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Valued Contributor
stef37
Posts: 2,205
Registered: ‎12-06-2007
0

Re: Fico 08 is in full effect


concorduser wrote:
How do you know 08 is in effect? When did it go into effect? Is there any thing in the report that states new scoring system being used?  I pulled my scores on 1/15/2009 and there is no much difference. Unless some scoring change implemented between 1/16/2009 and today, there is no point in pulling the scores again. Is there any way to tell when the new scoring model implemented?

 

Good read:

 http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/new-risks-to-credit-scores.aspx

 

Frequent Contributor
going2tdc
Posts: 367
Registered: ‎03-28-2008
0

Re: Fico 08 is in full effect

So Fico 08 is in effect? My Ex dropped 4 pts. and I am only revolving $78 more than last month. hmmmm. Is this the model creditors will use now?
Regular Contributor
strong_lady
Posts: 221
Registered: ‎03-25-2008
0

Re: Fico 08 is in full effect


My2cents wrote:

I read an article about 3 days ago on MSN about the new scoring formula that clearly stated that the new formula will penalize you less for collections no more than 100.00 which DW and I have, and we both saw a jump in today's pull.  So I compared the old report with the new report, the information was identical and the only logical explanation is that the collections are counting less.  Another point we did not see a jump in our EQ and guess what, we don't have a collection on our EQ, so I put 2 and 2 together. 

 

Well actually I put 1 and 1 together and just gave you My2cents:smileywink:


LOL.... on last sentence

Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007

Re: Fico 08 is in full effect

FICO 08 is NOT in full effect! Period!

Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
0

Re: Fico 08 is in full effect

Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.
Advice is what we ask for when we already know the answer but wish we didn't.
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Fico 08 is in full effect


l9ikjam wrote:
Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.

Even more of an indication that it's not due to FICO 08. If your FAKO's jumped too, it indicates that something changed on your reports.

Those of you with mystery increases in your scores need to go look at your average age of accounts, your oldest account (overall history) and the dates that various accounts were opened and that baddies hit. It's likely that your age went up, or an account or baddie had a birthday.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Fico 08 is in full effect


fused wrote:

FICO 08 is NOT in full effect! Period!


 

Thanks. I dont want spend money in pulling the scores if there is no change. I'll wait till next month and check my scores.
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Fico 08 is in full effect

I agree. I got a score jump this month on TU & Exp (no action on EQ yet)... My AAoA increased, and accounts for it.

 


haulingthescoreup wrote:

l9ikjam wrote:
Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.

Even more of an indication that it's not due to FICO 08. If your FAKO's jumped too, it indicates that something changed on your reports.

Those of you with mystery increases in your scores need to go look at your average age of accounts, your oldest account (overall history) and the dates that various accounts were opened and that baddies hit. It's likely that your age went up, or an account or baddie had a birthday.

 

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Moderator Emeritus
WhirledPeasPlease
Posts: 3,417
Registered: ‎12-27-2007
0

Re: Fico 08 is in full effect

I pulled last night and had a net change of ZERO on all three. 

 

I also have two collections for under 100 dollars. 

 

My scores have not changed since early December.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007
0

Re: Fico 08 is in full effect

Unless they have recently changed, the TU classic score MyFico has been selling is the Empirica98 version, even though an '04 version was created 4-5 years ago. Fair Isaac has stated they don't sell a new Fico version to consumers through MyFico until 50% of the lenders have adopted it. Lenders and resellers don't instantly change to a new version the second it is released, and (unless FI changes their 50% rule), it will be a fairly long time before the scores sold to consumers through MyFico are based on the Fico08 formula.

 

(Anyone more knowledgeable - please correct me if any of the above information is incorrect)

 

There are a variety of factors that affect scoring, including aging, disputes in process, etc. To accurately determine what caused a score change between Date A and Date B, you need to compare credit reports, line by line, pulled exactly when the scores were computed on both dates. You also need to look at overall and individual aging. Even then, you still might not have enough information to pinpoint the exact reasons for the score difference ...


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