The New Credit Score System Might Make It Easier to Get Loans

Those with little to no credit history or between 500 and 600 on their FICO score may see an increase in loan opportunities.

UltraFICO, a new type of credit score system, will help consumers establish a credit score based on their banking and savings habits rather than credit cards, loans and debts. It’s meant to help the over 7 million people who fall in the upper-500 and lower-600 range, which is typically the minimum for lenders.

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Image via The New York Times.