Have you ever attempted to purchase an item on credit and was denied because your credit score was too low or a few points short of qualifying? Well, I’ve got good news for you! Lenders are now considering your Ultra Fico score when making a decision to extend credit. Traditionally, lenders only looked at the information from the credit bureaus. Today, they are considering other factors such as your bank account when making a decision to extend credit. Using your banking information combined with the regular credit reports, would be considered your Ultra Fico score. Therefore, if you have a bank account which meets some of the basic criteria’s; lenders will evaluate how you handle your bank account and use it to boot your credit score. But in order for your bank account to qualify it must meet the following conditions.
- Your bank account must be in existence for at least three months;
- Your bank account must have maintained a monthly balance of $400.00 or more each of the three previous months;
- You bank account must not have incurred bounced checks or overdrafts for the prior three months.
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