How Credit Scores Are Changing to Give People More Access to Credit

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Credello: Since the first FICO scoring model was released in 1989, few updates have been made to how credit reporting agencies tally your score. That's all begun to change thanks to the economic conditions younger generations face. With the lack of options for homeownership and other reasons to apply for large loans, both Millennials and Gen Z are disrupting the traditional borrowing world and forcing banks, and the reporting agencies they use for credit scores, to adjust. 

Here's a quick overview of how multiple credit scoring models are coming into the mainstream and how they can affect your options for borrowing money.

A quick overview of traditional credit scoring models

Banks and lenders use three reporting agencies to pull your credit score: Experian, TransUnion, and Equifax. These agencies use one of two scoring models:

FICO - The Fair Isaac Corporation created the first credit score, and their model is the most popular method. FICO scores range from 300-850 and are based on five weighted factors:

  • On-time payments (35%)
  • Amounts owed (30%)
  • Length of credit history (15%)
  • New credit (10%)
  • Credit mix (10%)

VantageScore - Created in 2006 by the three reporting agencies, this score is more weighted on your number of on-time payments than a FICO score and is easier to get (it typically takes a month to generate a VantageScore while FICO scores aren't determined until after six months). It also uses the range of 300-850 and has multiple weighted factors in determining your score:

  • On-time payments (40%)
  • Amounts owed (34%), which is the sum of:
  • Credit utilization (20%)
  • Balances (11%)
  • Available credit (3%)
  • Depth of credit (21%)
  • Recent credit applications (5%)

The new models becoming available

As the younger generations dominate the workforce, it's becoming clear that traditional methods of generating credit scores aren't working anymore. Thankfully, new options are coming into the marketplace to make getting approved for borrowing money more in line with the current economy:

Experian Boost - Launched in 2019 by Experian, this is an optional program anyone can sign up for that wants to improve their FICO scores. The "boost" comes from Experian looking into your financial history to see how well you pay bills on time. If your history shows a strong record for keeping on track with bill payments for things like rent, utilities, streaming services, etc., you can expect an instant increase in your credit score.

UltraFICO - Launched in 2018 by FICO, fintech company Finicity, and Experian, this option utilizes your banking activity to give a more comprehensive picture of you as a potential borrower. It looks at the length of time you've had accounts other than loans or credit cards open, the recency and frequency of your bank transactions, evidence of whether or not you have consistent cash on hand, and your history of maintaining positive balances in your checking and savings accounts.

CreditXpert - CreditXpert focuses more on mortgages than general credit scores and is designed to help potential homeowners locate opportunities to get the best rate and loan terms. CreditXpert factors in both your consumer FICO score and a mortgage score lenders use to generate a more comprehensive score that helps lenders better understand you as a borrower and opens up more opportunities for you to find the best deal possible.

The bottom line

A few new models are coming into the mainstream, making how banks and lenders score your creditworthiness more in line with the current economic climate. Make sure to keep up to date on which models are being used so you can have the best chance of securing the loan you want.

Contact Information:
Keyonda Goosby
Public Relations Specialist
press@credello.com
(201) 633-2125


Original Source: How Credit Scores Are Changing to Give People More Access to Credit

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RedeemTV Announces New Documentary: ‘The Shroud Face to Face’
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Vision Video’s streaming platform RedeemTV is set to unveil the highly anticipated documentary The Shroud Face to Face on March 28, 2024.

The Shroud Face to Face, produced by The Nexus Institute and The Shroud LLC, is a captivating documentary that unravels the enigma of the Shroud of Turin. With cutting-edge technology and expert insights, the film provides a face-to-face encounter with this iconic relic, inviting audiences to delve into its history, authenticity, and the profound questions it raises.

This visually stunning film, based on the book The Shroud Face to Face by acclaimed author and filmmaker Robert Orlando, offers an immersive exploration of the centuries-old mystery surrounding the Shroud of Turin and has been endorsed with high praise.

