Trended credit is a new way to evaluate a borrower’s credit worthiness.
If you pay off your balance every month, you are considered a “transactor” and your credit score should go up.
If however you only pay the minimum balance you will be considered a “revolver” and your credit score may go down.
Trended Credit is considered one of the most important developments in credit scoring in over a generation.
The new methodology has been accepted by two out of the three major credit bureaus.
It takes effect on September 24, 2016.
Be sure to check with your financial advisor and mortgage professional for information about trended credit.
Whether you can qualify for mortgage financing for your real estate purchase may depend upon it!
Click on the link below for an in-depth article on trended credit, and learn about how this may affect your buyer’s credit score.
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Trended Credit