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Home Credit Scores What Is UltraFICO and Can It Boost My Credit Score?

What Is UltraFICO and Can It Boost My Credit Score?

Hand holding an UltraFICO credit score gauge

At a glance

UltraFICO is a type of credit score launched by FICO in 2019. It provides a way for people to improve their FICO credit score by linking their checking, savings, and money market accounts. But does it work?

Instantly access your report and discover your credit score from all three credit bureaus.

Checking your score won't hurt your credit.

Written by Mark Slack

Reviewed by Robert Jellison

Aug 5, 2022

Fresh advice you can trust

We promise to always deliver the best financial advice that we can. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Learn more about how we make money.

As you’re probably aware, you never signed up to get a credit score, but if you have any credit or loans, you’re assigned one anyway. Actually, you’re assigned several: you now have 28 credit scores at FICO alone. With the introduction of UltraFICO, you can now have yet another one.

The major difference? You actually need to sign up to get an UltraFICO credit score. FICO believes you’ll do so, because if you’ve been financially responsible, you’ll get a higher UltraFICO credit score than your normal FICO score.

That, in turn, will give you more options to get loans or credit cards at cheaper interest rates. But is there a catch?

Table of Contents

  1. What is UltraFICO?
  2. How does UltraFICO work?
  3. What’s the difference between UltraFICO and my other FICO credit scores?
  4. Does UltraFICO actually work?
  5. Will lenders adopt UltraFICO?
  6. Should I use UltraFICO?
  7. Are there credit-boosting alternatives to UltraFICO?

What is UltraFICO?

UltraFICO is a new type of credit score produced by the Fair Isaac Corporation (FICO) in collaboration with Finicity (a fintech company) and Experian (a major credit bureau).

These companies developed UltraFICO for two main reasons:

  • To expand access to credit: UltraFICO promises that people with otherwise bad credit scores are actually safe to lend to, provided the data they submit shows a history of financial responsibility.
  • To make money: FICO earns money by selling your credit score to lenders (when they check it). By expanding access to credit and inventing new credit scores, they help lenders make more money by extending more loans, and in turn, FICO makes money by selling more credit scores.

How does UltraFICO work?

With UltraFICO, you’re able to link non-traditional types of financial data into FICO, including your checking, savings, and money market accounts. These accounts don’t show on your credit report, meaning they can’t be factored into your other credit scores.

Using the data you linked, UltraFICO then measures: 1

  • How long your accounts have been open
  • How recently and frequently you make bank transactions
  • How much cash you usually have on hand
  • How often your bank balance is positive

While FICO will still generate a base credit score based on your credit report, they’ll then factor in this other data to generate your UltraFICO credit score.

If the data you submitted suggests you’re financially responsible (for instance, you maintain a decent balance in your bank accounts), you’ll get a higher UltraFICO score.

Note that the data you submit to FICO does not end up on your credit report, unlike with other credit-boosting services like Experian Boost. Your data is simply used to make an additional calculation based on your base FICO credit score.

IMPORTANT: UltraFICO is still being tested and is not yet widely available

While you can register for UltraFICO as an organization or as an individual at https://www.fico.com/ultrafico/, it’s still in a pilot testing phase. If you sign up, FICO will notify you once the program becomes available to you.

What’s the difference between UltraFICO and my other FICO credit scores?

Your UltraFICO credit score is not the same as your other FICO credit scores. While it is calculated based on your normal FICO credit score, it’s a separate number.

The main differences are:

  • If you don’t link your financial accounts to FICO, you won’t have an UltraFICO credit score whatsoever
  • If you do link your financial accounts and you’ve been fiscally responsible, your UltraFICO credit score will be higher than your normal FICO score.

Does UltraFICO actually work?

First, a reminder that UltraFICO is still in a testing phase, so technically it won’t work at all unless you’re in the pilot program.

Even if it becomes widely available, let’s break down what it means for UltraFICO to “work”:

Will UltraFICO give you a higher credit score?

It might. UltraFICO works in the sense that if you submit your data, and you’ve been responsible, you’ll receive a higher credit score than normal. If the financial information you submit looks irresponsible, you won’t receive a higher credit score, of course.

Will it give you access to loans, credit, and cheaper interest rates?

It might. But even if it becomes more widely available after its pilot program, it’ll depend on how many lenders decide to use it.

Lenders won’t see your UltraFICO credit score unless they request it

Remember how you have 28 FICO credit scores? When you apply for a credit card or loan at a company, and they check your credit, they may only check one or two of those versions. There’s no point in having a high UltraFICO credit score unless you can get cheap loans or credit with it.

Will lenders adopt UltraFICO?

If lenders adopt UltraFICO, they likely won’t do so very fast.

For reference, FICO Score 8 is still the most widely used FICO score, and it was released in 2009. Since then, supposedly the new-and-improved FICO Score 9 (2014) and the FICO Score 10 Suite (2020) were released, and lenders still aren’t using them widely.

Should I use UltraFICO?