"This is a compelling and convincing account of the single most fascinating relic in the Christian world. This is for anyone seeking to understand the significance and history of the Shroud of Turin.” — Bishop Robert Barron, founder of Word on Fire

'The Shroud Face to Face'

Watch Trailer: https://watch.redeemtv.com/trailer/the-shroud-trailer

RedeemTV is a FREE, donor-supported, Christian streaming platform with over 250,000 subscribers. Streaming more than 5,000 videos, it provides family-friendly content while continuing to spread the message of Jesus.

Vision Video is a leading DVD and film distributor, committed to bringing impactful and compelling stories to audiences worldwide. With a focus on cinematic excellence, Vision Video partners with filmmakers to showcase thought-provoking narratives that inspire and captivate.

The Nexus Media focuses on TV, motion pictures, books, and screenplays, along with award- winning documentaries and shorts. Our team has years of experience in media storytelling and developing well-crafted engaging content. We invite you to view some of our past projects, The Divine Plan and Silence Patton, and participate in our new initiatives.

Stream FREE on RedeemTV: https://redeemtv.com.

Find us on Facebook at https://www.facebook.com/RedeemTV.

Follow us on Instagram at https://www.instagram.com/redeemtv1.

Contact Information:
Danielle Tumminelli
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danielle@visionvideo.com
484-750-2485


Original Source: RedeemTV Announces New Documentary: 'The Shroud Face to Face'

Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan

Scholars is celebrating the Grand Opening of its second tutoring location in the Greater New Orleans area Thursday, March 28th. This Thursday's event features NFL superstar Defensive End Cam Jordan of the New Orleans Saints. Cam, the Saints all-time sack leader and 8x pro-bowler, will be available to meet and inspire the students and families of the Mandeville community.

Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan
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Scholars is an award-winning franchise tutoring system, providing broad academic support to students K-12 in all subjects.

This Thursday, March 28th, Scholars will celebrate the grand opening of its new location in Mandeville, Louisiana. The event begins at 11:30 a.m. and will take place at 1901 U.S. Hwy 190, STE 27, Mandeville, La.

Scholars is proud to be cutting the ribbon of its second location in New Orleans. This week’s event will also feature some NFL star power as Cam Jordan of the New Orleans Saints will be making an appearance. Renowned throughout the NFL for his ferocious and creative pass-rushing, Cam, the Saints all-time sack leader and 8x pro-bowler, is both a student of the game of football and a big believer in the importance of education off the field. Cam will meet and inspire the students and families of the community alongside Scholars CEO Matt Baxter and other special guests. 

The event is free to attend and will feature giveaways, food from local vendors, face painting, pictures, games, and other surprises.

Scholars of Mandeville owner Ryan Fitzsimmons is excited to give back to his community and to provide students in the area with world-class tutoring. “I’m always willing and able to help kids,” Fitzsimmons said. “I’m a huge believer in Scholars because I’ve seen it work. It’s really amazing and I’m excited to be a part of it.” 

Scholars' first Louisiana location was opened in 2021 by another NFL star, 5x Pro Bowl Offensive Tackle Terron Armstead. Scholars of New Orleans has brought the joy of success in school to hundreds of students over the past three years and provides the template which Ryan Fitzsimmons seeks to follow.

Scholars, which is celebrating its 25th anniversary in 2024, has over 80 locations across North America. It uses its world-class curriculum and programming coupled with qualified, caring teachers to provide exceptional tutoring services for students of all ages. It has won the Canadian Franchise Association’s Franchisees’ Choice Award for nine consecutive years, while also boasting the Franchisee of the Year Award in 2023. The first location in the United States was opened in Brookhaven, Georgia, by Baltimore Ravens great Jamal Lewis, and the company also includes local New Orleans legend & former Saints superstar Mark Ingram. 

Scholars Education                                                         

400 Applewood Cres, Suite 100

Toronto ON, L4K 0C3

1-866-777-2131

info@scholarscanada.com

Contact Information:
Peter Dyakowski
Scholars Education
peter@scholarsed.com
1-888-901-7323
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Original Source: Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan
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