@DHA wrote:Hi -My FICO 8 score is excellent and I've never had anything negative on my credit history. I noticed that my FICO 9 was much lower when it was first introduced but didn't pay much attention since it was still new and not widely adopted. I figured there were still some issues with the scoring calculations that would eventually be resolved. But FICO 9 has been out for a while now and my score hasn't changed.
FICO 8 is 817
- never missed a payment
- utilizing less than 5% available credit
- not seeking new credit
- good credit mix and history
FICO 9 is 721
- serious delinquency (60 days or greater past due)
- few accounts in good standing
MyFICO support researched my credit history but couldn't find any reason for the lower score.They couldn't explain why the negative points were associated with my v9 score. I have a long credit history and never missed a payment. Support said that I shouldn't worry about the score 9 since it's primarily used by lenders for borrowers with a short credit history. I'm just concerned that this could become an issue at an inconvenient time (like when I'm trying to sign papers for a new purchase)
Has anyone else had this problem? Any advise how I can get this resolved? Or should I listen to the MyFICO support rep and not worry about it?
Thanks
Well maybe you shouldn't "worry" about it, but I think you should try to find out what causes the difference, and then try to improve the FICO 9's.
My FICO 9's are always higher than my 8's but I greatly increased my revolving utilization and... poof... my 9's are lower than my 8's all of a sudden. So from that I conclude that 9 is more sensitve to revolving utilization than 8.
Other possible differences:
-paid collections not counted in 9
-unpaid collections given more weight in 9
-medical collections given less weight in 9
-rental history counted in 9
-recent inquiries given less weight in 9
-average age of accounts given less weight in 9
-no. of accts reporting balance given more weight in 9
-premium for open as opposed to closed installment loans reduced in 9
-installment balance to loan ratio given more weight in 9 than 8
