01-31-2012 02:22 PM - edited 01-31-2012 11:44 PM
I just dug up this range info:
Transunion Classic 04 FICO 309-839
Equifax BEACON 5 FICO 334-818
Experian Fair Isaac V2 FICO 320-844
This is stunning information that I have never seen before. Many of us have long thought that the real world maximum scores for the FICO 04 model was less than 850, but we did not know what those real world numbers were.
May I ask, To-Be-Continued, how you obtained this info? Is it normally only available to credit professionals, or is it publically available somewhere?
This info confirms something I suspected but did not have proof of. Shown below is a quote from a post I made recently on a different thread:
The highest FICO 04 score ever reported by a member of FICO Forums is Experian 844 by "bulbisaur." Below is a link to a message from him that includes an image of the three FICO scores (TransUnion, Equifax, and Experian) that he obtained in 2009 from MyFICO (this was shortly before Experian stopped making FICO scores available):
I have never heard of anyone having a score higher than 844 using the FICO 04 model. I strongly suspect this is the real-world maximum for the FICO 04 model.
So we now have proof that one of our own posters here reached the highest score possible for the 04 version of FICO.
GregB and others have previously noted that the newer FICO 8 model does allow scores to reach 850.
The link below is to a 2011 press release describing a study of FICO scores by the company SubscriberWise. Although the FICO model used is not mentioned, it apparently used the FICO 8 model.
From a sample of 250,000 credit reports, it found that 0.02% had a FICO score of 850. That would amount to about 50 people from the sample.
The company says:
"This is the first large scale and definitive snapshot of national credit bureau data involving what is an extremely rare minority of nationwide consumers that have reached the ultimate and most desired credit score. Our data included every individual who achieved a genuine FICO score of 850."
If you extrapolate the study's finding of a 0.02% rate of credit reports having an 850 score, this would mean that of the 177 million credit card holders in the U.S., over 35,000 would have scores of 850.
As FICO 8 scores becomes more common, there is a good chance we will see someone here on FICO FORUMS achieve that perfect 850.
01-31-2012 02:33 PM
I googled Equifax BEACON 5.0 It was like 25 or so pages in on a PDF from a mortgage corporation. I can't seem to find it now, I may have used up my google-fu for the day.
01-31-2012 02:43 PM
01-31-2012 03:07 PM - last edited on 01-31-2012 03:39 PM by LilMirth
Thanks for finding that document showing the actual real-world score ranges for FICO 04.
That document is something given to a credit applicant, so the information is obviously publically available and not secret or proprietary.
By googling those range numbers, I found numerous other sites that show those same ranges, such as these:
Some very knowledgeable posters on this board (like MarineVietVet) say these less-than-850 maximum ranges are incorrect. He says a source that works for FICO claims that all Classic FICO score models have real world scores up to 850. But I think the evidence is now convincing that MarineVietVet is wrong about this.
Given the public availability of these real-world score ranges, I am very surprised they are not more widely known, especially by the FICO junkies on this board.
If you see this post, is there any chance you could contact your source here at FICO to clear up this issue once and for all? Could you show your source the FICO 04 score ranges cited by To-Be-Continued and ask if these are the real world ranges?
Just an FYI-- one of your links were removed because the website (not the specific information that you were referencing) is prohibited under our Credit Repair Guidelines. ~LilMirth
01-31-2012 03:10 PM
TBC = new Fico Junkie and determined at that. I look forward to helping this community in the future.
02-05-2012 11:01 AM
I recently applied and received a Discover more card. I checked my Equifax score here on my fico before applying and it was 797. I applied for the Discover card on the same day, Well I got a letter with my new discover cards saying my Equifax score is 748 at the time of application. The day after the new inquiry I got a score watch alert saying my score dropped one point to 796.
My question is, why the 50 point difference between myfico and Discover? They both pulled Equifax.
It's hard to say why the difference. Discover very well may pull the newest version of Equifax (It's called Beacon 9.0 by the way).
The EQ version here is the older Beacon 5.0. Or it could be some kind of credit card enhanced version of EQ.
02-05-2012 11:05 AM
Interesting to see that Beacon 5.0 stops at 818. Thats the same version that myfico has. Im sure i have seen EQ scores above 818 on here with beacon 5.0
02-05-2012 11:24 AM
I have known that Beacon 5.0 had a max of 818 for a long time. I would have noticed any post that I read that showed a score above that.
I have seen a few, and I always paid attention. It always turned out to be something that looked like it was an Industry Option or a non-FICO.
02-05-2012 11:41 AM
Our credit information must be incredibly valuable. Otherwise, they wouldn't make getting and understanding it so difficult.
02-05-2012 11:55 AM - edited 02-05-2012 11:55 AM
It's mind boggling really, FICO doesn't even set their own standards (as far as established usage) - just 31 flavors of FICO scores. Yet we call other scoring models "FAKO"?