Why show Fico 8 scores at all

[Anonymous]

I recently subscribed to MyFICO 3b and it's great at updating my Fico 8, but you look at the scores used for just about every type of credit, from mortgages and auto loans to credit cards and personal loans, and nobody -- yet nobody -- is using Fico 8 to base lending decisions. Why, then, is that the default score for the MyFICO subscription?

[Anonymous]

According to FICO, it's the most widely used model currently.

[K-in-Boston]

Welcome to the forums.  FICO 08 scores are far and away the most widely used scoring models.  Some industries (such as auto loans) will tend to use enhanced scores, and some mortgages use different older scores because they are required to by federal law.  But I'd say that 90+% of my lending decisions over the past few years have used FICO 08 models.

[Anonymous]

Good question and good answers. I learned something new today. Dv

[Poppa]

Does the Utimate 3B really update your Fico 8 scores whenever you have a balance change on a credit card?

[Gidgetmom]

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@Poppa wrote:

Does the Utimate 3B really update your Fico 8 scores whenever you have a balance change on a credit card?

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Only the Fico 8 scores will change with certain activity on your report.  The rest of the scores and simulator will operate from last full 3 bureau report that was pulled.  At least that's been my experience. 

[Poppa]

Any card balance change will update the score though? I am really considering getting it if any balance change gets me an updated score. Correct me please if I'm wrong.

[Anonymous]

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@Poppa wrote:

Does the Utimate 3B really update your Fico 8 scores whenever you have a balance change on a credit card?

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Depends on what you mean.  Suppose your curent balance on your Chase Freedom is $20.  Then you go to Denny's for dinner and your balance changes to $36.  Although the balance on the card has changed, that won't cause any score to update, because that balance change hasn't appeared on your report.

If last month's reported balance to TU was $20, however, and then 30 days later Chase reports it as $36, that change will cause the FICO 8 Classic score to update.

Note that it is only the FICO 8 Classic that updates like that.  The FICO 8 Bankcard Enhanced does not do that, nor does the FICO 8 Auto Enhanced.

Many people use free or ultra-low cost tools for their FICO 8 scores, and thus avoid paying $360 a year for the MF service.  Others like paying for it.  No single right choice.

[Anonymous]

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@Anonymous wrote:
I recently subscribed to MyFICO 3b and it's great at updating my Fico 8, but you look at the scores used for just about every type of credit, from mortgages and auto loans to credit cards and personal loans, and nobody -- yet nobody -- is using Fico 8 to base lending decisions. Why, then, is that the default score for the MyFICO subscription?

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There are plenty of creditors that use FICO 08.  Amex uses EX FICO 08 to monitor your credit score and make decisions regarding your credit limit, APR, etc.  Discover uses TU FICO 08.  These are just 2 common ones that come to mind.  There are plenty of others.  It's a bit outrageous to say that "nobody" uses that scoring model when as stated earlier it is the most commonly used model at this time.

[Anonymous]

Thanks everyone. I just know that if I go to get a mortgage or car loan my FICO is going to be 40 points or more lower than the FICO 8. Good to know that some firms are using FICO 8. I just haven't run across any of them. If I had known a couple months ago that so many lenders don't use FICO 8, I could have saved some embarrassment of going to a lender and saying, "Oh yeah, my FICO is so and so" only for them to come back and say, "No, you're FICO is actually a lot lower than what you told us."