@EW800 wrote:I assume none of us know the exact answer to this, however I am just wondering based on the info that we have thus far, if there is any sign of FICO 9 becoming a tool used by lending institutions. Would it be safe to say that most are likely at least testing the model? I know it can take years for a new scoring model to be seen much out in the wild, and if I am not mistaken, FICO 9 has been out a couple of years, however I am wondering if we see any sign of this model coming to life.
Any signs of how lending institutions feel about FICO 9? As mentioned above, would it be safe to say that most are probably at least testing the model?
Is there any chance that FICO 9 may never really catch-on, or do all models eventually become more widely used? Have models in the past ever been flat out rejected by most lending institutions?
Thanks for any thoughts!
Marcus
NFCU
LMFCU (I think this was the CU that was mentioned in another thread)
3 known lenders using already, all 3 fairly recent adoptions. 3ish years seems about right on schedule anecdotally from the FICO 8 adoption rate.
@Revelate wrote:
@EW800 wrote:I assume none of us know the exact answer to this, however I am just wondering based on the info that we have thus far, if there is any sign of FICO 9 becoming a tool used by lending institutions. Would it be safe to say that most are likely at least testing the model? I know it can take years for a new scoring model to be seen much out in the wild, and if I am not mistaken, FICO 9 has been out a couple of years, however I am wondering if we see any sign of this model coming to life.
Any signs of how lending institutions feel about FICO 9? As mentioned above, would it be safe to say that most are probably at least testing the model?
Is there any chance that FICO 9 may never really catch-on, or do all models eventually become more widely used? Have models in the past ever been flat out rejected by most lending institutions?
Thanks for any thoughts!
Marcus
NFCU
LMFCU (I think this was the CU that was mentioned in another thread)
3 known lenders using already, all 3 fairly recent adoptions. 3ish years seems about right on schedule anecdotally from the FICO 8 adoption rate.
Revelate, have we confirmed that NFCU is actually using it for decisional purposes?
Also we can add Redstone FCU to list of FICO 9 users.
Slightly off topic, but I'm in no hurry to have lenders use fico 9 - seems my scores across the board are lower on 9 than on 8.
Using the basic "Fico Score" rather than auto or bankcard, EQ -3, TU -23, EX -32 less/off my Fico 8 scores. I am currently running some debt on 0% APR accounts which has depressed my scores a bit, but over all utility is still under 10% (probably closer to 8%).
Current scores Fico 8
@Thomas_Thumb wrote:It's do to the paid collection - IMO.
If the collection were your only public record & baddie - score difference could be up to 100 points. Based on what you mention, I'd guess the old foreclosure likely is holding down your F9 score about 50 points and F8 score by up to 100 points.
Maybe, FICO 9 is way more forgiving on my tax lien; I lost points there getting it excluded on the rebucket.
I don't think we can categorically state what a negative costs as the scorecard ranges are just not the same.
@SouthJamaica wrote:
@Revelate wrote:MarcusNFCU
LMFCU (I think this was the CU that was mentioned in another thread)
3 known lenders using already, all 3 fairly recent adoptions. 3ish years seems about right on schedule anecdotally from the FICO 8 adoption rate.
Revelate, have we confirmed that NFCU is actually using it for decisional purposes?
Also we can add Redstone FCU to list of FICO 9 users.
Hmm, it's definitely FICO Open Access which means they're buying it, but if they are underwriting it as their primary score hard to say.
@Thomas_Thumb wrote:
@Revelate wrote:
@Thomas_Thumb wrote:It's do to the paid collection - IMO.
If the collection were your only public record & baddie - score difference could be up to 100 points. Based on what you mention, I'd guess the old foreclosure likely is holding down your F9 score about 50 points and F8 score by up to 100 points.
Maybe, FICO 9 is way more forgiving on my tax lien; I lost points there getting it excluded on the rebucket.
I don't think we can categorically state what a negative costs as the scorecard ranges are just not the same.
^ Agreed - quantitative guestimates are just that - guestimates. That should be understood. Nonetheless, my read is posters with this type of question are asking for opinions knowing that answers are not being presented as fact but as educated guesses.
BTW - was your tax lien paid before it was excluded?
Mea culpa I didn't write that well looking at it again, I was suggesting that prior data on old negatives is highly suspect for FICO 9 currently was all I was trying to get at.
Yup, paid and released. Was counting to some extent as I had the PR/Collections reason code still on every TU model before it was excluded, and it's still there on EX a few months away from exclusion date (September if it doesn't get whacked by NCAP)... same identical reason codes though as FICO 8 and earlier, if paid were a thing, one would think it might vary. Maybe.
We didn't add negative scorecards, so either possibly a paid or released tax lien (I had both listings on my report at various times, no swing on any score) is counted differently, or the maximum score of the derogatory scorecards is much higher than any prior FICO algorithm's. Given how many people seem to have non-trivially higher FICO 9 scores with old derogatories, I'm leaning towards the expanded scoring range theory personally.