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The new math of Fico credit scores

Contributor

The new math of Fico credit scores

http://articles.moneycentral.msn.com/Banking/YourCreditRating/the-new-math-of-FICO-credit-scores.asp...

Starting Score: 541
Current Score: TU 719 EQ 706 EX fako 726
Goal Score: 720 all most there


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5 REPLIES
Valued Contributor

Re: The new math of Fico credit scores

Very interesting that there are 400 lenders using FICO 08 already and they EXPECT Fanny and Freddie to sign onto it by the end of the year. It is also interesting that it has only been released at all 3 bureaus for a month. Maybe it will be accepted more quicly than the 04 models (just think 98 still gets heavy use at TU!)
Regular Contributor

Re: The new math of Fico credit scores

I wonder when myfico will start using it for the products that are sold here?
01/07 scores: Too scared to find out after looking at my free CRA reports
03/08 scores: TU: 660 EQ: 646 EX: 624
09/09 scores: TU: 735 EQ: 778 EX: ???
02/10 scores: TU: 779 EQ: 801 EX: 798 (home loan officer pull)
03/14 scores: TU 799 EQ: 809 EX: 817 (car loan credit union pull)
All that hard work paid off!!!! I'm now a happy home owner with an awesome interest rate!

CC Limits Garden Amex Clear $23000, USAA World Amex $15000, USAA Wold MasterCard $15000, BECU Visa $10,000, PenFed Visa $15000. Took a long time to get nice limits and low interest from that first app to BECU for $500 when I first started cleaning up my reports.
Moderator Emeritus

Re: The new math of Fico credit scores


boireann wrote:
I wonder when myfico will start using it for the products that are sold here?

 

Not for a loooooooooooooooong time. Smiley Sad
Highlighted
Valued Contributor

Re: The new math of Fico credit scores

They will sell the newest TU when its 2098 and someone realizes that the 98 TU score on this site is actually a 100 year old model.
Established Contributor

Re: The new math of Fico credit scores


debtisgood wrote:
Very interesting that there are 400 lenders using FICO 08 already and they EXPECT Fanny and Freddie to sign onto it by the end of the year.

Well, the actual quote said 400 were using or testing Fico 08. And regarding Fannie and Freddie, it just said that mortgage lenders doing conforming loans backed by those two could not utilize Fico 08 until it was approved by F and F. But it did not say those lenders would adopt it immediately after approval. There's no reason they couldn't continue to use previously approved models such as Beacon 5.0, TU 04, etc. I find it interesting how carefully these press releases are worded, and how there is a lack of hard numbers regarding the percentage of top lenders who have upgraded or committed to upgrading to this latest version ...