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

[wowee]

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.

[ilovepizza]

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

[wowee]

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?

[cheddar]

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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?

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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.