New Credit Scoring Hinders Homebuyers

New credit-scoring rules are making qualifying for a mortgage more challenging than ever. Our sister site WalletPop explains how Fair Isaac, the company that produces the dreaded FICO score, has introduced a new, more rigorous version called the FICO 8 Mortgage Score. Another credit score, known as VantageScore, is changing its rules, too. The good news is, it will be de-emphasizing credit history.

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.