Fico 8 Jumped - What about auto lending scores?

[Anonymous]

My Fico 8 Jumped 86 points today. Something I was waiting for falling off. I noticed on my panel the FICO's for auto lending did not move? Safe to assume they did and it is just not realtime like the fico 8 offered here?

[Anonymous]

My guess is that you have purchased this product:

http://www.myfico.com/products/ultimate-three-bureau-credit-report/

You can read up on what it gives you and what it doesn't.  You'll see that you get all the varieties of your FICO scores once every 90 days -- only the FICO 8 classic scores get updated more often than that, and even then that only happens when an "alertable" event occurs on your credit report.  Many changes to your credit report are not alertable, and therefore your FICO 8 score could change multiple times without you being notified.

Congrats on your score improving!

[Anonymous]

Thank you. That is what I have. I get one quartely, so I am 2 months from the next one. I am on annual creditreport now trying to get a detailed look on what caused the change. By 12/2017 I will be 100% spotless again. 

[Anonymous]

AnnualCreditReport.com is great, but you can only get each bureau's report once a year that way.

Since you are wanting to watch your scores and reports closely, I suggest you sign up for some free tools to do that.  Credit Karma will allow you to pull your EQ and TU reports as often as once a week.  You can sign up with Experian to get a free monthly report from them as well.

Is there a particular reason you are paying $360 a year for the myFICO product?  There may be far cheaper approaches that will work for you.

[SouthJamaica]

---

@Anonymous wrote:

My Fico 8 Jumped 86 points today. Something I was waiting for falling off. I noticed on my panel the FICO's for auto lending did not move? Safe to assume they did and it is just not realtime like the fico 8 offered here?

---

The other scores only update when you buy or redeem a new MyFICO report.

[Anonymous]

---

@SouthJamaica wrote:

---

@Anonymous wrote:

My Fico 8 Jumped 86 points today. Something I was waiting for falling off. I noticed on my panel the FICO's for auto lending did not move? Safe to assume they did and it is just not realtime like the fico 8 offered here?

---

The other scores only update when you buy or redeem a new MyFICO report.

---

So we can all just assume or its safe to assume if your Fico 8 improves your other scores improves as well?

[Anonymous]

I think that is a fair assumption as long as we are talking about different flavors of FICO within the same basic family of scores and as long as you are sticking with the same credit bureau.

For example, if your FICO 8 (classic) TU goes up by 20 points, then your FICO 8 Auto Enhanced and FICO 8 Bankcard Enhanced at TU also probably went up -- though it was almost certainly not by exactly 20 points.  It might have been only 6 points or maybe it was 30.

That's because we are sticking with the same family of scores (FICO 8) and not trying to jump to a much earlier model (TU FICO Mortgage).  It's also because we are sticking with the same bureau.

The case of TU FICO 8 Classic vs. TU FICO 04 (mortgage score) is a good example of why you can't make these inferences from one model to an earlier model.  Suppose a person has a $500 personal loan (original amount) and no other loans.  His current balance on the loan is $480.  He then pays it down to $44.  That will likely get him a big bonus for FICO 8 classic, probably in the vicinity of 30 points.  But it will get him zero extra points on his TU FICO 04 score (mortgage).

There are many other examples.  Suppose a person has a $95 collection on his EQ report (no other derogs).  He then negotiates a pay for delete and gets the entire collection removed.  That will help his EQ mortgage score a lot but will not give him even one extra point on his EQ FICO 8.  And so on.