Even if you were told in the past that you didn't have the kind of seasoned credit record that would allow a credit score to be computed−and have faced the likelihood of higher interest rates or less attractive financing than is available for other people−you should try again. Fair Isaac and Co., developers of the famous FICO credit-scoring systems, has put together a credit-scoring model specifically for those with minimal credit histories.

It's been estimated that perhaps 50 million Americans have not, until recently, had a credit score that might allow them the best available financing. A Fair Isaac official explained, "The consumers who might get a break with the new score include recent immigrants to the United States (whose good payment histories from their home countries don't transfer to the U.S. credit reporting system), college students, new divorcees and widows, those with low incomes, and people whose cultures don't trust financial institutions or large national organizations."

A vast number of people, in other words, will be assisted by the recent programs that cover those with little in their credit histories. And the assistance goes well beyond their ability to buy a home with the best possible mortgage loan. Even auto insurers compute their premiums with the assistance of credit scores, and potential employees sometimes look at credit ratings when hiring. For more information call Beth at 425-450-5208 and visit her website at www.bethbillington.com.

Beth Billington is a Realtor® with Coldwell Banker Bain in Bellevue, WA.