The Washington Post Columnist Kenneth R. Harney is his column "The Nations Housing" (page E1 Real Estate, 11/06/2010, Left Bottom) discusses how new changes coming to the FICO credit score could help or hurt those trying to get a new mortgage. Someone who currently has a 720 score may drop to a 680 if their debts are above the norm for, example, with their home equity loan. On the other hand, ones score could go up if the debt level is lower and all other things being equal.
The recent jump in walkaways with stellar credit is to blame. Borrowers who were thought to have excellent credit, and paid their bills on time, suddenly walked away from their mortgage. This has caused a reevaluation of the scoring process and the January rollout of a new modification of scoring. If you would like more details, here is the column.
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