Credit Card Center Advertiser Disclosure†

Understanding FICO® Scoring

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Do you mean 
Reply
Topic Options
wowee
New Visitor
wowee
Posts: 4
Registered: ‎05-23-2008

FICO Classic 04 -- good, bad, or indifferent+
Options

‎05-23-2008 04:58 PM

Can anyone tell me if FICO Classic 04 indicates that someone is a fair risk?  I'd just gotten used to the 500, 600, etc., system, and now they've come up with "Classic" and I'm lost.
Message 1 of 4 (10,050 Views)
 
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0 Kudos

Re: FICO Classic 04 -- good, bad, or indifferent+

[ Edited ]
Options

‎05-23-2008 05:47 PM - edited ‎05-23-2008 05:50 PM

Classic is just another name for the Mortgage score I believe which relates to all release models and it's about to be updated with FICO 08 in 2009 est. Classic will still refer to the mortgage score. You have Classic/Mortgage, Wamu PFICO/Card Enhanced and Auto Enhanced. I think fair is 560-659 for a mortgage score. If anyone knows otherwise please post.

Message Edited by ilovepizza on 05-23-2008 08:50 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 2 of 4 (10,042 Views)
 
wowee
New Visitor
wowee
Posts: 4
Registered: ‎05-23-2008
0 Kudos

Re: FICO Classic 04 -- good, bad, or indifferent+
Options

‎05-23-2008 06:22 PM

Thanks for your info.  Do you know if  Classic 04 would be an ok score.  Do you know what, for instance, "04" would equate to in the 500, 600, etc., type of fico scores?
Message 3 of 4 (10,035 Views)
 
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0 Kudos

Re: FICO Classic 04 -- good, bad, or indifferent+
Options

‎05-23-2008 06:59 PM


wowee wrote:
Thanks for your info.  Do you know if  Classic 04 would be an ok score.  Do you know what, for instance, "04" would equate to in the 500, 600, etc., type of fico scores?

The "04" you are referring to is not a score itself.  It's the name of a FICO algorithm for TU that was developed in 2004, and which has slowly begun to replace the older TU 98 version.  The "04" is simply short for 2004.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 4 of 4 (10,030 Views)
 
POPULAR LINKS
Credit scores | Credit reports | myFICO Blog | Affiliates

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.