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Fico 08

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Anonymous
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Fico 08

Does anyone know when the three major agencies will begin applying Fico '08 scoring?
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Anonymous
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Re: Fico 08



creditcarduser wrote:
Does anyone know when the three major agencies will begin applying Fico '08 scoring?


There have been some public statements by Fair Isaac that it could be May of this year.  Even if that turns out to be true, it will take much longer than that for most lenders to start adopting it.  My estimation is early next year sometime to see semi-widespread adoption.  I admit that's nothing more than a guess, though.
 


Message Edited by cheddar on 02-28-2008 10:59 AM
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Anonymous
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Re: Fico 08

I read a post on here, that myFICO won't be using the new scoring model until 51% of lenders are using it. It might be 2010 before we have access to the FICO 08 scores here.
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Anonymous
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Re: Fico 08

This may be silly, but isn't FICO 08 just a newer way for the CRAs to calculate your FICO?  The FICO scores and the ranges will be the same, so the lenders won't need to do anything.  The lenders won't go to the CRA and pull a "new" or "old" FICO score, they'll just pull a score.  It is not a matter of when lenders adopt FICO 08, but a matter of when the CRAs begin using it.  I am wondering if at least one of them isn't using it already.  My reports are all exactly the same, but my FICO range between the three majors is 77 points apart.
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Anonymous
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Re: Fico 08



creditcarduser wrote:
This may be silly, but isn't FICO 08 just a newer way for the CRAs to calculate your FICO?  The FICO scores and the ranges will be the same, so the lenders won't need to do anything.  The lenders won't go to the CRA and pull a "new" or "old" FICO score, they'll just pull a score.  It is not a matter of when lenders adopt FICO 08, but a matter of when the CRAs begin using it.  I am wondering if at least one of them isn't using it already.  My reports are all exactly the same, but my FICO range between the three majors is 77 points apart.


No.  Each CRA provides lenders the option of using various FICO scoring models.  The adoption of FICO 08 will depend on lenders moving to the new version, not just the CRAs.
 
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