myFICO announced the launch of a new FICO®? Mortgage Score Simulator designed to help consumers better prepare their credit health before applying for a mortgage. Available to myFICO Premier subscribers, the new tool enables consumers to simulate how different credit actions could impact several of the FICO®?
Score versions most widely used in U.S. mortgage lending. With home affordability top of mind for many consumers, the FICO®? Mortgage Score simulator provides myFICO customers greater transparency into how credit decisions may influence mortgage readiness tomorrow.
Even small changes in a consumer's credit profile can meaningfully influence mortgage eligibility and the interest rate they may qualify for, potentially translating into significant savings over the life of a loan. Using the simulator, myFICO subscribers can explore how common credit actions may affect their FICO®? Scores, including: Paying all bills on time; Paying down credit card balances; Applying for new credit.
This allows consumers to test scenarios and better understand the trade-offs of different financial decisions -- without impacting their actual credit scores. The FICO®? Mortgage Score Simulation builds on FICO's long-standing mission to help people better understand credit scores.
With visibility into how actions can influence FICO®? Scores commonly used for mortgages, myFICO helps individuals understand their credit profile and prepare before applying for a loan. Better preparation can support stronger mortgage readiness and support affordability.
