DAILY CREDIT FACT:
A new "Credit Scoring model" got introduced back in 2022. Its called "FICO 10T". The "T" stands for "trended data". To simply put it, compared to other scoring models that lenders would use that would only focus on the last month of your utilization, "FICO 10T" will focus on 24 months worth of history of the utilization that you've reported on your statement dates. So make sure that your utlilization is always under 10%. There are more and more mortgage lenders using this this scoring model. Other lenders are going to start using it also since it benifits them. So if you have future plans and plan on applying for loans, start by keeping your utilization between 1-9% and report this EVERY MONTH without fail.😉
DAILY CREDIT FACT:
Are you struggling to improve your credit even when you have a low credit utilization? Perhaps the reason is that you don't have enough variety in the types of credit accounts reporting to your credit report. Remember, having more credit accounts doesn't only help improve your "Credit Mix" category. But it also helps boost your "Payment History" category. Which is most of your points. More diffrent accounts will help make more payments which will improve your credit score. So try to get a short term loan or a long term loan. That will show to lenders that you have experience with more than just credit cards. 😉
Want to learn how to invest and get to that residual income 💰 but don’t know where to start?
Confused about which asset classes fit your current budget?
Come learn about the different asset classes as well as the How Tos to investing with 🏰 Castle Club NYC.
We will be holding a live zoom session for all Castle Club members on Sunday September 22nd at 7pm.
Zoom link will be provided on that date!
