The UltraFico system will be implemented as a pilot in early 2019. Its purpose will benefit consumers who have marginal credit, it will accommodate home loan applications, business loan applications and commercial real estate loan applications.
When the lender requests a credit report, you may opt in UltraFico and use your checking account, money market or savings account balance and history as factor to supplement your credit score with UltrFico. UltraFico will also 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 factoring. When you opt in UltraFico, you must have an average balance of $400.00 in your bank account
When you opt in UltraFico, your credit score may boost up to approximately 20 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 and apply for a conventional loan and close on his new home.
2nd Scenario: A business owner has a 660 fico score, he is sick and tired 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 and get the 680 score needed for his approved confirming business loan
Small Business owners who currently have a non conforming business loan or commercial hard money loan who are seeking to refinance into a conforming business or commercial real estate loan with a credit boost
Consumers who apply for a home loan may want a better rate, they can opt in UltraFico to boost their credit score up approximately by 20 points to get into a lower interest rate tier.
Certain lenders will opt in the first pilot of UltraFico, it will not be available to all lenders until the pilot is complete. To learn more about UltraFico, click here
For more information on how we can help you with your personal credit or business credit in Boca Raton FL and Lighthouse Point, FL 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 Professionals on our Testimonials page. We are Floridians
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