USDA Home Loans Blog

The credit scoring system we have all become accustomed to is about to change.  A few things to keep in mind if you are working on cleaning up your credit are:

Scores range from 300 points to 850 points

Minor random late payments will no longer cause a huge drop in the score

Consistently late payments will be given more weight

Authorized user accounts will no longer be used to determine scores (this will eliminate "buying" good credit by having some one with a great credit history add a person onto their accounts for a fee)

Credit scores will be better for those who have a blend of credit, such as a mortgage, car payment and credit cards instead of having all credit cards or only a mortgage, etc.

Look for more updates on this in the future.