Your FICO credit score could get a boost under a new system that's reportedly set to be unveiled next year

The gold-standard in consumer lending decisions is about to get a major overhaul that could increase approvals for credit cards and personal loans, according to The Wall Street Journal.

The creator of the FICO credit score, Fair Isaac Corp., plans to unveil a new scoring system next year that considers how prospective borrowers manage their cash, the Journal reported Monday.

For decades, FICO scores were based mostly on consumers' payment histories. But the new standard, reportedly called the UltraFICO Score, is designed to give people with dings on their credit histories a process to have their banking activity factored in as well, the Journal said.

Those who don't overdraw long-established accounts with at least several hundred dollars in them could see their credit scores go up under the new framework, according to the Journal.

Read the full story in the Journal here.

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