICO Score versions use only credit report data).
The information about your money habits used to generate the score include:
The second key difference between the UltraFICO Score and traditional FICO Score versions is that your UltraFICO Score is generated only if you opt-in. If you sign up and opt-in, you then enable the linking of your checking, savings or money market account information with your credit report data that is used to generate your UltraFICO Score.
As consumer demand for credit, consumer use of credit, lender credit-granting requirements, and data reporting practices evolve over time, we periodically redevelop the FICO Score model to provide a more predictive score to lenders and consumers.
The most recent update to the FICO Score model is FICO Score 10 and FICO Score 10 T.
FICO Score 10 relies on the same design and key ingredients of prior models as well as captures the subtle shifts in consumer credit data that have occurred over the 5+ years since FICO Score 9 launched, such as the increasing use of personal loans, especially for purposes of debt consolidation.
As long as consumers practice good habits like consistently paying bills on time, lowering their debt as much as possible, and applying for credit only when needed, they can achieve and maintain a good FICO Score 10.
FICO Score 10 T builds on FICO Score 10 by also assessing “trended credit bureau data” when determining your score. Scores that don’t use trended data typically use the most recently reported month of data to drive certain components of the score such as the most recently reported balance and/or credit limit on an account.
By contrast, with FICO Score 10 T the “trended data” considers a longer historical time frame (the previous 24 months or longer) of the balance and/or credit limit to get a more refined view of your credit risk.
The trended data allows the credit scoring model to determine what your “trend” is: are your balances trending up, down, or staying the same? Someone whose balances are trending up may be higher risk than someone whose balances are trending down or staying the same.