using a credit card to buy things or go out to-y dinner. 18r-old jake weintraub would like a credit card but so far, s applications are going nowhere. >> getting rejected fro credit cards is frustrate iing. it reporter: you need a cr score. most banks use your fico score. it's based on how well youave handled loans in the past. but what if y've never taken out a loan. a new scoring system called ultrafico will debutn summer. >> the ultrafico system is going to base its o score how people use traditional savings and check accounts. those kind ofccounts are easy to set up. those kind of accounts can be a good choice for somodyith a weak credit history or no credit history to build up their credit. >> reporter: but consumer optrts cautions you have to in. and then, share confidential infoation about your banki accounts. and eit's unclear if lenders ar ready to buy into the ultrafico score. >> we have anoth concern,hat making credit easier to get, may ause some people in over their heads. >> reporter: jake has a checking and savings account, and is careful with his money. heading back to col

using a credit c buy things or go out to dinner. 18-year-old jake weintraub would like a credit cardo far, his applications are going nowhere. >> getting rejected from credit cards is frustrating. >> reporter: you need a credit score. most banks use your fico score. it's based on how well you have handled loans in the past. ut what if you've never tak out a loan a new scoring system called ultrafico will debut in summer. >> the ultrafico system is going toe ase its score on how peo use traditional savings and tseck accounts. those kind of accore easy to set up. those kind of accounts can be a good choice for somebody with a weak credit history or no credit history to build up their credit. >> reporter: but consumer reports cautions you have to opt in. and then, share confidential information about your banking accounts. and it's unclear if lenders e ready to buy into the ultrafico score.th >> we have a concern, that making credit easier to get, may cause some people in over their heads. >> reporter: jake has a checkinc and savingunt, and is careful with his money. heading back to col

using a credit card to buy things or go out to dinn. 18-year-old jake weintraub would like a credit card but so far, his applications are going nowhere. >> getting rejected from credit cards is frustrating. >> reporter: you need a credit score. most banks use your fico score. it's based on how well you have handled loans in the past. but what if you've never taken out a loan.in a new scorsystem called ultrafico will debutn summer. >> the ultrafico system is going to base its ore on how people use traditional savings and check accounts. those kind of accounts are easy ts set up. those kind of accoan be a good choice for somebody with a weak credit historor no credit history to build up their credit. >> reporter: but consumer reports cautions you have to opt in. and then, share confidential information about youranking accounts. and it's unclear if lenders are ready to buy into the ico score. >> we have another ccern, that making credit easier to t, may cause some people in over their heads. then, they may not a bee to pay back their debt. >> reporter: jake has a checking and savings accou