Today i got email from MyFICO that my Score Watch product has been upgraded to new Equifax model but shockingly it took off 16 points and dropped me down to 646 for nothing. No new information posted on my credit. I had been receiving beacon 5.0 score of 662 till this morning. Did this happen to anyone else?
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Today I applied for mortgage with another lender and they pulled Equifax beacon 5.0 and my score there is still 662. I had been a Score Watch subscriber now more than a year and had been getting beacon 5.0 score and report till when i received the email of upgrade and 16 points down. Now Equifax beacon 9.0 or whatever is showing 646 here. I read online new version give more weight on high balances. I have few high balances on few cards. May be if i pay them down it will improve.
yes , I got my updated score about 2 weeks ago and to my surprise my score went up about 40 points...from 591 to 634 
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I am trying to rebuild my credit for a mortgage and now I am wondering if lenders are pulling this new version or still the BEACON 5.0. If they aren't then scorewatch is kinda useless now because my beacon 5 is so much lower, it will be hard to tell when my lender pull scores are going up .
@onelilviper wrote:yes , I got my updated score about 2 weeks ago and to my surprise my score went up about 40 points...from 591 to 634
I am trying to rebuild my credit for a mortgage and now I am wondering if lenders are pulling this new version or still the BEACON 5.0. If they aren't then scorewatch is kinda useless now because my beacon 5 is so much lower, it will be hard to tell when my lender pull scores are going up .
Mortgage lenders are still going to be Beacon 5.0 typically; until the secondary market (GSE's) or the insurers (FHA) mandate differently, it's what is going to be used in the majority of cases.
sghosh: why didn't you pretty up your report pre-mortgage app anyway? 
You know that high balances aren't your friend from a FICO perspective! It might not be weighed the same as under FICO 8 but it's still a non-trivial penalty especially depending on what tier boundaries your lender has.
@Cynthianna wrote:Mine dropped 45 points with the new model!!! No lates in 5 years, and I opened one new store credit card (Marshalls) the same day, and Pier 1 2 months ago. Never carry a balance to statement date; however, I utilize credit during month and then pay in full. I am disgusted to see the drop from 685 to 640! I was about to get a commercial dump truck loan with the 685 at 6% interest, now my chance is ruined for a loan at all! This is so annoying! My income is well into the six figures, and I pay everything on time. My sister is on SSI, and she has an 850! What the heck?
Not neccesarily, if your loan pulls an eq 04 score which was the old score you would still have an 685 score, unless something drastically has changed on your credit report.
