New Credit Scoring Rules to Make Qualifying for Loans Tougher in 2011


Lynette Khalfani-Cox
Lynette Khalfani-Cox

If you thought it was hard to qualify for loans and obtain credit in 2010, wait until 2011, when lenders start using freshly updated, more rigorous versions of two popular credit-scoring systems.

Fair Isaac, creator of the widely-used FICO score, recently rolled out an enhanced version of one of its key credit scores, the FICO 8 Mortgage Score. This new score may make it tougher for many consumers to secure home loans.