More info on FICO 08 straight from Fair Isaac

rubaty · ‎02-22-2008

http://money.cnn.com/2008/02/18/pf/good_behavior.moneymag/index.htm?postversion=2008021909

Current Score: EX 772 EQ 777 TU 783 15 Jan 17
Goal Score: 815 across the board by Jan 18

Take the FICO Fitness Challenge

Anonymous · ‎02-22-2008

Great article rubaty! Thanks for posting.

MidnightVoice · ‎02-23-2008

It may take months for the bureaus to adapt. (Experian and TransUnion plan to implement the new formula soon; it's not known if Equifax will follow.) But here's what you can expect:

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

haulingthescoreup · ‎02-23-2008

@MidnightVoice wrote:
It may take months for the bureaus to adapt. (Experian and TransUnion plan to implement the new formula soon; it's not known if Equifax will follow.) But here's what you can expect:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

That we're in for slippery times?

* 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

haulingthescoreup · ‎02-23-2008

Quote by Craig Watts from the article:

One thing hasn't changed: "Borrowers still have a 45-day window on inquiries before their score could be significantly affected," adds Watts.

Say what? I had never heard of a delay in inqs affecting scores. Lord knows, they hit fast enough!

* 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

sunrise · ‎02-23-2008

Is Mr. Watts saying we have a 45 day window for multiple credits to be counted as 1 ? Like mtg and car shopping? Or, that after your credit is pulled it could take up to 45 days for your scores to take a hit?

takin' it one day at a time

Anonymous · ‎02-23-2008

Yes sunrise, that's what he's saying. The 45 day window applies for installment loans like autos and mortgages. Doesn't apply for different cc's....unfortunately.

fishbjc · ‎02-23-2008

So 50% util is the new 90%.

Anonymous · ‎02-23-2008

@fishbjc wrote:
So 50% util is the new 90%.

And a FICO score of 720 is now 760.

(

RobertEG · ‎02-26-2008

Hereis what FairIsaac is currently postun in their Credit Information Center regarding inquiries:

What to know about "rate shopping." Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days. If it finds some, it counts all those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.