Once it becomes available, you should use UltraFICO if:

  • You need access to cheaper credit or loans, and your credit score isn’t good
  • Your financial data shows a history of being responsible
  • You know the lender or creditor you want to borrow from uses UltraFICO

Are there credit-boosting alternatives to UltraFICO?

If your credit score is lower than you’d like, you have several alternatives to UltraFICO that you can use to boost it.

Experian Boost

One alternative is Experian Boost, a service offered only by the credit bureau Experian. (Though it doesn’t necessarily need to be an alternative to UltraFICO—you can enroll in both if you like.)

Boost your credit for FREE with the bills you're already paying

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No credit card required. Results may vary, see website for details.

Boost your credit for FREE with the bills you're already paying

  • Experian Credit Report and FICO® Score updated every 30 days on sign in
  • Instantly increase your credit scores for FREE with Experian Boost™
  • Daily Experian credit monitoring and alerts

Experian Boost is similar to UltraFICO in that it works by submitting non-traditional financial data, such as regular payments for utilities or even services like Netflix, to factor into your credit score. That data will end up on your Experian credit report. As a result, any credit scores based on your Experian report will receive a boost if you’ve been a responsible billpayer.

Credit-building cards

One of the most common methods for building credit is to open a credit card and use it regularly and responsibly. However, if your credit score leaves something to be desired, it can be hard to get off the ground with this method—after all, many lenders will reject you when you apply for a card.

Fortunately, there are a number of credit cards that are available to people with low credit scores. Many (but not all) are secured credit cards, which require a security deposit when you open them. In the table below you’ll find several cards that you might be able to qualify for.

Credit Card Best For Credit Score Annual Fee Welcome Bonus Apply Now
Discover It secured credit card
Discover it® Secured Credit Card Apply
Secured Overall 300–669 $0 Cashback Match Apply
OpenSky Secured Visa credit card
OpenSky® Secured Visa® Apply
No Credit Check 300–669 $35 Apply
Self Visa credit card
Self Visa® + Credit Builder Account Apply
Beginners 300–669 $25 Apply
Bank Americard Secured credit card
BankAmericard® Secured Credit Card Apply
No Annual Fee 300–669 $0 Apply
First Progress Platinum Prestige Mastercard secured credit card
First Progress Platinum Prestige MasterCard® Secured Credit Card Apply
Bad Credit 300–669 $49 Apply
Citi Secured Mastercard credit card
Citi® Secured Mastercard® Apply
Rebuilding Credit 300–669 $0 Apply
View All Secured Credit Cards
Credit Card Best For Credit Score Annual Fee Welcome Bonus Apply Now
Discover It secured credit card
Discover it® Secured Credit Card Apply
Bad Credit Overall 300–669 $0 Cashback Match Apply
Capital One Platinum credit card
Capital One® Platinum Secured Credit Card Apply
Secured 300–669 $0 Apply
Tomo Credit Card
Tomo Credit Card Apply
Unsecured (No Deposit) 300–669 $0 Apply
Chime Credit Builder Secured Visa
Chime Credit Builder Secured Visa® Apply
No Interest 300–669 $0 Apply
OpenSky Secured Visa credit card
OpenSky® Secured Visa® Apply
No Credit Check 300–669 $35 Apply
Petal 1 Visa credit card
Petal 1 Visa® Apply
No Fees 300–669 $0 Apply
Prosper Card
Prosper® Card Apply
High Credit Limit 300–669 $39 ($0 for the first year if you set up autopay) Apply
Bank of America Customized Cash Rewards Secured
Bank of America® Customized Cash Rewards Secured Apply
Rewards 300–669 $0 Apply
Capital One Quicksilver Secured Rewards credit card
Capital One® Quicksilver® Secured Rewards Card Apply
Building Credit 580–739 $0 Apply
View All Bad Credit Credit Cards

You can use a secured card or a card for bad-credit borrowers to give your credit score the initial boost it needs. Before too long (often within several months, although credit-building can sometimes take several years), your generic FICO scores will be high enough that you won’t need to apply for an UltraFICO score at all.

Takeaway: UltraFICO is a new type of FICO credit score that factors in more types of financial data

  • Unlike FICO’s previous credit scoring models, its UltraFICO model looks at information that’s not directly related to your credit history, such as your bank balances.
  • The idea behind UltraFICO is that if your credit history is lacking but your finances are otherwise secure, you’ll get a better credit score and lenders won’t penalize you as harshly.
  • UltraFICO is still in its pilot testing stage, which means most people can’t sign up for it. If you try to sign up, FICO will notify you when the program is ready for you.
  • If your credit history is fair-to-poor but your finances are otherwise healthy, UltraFICO has significant benefits for you—theoretically. However, it’s unclear when (if ever) the majority of lenders will begin using it.

Article Sources

  1. FICO. "UltraFICO Score Fact Sheet" Retrieved April 14, 2022.

Mark Slack

Founder

View Author

Mark Slack is an expert in credit, credit card processing and payment, as well as personal and business loans. He’s managed content for, or contributed credit-related articles for several websites, including LegalTemplates and ResumeGenius. His advice has also been featured in the Chicago Tribune, The Philadelphia Inquirer, and NYDailyNews.

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