News 12 at 6, February 14, 2008
3 little numbers play a big role in deciding whether you can get a loan and how much you can borrow. And those numbers may be changing. We're talking about your credit score.
Technically, it's called your FICO score. You know it better as your credit score. It's a number between 300 and 850.
The company that determines the score is making a few changes to it.
The new method will be a lot more forgiving of a few slip ups. That means, making one late payment will not wreck your score like it used to.
But, if you have a lot of delinquent accounts, your score may actually go down even further.
And it also is cutting out on something called piggy-backing. That's when someone with good credit takes someone with bad credit on as a joint user to help their credit score, like a parent might do with a child.
You'll probably see these changes in early spring.