UltraFico and Experian Boost purpose benefits consumers who have marginal credit or good credit, it will accommodate home loan applications, business loan applications and commercial real estate loan applications. Allow us to explain.
With UltraFico and Experian Boost you may opt the system and use your checking account, money market or savings account balance and history as factor to supplement your credit score. UltraFico and Experian Boost factor in any ACH or online billing activities of your bank account. You cannot have any negative balance history with your bank account, if your account was overdrawn within a three month time frame, that would not supplement the UltraFico or Experian Boost factoring. When you opt in UltraFico, you must have a minimum average balance of $400.00 in your bank account
Benefit
When you opt in UltraFico or Experian Boost, your credit score may boost up to approximately 20 additional points. Here are two simple scenarios that will help you understand how UltraFico works.
1st Scenario: A homebuyer entered into a purchase agreement, he was pre-approved for an FHA loan, however the buyer is not accepting any FHA bids. The buyer may be able to go back to his lender and opt-in UltraFICO or Experian Boost and apply for a conventional loan and close on his new home.
2nd Scenario: A business owner has a 660 fico score, he was fed up of carrying an alternative business loan with a higher interest rate, he is seeking to refinance his existing business loan with a low conforming interest rate. His local bank offered him a conforming business loan, however the minimum FICO score with the local lender is 680. The business owner may opt in UltraFico or Experian and may get the 680 score needed for his approved confirming business loan
Ideal for
Shopping for an auto loan and obtaining to the highest level tier for the best interest rate and terms.
A small business owner who is on the cusp of the required credit score of 680 or better for a business loan.
Consumers who apply for a home loan may want a better rate, they can opt in UltraFico or Experian Boost to boost their credit score up approximately by 20 points to get into a lower interest rate tier.
To learn more about Experian Boost click here. To learn more about UltraFico, click here
For more information on how we can locally help Floridians with personal credit or business credit please fill out the online contact form about your concerns or give us a call at 855.477-9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page. Yes, we are Floridians
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