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Frequent Contributor
suebee123
Posts: 252
Registered: ‎11-13-2011
0

New EQ MyFico scoring model drops my fico 30 pts!

Just received my complimentary EQ Fico score based on their new scoring model....

 

mine dropped 30 points!  This really sucks!

 

There were no other changes on my credit report...just the change in fico model.

Current: EQ Fico (700), EX Fico AMX (681) TU Fico Walmart (711) MyFico TU (708) Vantage: TU 803, EX 777, EQ 789
Goal: 700+ across the board.
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Valued Contributor
azguy13
Posts: 5,381
Registered: ‎04-30-2013
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Re: New EQ MyFico scoring model drops my fico 30 pts!

FICO 08 weighs derogs differently than v04 does. A lot of people have reported major changes in score while being transitioned. If you havent seen it already, here is a small guide to the changes. 

 

http://www.myfico.com/crediteducation/questions/fico8.aspx




NFCU Flagship $25,000 I AMEX SPG $23,000 I Chase Sapphire Preferred $17,500 I Discover IT $12,000 I
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Valued Contributor
-NewGuy-
Posts: 3,499
Registered: ‎12-18-2013
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Re: New EQ MyFico scoring model drops my fico 30 pts!

There are many reasons it could change, as outlined in the link the AZ posted below. Your UTIL is graded more, changes in AU grading, isolated lates grades less with multiple non-isolated lates graded more... All these things changed. The important thing to remember is that your score didn't change at all. It's just a new model, which many lenders may not be using. So, just take that part into consideration, your 'score' didn't get worse overnight :smileyhappy:

Super Contributor
longtimelurker
Posts: 7,694
Registered: ‎04-22-2013
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Re: New EQ MyFico scoring model drops my fico 30 pts!


-NewGuy- wrote:

There are many reasons it could change, as outlined in the link the AZ posted below. Your UTIL is graded more, changes in AU grading, isolated lates grades less with multiple non-isolated lates graded more... All these things changed. The important thing to remember is that your score didn't change at all. It's just a new model, which many lenders may not be using. So, just take that part into consideration, your 'score' didn't get worse overnight :smileyhappy:


And as noted in the other threads: all that has changed is that now YOU see the score.  FICO 08 has been around for several years, and some issuers have been using it, and they would have seen the score that you can finally see.   The downside of course is that you can't see the 04 version, which is used more for mortgages.


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