Understanding the New Ultra FICO Score for 2019

How will the New Ultra FICO score help you? Probably not as much as you would hope. That is simply because in the world of Credit Scores (or what the creditors call risk assessments)  the scoring system will always benefit the creditors. That is even more true today that ten years ago, thanks to AI Technology and machine learning, our credit scores are getting more complex. For some this will be great news and for others understanding the credit industry just got a little harder. 

But should you care?  No, not really. Here is the bottom line credit scores are for creditors! Your responsibility is to maximize your financial life. But how can you do this if the rules of the game keep changing?  In our introductory course, “What Creditors Don’t Want You To Know”  we lay out the groundwork of how credit is evaluated and why consumers should focus on creating healthy habits to money management and create their own credit strategy instead of focusing their efforts on a mystical three digit number that changes every month. The secret to good credit is not A Credit Score, but how you manage your financial life.

Now I know you’re thinking this doesn’t make sense since we have several  credit scoring systems. However, other than of monitoring for errors, credit sreports  are useless to the consumer, but very valuable to the creditor.  

This mental approach to credit wad very traditional and it’s why credit scores were never a real discussion with a financial advisor twenty years ago, but much has change and today Credit Scores are popping up on ever corner and we can now  add the New Ultra FICO score to the mix.  But will this have an impact on your financial life? 

The answer: absolutely not because only you control how you spend and use your money. But there’s nothing wrong with learning what going on with credit industry but your focus should be on your own credit strategy or financial plan not a credit score .  If you don’t have a credit strategy plan or financial plan then let’s start building one today!

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