Pay attention if you’re planning to apply for credit cards, loans, or a mortgage. FICO has a new tool for lenders to measure how “resilient” you are.
If you plan to apply for credit cards, loans, or a mortgage, or if you have a credit score in the 600s, take note: Today, FICO debuts the Resiliency Index, a new way to rate borrowers’ ability to weather a recession or other economic volatility. Lenders who already receive FICO credit scores will initially receive the new score for free.
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