New Credit scoring rating?

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I read on Yahoo Finance the Credit scoring system is changing. Can anyone please give more detailed explanation?

2 Comments
  1. Reply
    KD
    November 10, 2011 at 2:59 pm

    Basically what is going to happen is if you use your credit alot with good standings your credit will go up! Also if you only have a couple mishaps it won’t hurt your credit as much. For those that misuse credit continuously it will hurt them more! More information will probably come available as it gets used more!!

    Hope that helps!!

  2. Reply
    ccaddict
    November 10, 2011 at 3:19 pm

    The new credit scoring system looks at the same basic details that the present scoring system takes into consideration.

    One of the problems with the present system is it gives you a major rap on the knuckles for a late and doesn’t take into consideration good history on other cards. the new system will eliminate that and take a more deeper look into your report.

    It will disregard being authorized user on a card which many people have been taking advantage of.

    It is supposed to help people with thin/no credit history and those seeking credit.

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