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This page may include: credit card ads that we may be paid for (“advertiser listing”); and general information about credit card products (“editorial content”). Many, but not all, of the offers and clickable hyperlinks (such as a “Apply Now” button or “Learn More” button) that appear on this site are from companies that compensate us. When you click on that hyperlink or button, you may be directed to the credit card issuer’s website where you can review the terms and conditions for your selected offer. Each advertiser is responsible for the accuracy and availability of its ad offer details, but we attempt to verify those offer details. We have partnerships with advertisers such as Brex, Capital One, Chase, Citi, Wells Fargo and Discover. We also include editorial content to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links.

For more information, please see How we make money.

Advertiser Disclosure

We are an independent publisher. Our reporters create honest, accurate, and objective content to help you make decisions. To support our work, we are paid for providing advertising services. Many, but not all, of the offers and clickable hyperlinks (such as a “Next” button) that appear on this site are from companies that compensate us. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. While we strive to provide a wide range of offers, our site does not include information about every product or service that may be available to you. We strive to keep our information accurate and up-to-date, but some information may not be current. So, your actual offer terms from an advertiser may be different than the offer terms on this site. And the advertised offers may be subject to additional terms and conditions of the advertiser. All information is presented without any warranty or guarantee to you.

This page may include: credit card ads that we may be paid for (“advertiser listing”); and general information about credit card products (“editorial content”). Many, but not all, of the offers and clickable hyperlinks (such as a “Apply Now” button or “Learn More” button) that appear on this site are from companies that compensate us. When you click on that hyperlink or button, you may be directed to the credit card issuer’s website where you can review the terms and conditions for your selected offer. Each advertiser is responsible for the accuracy and availability of its ad offer details, but we attempt to verify those offer details. We have partnerships with advertisers such as Brex, Capital One, Chase, Citi, Wells Fargo and Discover. We also include editorial content to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links.

For more information, please see How we make money.

Potentially Good News for Your Credit Score! FICO Creating New UltraFICO Score Based on Checking History

October 23, 2018 By Meghan Hunter

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According to the Wall Street Journal, FICO is planning to release a new scoring model, the “UltraFICO.”

The UltraFICO score will factor in things like your checking balance, checking transaction history, and overdraft history. Whereas your FICO score is only based on your credit history including factors like payment history, new credit inquiries, debt, and length of credit history.

With this change, you’ll still have a traditional FICO score, but you’ll also have a second UltraFICO score. And for a lot of folks, their UltraFICO score should be higher, which could help you get approved for more of the great travel rewards cards out there. 😉

Your UltraFICO Score Could Be Higher Than Your Traditional FICO Score

For millions of people, this means there’s likely to be an increase in your score when comparing your old FICO score to your UltraFICO score. Because most folks have a long checking history even if they don’t have a long credit history. However, banks won’t be required to use your UltraFICO score when approving you for loans or credit.

That said, changes like this could also lead to more issues for creditors because it could lead to more people having inflated credit scores. If creditors start lending to those who can’t handle credit responsibly it could cause an increase in payment defaults and possibly more restrictions in the future.

What’s your take on this news? Do you think it will have a positive effect on consumers as a whole? Share your thoughts in the comments!

Hat Tip: Wall Street Journal

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Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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