Does anybody do better with Fico 04 than Fico 08?!?

[nycfico]

In theory, some should do better with Fico 04, and others should do better with Fico 08.  While it doesn't seem anybody really knows the formula for either one, the 'official party line' would suggest that it would change roughly half in one direction and half in the other direction, with some outliers either way.

But in reading these boards...I have yet to see anybody say that their scores are higher with 04 than 08.  could be skewed because those who get hurt on mortgage loans are more apt to speak up, granted.  Still, though...is there anybody out there who does signifcantly better on their scores on 04 vs. 08?  Because we see a lot in the other direction, it seems....

[notfancy]

My 04 FICO is higher than my 08, both are in my sig- so I guess I'd have better luck with a mortgage app, theoretically based on score only, than a CC app. (DCU is EQ04, Score Watch is EQ08)

[mongstradamus]

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@notfancy wrote:

My 04 FICO is higher than my 08, both are in my sig- so I guess I'd have better luck with a mortgage app, theoretically based on score only, than a CC app. (DCU is EQ04, Score Watch is EQ08)

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When my sw switched over to eq08 few months ago from eq04.the scores were exactly the same 

[Marcos8]

My 04's were higher then my 08's are currently. Funny thing is the 04's are more used for mortgages and I had 2 significant chargeoffs of a first and second mortgage due to a short sale. 

[fused]

My FICO 08 scores are higher.

[Revelate]

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@nycfico wrote:

In theory, some should do better with Fico 04, and others should do better with Fico 08.  While it doesn't seem anybody really knows the formula for either one, the 'official party line' would suggest that it would change roughly half in one direction and half in the other direction, with some outliers either way.

But in reading these boards...I have yet to see anybody say that their scores are higher with 04 than 08.  could be skewed because those who get hurt on mortgage loans are more apt to speak up, granted.  Still, though...is there anybody out there who does signifcantly better on their scores on 04 vs. 08?  Because we see a lot in the other direction, it seems....

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Ah, you missed the slew of complaints after the Scorewatch switch.

Everyone who didn't have credit cards, got absolutely hammered by the transition from FICO '04 to FICO '08.  We're talking 680 -> 630ish, which is massive at that credit strata.  Mix of credit FTW yo!

For the most part people who find these forums are a self-selecting population, and SW subscribers are even moreso so it's not really a good estimate on the effects of the transition; however, I think by and large the average consumer who got tarnished in the mortgage crisis / recession and has been clean since some period of time with a decent mix of credit, likely got a bump on FICO '08 as it doesn't appear to penalize older information nearly as harshly as new information, and by older that maybe as short as 2 years or possibly even less.

[CreditHealthy]

My fico 04 was 10 points higher than 08 I wonder if that means my mortgage app will not go as well when my scores are pulled in October?

[bdhu2001]

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@CreditHealthy wrote:

My fico 04 was 10 points higher than 08 I wonder if that means my mortgage app will not go as well when my scores are pulled in October?

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Mortgage uses  FICO 04 so you should still be good.

 Does anybody do better with Fico 04 than Fico 08?!?

Someone who was  AU on an aged account, would do better with 04.  For instance, I'm thinking of adding my daughter as an AU on two of my accounts. She uses both of them, but I only give her the physical card on one.  Both are very old accounts.  One is over 15 years and the other is over 22.  That may help when she looks for a mortgage w/in the next year.

[KeepingOn]

I have very few new accounts and my score went from a 627 down to a 575 the day of the transition.

[nycfico]

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@Revelate wrote:

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@nycfico wrote:

In theory, some should do better with Fico 04, and others should do better with Fico 08.  While it doesn't seem anybody really knows the formula for either one, the 'official party line' would suggest that it would change roughly half in one direction and half in the other direction, with some outliers either way.

But in reading these boards...I have yet to see anybody say that their scores are higher with 04 than 08.  could be skewed because those who get hurt on mortgage loans are more apt to speak up, granted.  Still, though...is there anybody out there who does signifcantly better on their scores on 04 vs. 08?  Because we see a lot in the other direction, it seems....

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Ah, you missed the slew of complaints after the Scorewatch switch.

Everyone who didn't have credit cards, got absolutely hammered by the transition from FICO '04 to FICO '08.  We're talking 680 -> 630ish, which is massive at that credit strata.  Mix of credit FTW yo!

For the most part people who find these forums are a self-selecting population, and SW subscribers are even moreso so it's not really a good estimate on the effects of the transition; however, I think by and large the average consumer who got tarnished in the mortgage crisis / recession and has been clean since some period of time with a decent mix of credit, likely got a bump on FICO '08 as it doesn't appear to penalize older information nearly as harshly as new information, and by older that maybe as short as 2 years or possibly even less.

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okay...makes sense for me as my score jumped at the transition and most of my problems were centered around the meltdown.  I just hope that mortgage companies soon switch to '08!!!