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Cant figure out the new scoring...

New Contributor

Cant figure out the new scoring...

Here's what my Dashboard on MYFICO (FICO 8) looks like... 677 Equifax , 670 Trans, 664 Experian .  In a previous post I said a creditor ran my report and came back with and EXP score of 633 which got me denied.  When I look on my Dashboard on the "older version scores" i get... Equifax  FICO 5 - 665, Trans FICO 4 - 678, Experian  FICO 2 - 631.  I need to Experian  number to get up over 650...  It's frustrating having all the other okay BUT that one is killing me.  Any thoughts?

 

TU - 550 / EQ - 521 all from myFICO as of 3/3/13
TU - 558 / EQ - 573 all from myFICO as of 3/23/13
TU - 610 / EQ - 603 / EX 655 - all from myfico as of 1.22.14
TU - 632 / EQ - 619 / EX - 673... all from myfico 3.15.14
TU - 658 / EQ - 619 / EX - 659 ... all from myfico 3.31.14
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3 REPLIES
Contributor

Re: Cant figure out the new scoring...

Yeah. They're using some goofy risk assessment metric that's not standard FICO scoring. What kind of creditor was it?

Filed CH7 BK 4/2015 | Discharge 7/2015
Capital One Platinum $4k | Comenity Capital/Overstock $2k | NFCU cashRewards $1k
Message 2 of 4
Valued Contributor

Re: Cant figure out the new scoring...


GOLF81 wrote:

Here's what my Dashboard on MYFICO (FICO 8) looks like... 677 Equifax , 670 Trans, 664 Experian .  In a previous post I said a creditor ran my report and came back with and EXP score of 633 which got me denied.  When I look on my Dashboard on the "older version scores" i get... Equifax  FICO 5 - 665, Trans FICO 4 - 678, Experian  FICO 2 - 631.  I need to Experian  number to get up over 650...  It's frustrating having all the other okay BUT that one is killing me.  Any thoughts?

 


Your older version Fico scores are often referred to as Fico Mortgage scores.

1) EQ Fico 5 is based on the Fico 04 algorithm.

2) TU Fico 4 is based on the Fico 04 algorithm

3) EX Fico 2 is based on the Fico 98 algorithm (which is older than Fico 04)

 

The older versions are more sensitive to # of cards reporting balances, a few new inquiries/credit card accounts and perhaps individual card utilization.

 

Do you have an AMEX charge card? If so, EX score 2 is influenced by reported charge card balance/high balance. The newer Fico 04 and Fico 8 algorithms don't look at B/HB.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 3 of 4
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New Contributor

Re: Cant figure out the new scoring...

I just sold my home and am relocating...  I was applying for a housing lease.  Lucklily my high income got them to override the denial...  It however, did shock me and has me worried that i cant get approved.

TU - 550 / EQ - 521 all from myFICO as of 3/3/13
TU - 558 / EQ - 573 all from myFICO as of 3/23/13
TU - 610 / EQ - 603 / EX 655 - all from myfico as of 1.22.14
TU - 632 / EQ - 619 / EX - 673... all from myfico 3.15.14
TU - 658 / EQ - 619 / EX - 659 ... all from myfico 3.31.14
Message 4 of 4