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New Equifax Scoring Model at MyFICO?

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Revelate
Moderator Emeritus

Re: New Equifax Scoring Model at MyFICO?


@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


HP's aren't precious frankly; they fade so quickly anyway it's not worth worrying about when we're talking about credit building and maintenance.  The forum does a disservice to it's members I think in that regard, but when the majority of people who find this forum are trying to eek out the last few points to get over some underwriting hurdle (mortgage underwriting tends to be a clue-by-four for a lot of people) I can see how it came about.  Other than in a run-up to a mortgage, I don't even worry about them... but I also don't have a habit of picking up frivolous tradelines either so I don't spend many inquiries regardless as my credit portfolio is pretty solid for what I need anyway.

 

That just doesn't apply at 800ish credit scores; saving ~100/year by getting a DCU account for the Beacon 5.0 score if all you really need is monthly updates seems like a good financial reason personally, and they're a useful CU to have a relationship with and I do recommend everyone collect a handful of CU's anyway.  In your case, when you do go apply for your Fidelity and Sallie Mae cards, go open up the account in my estimation.




        
Message 41 of 61
mongstradamus
Super Contributor

Re: New Equifax Scoring Model at MyFICO?


@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


HP's aren't precious frankly; they fade so quickly anyway it's not worth worrying about when we're talking about credit building and maintenance.  The forum does a disservice to it's members I think in that regard, but when the majority of people who find this forum are trying to eek out the last few points to get over some underwriting hurdle (mortgage underwriting tends to be a clue-by-four for a lot of people) I can see how it came about.  Other than in a run-up to a mortgage, I don't even worry about them.

 

That just doesn't apply at 800ish credit scores; saving ~100/year by getting a DCU account for the Beacon 5.0 score if all you really need is monthly updates seems like a good financial reason personally, and they're a useful CU to have a relationship with and I do recommend everyone collect a handful of CU's anyway.  In your case, when you do go apply for your Fidelity and Sallie Mae cards, go open up the account in my estimation.


I will keep that in mind , I will think about it after my applications for sallie mae and amex fidelity are all done. I was just worried about the hps because that is always the negative thing showing up on my fico score :-( I don't want to see any negatives lol



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 42 of 61
Revelate
Moderator Emeritus

Re: New Equifax Scoring Model at MyFICO?


@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


HP's aren't precious frankly; they fade so quickly anyway it's not worth worrying about when we're talking about credit building and maintenance.  The forum does a disservice to it's members I think in that regard, but when the majority of people who find this forum are trying to eek out the last few points to get over some underwriting hurdle (mortgage underwriting tends to be a clue-by-four for a lot of people) I can see how it came about.  Other than in a run-up to a mortgage, I don't even worry about them.

 

That just doesn't apply at 800ish credit scores; saving ~100/year by getting a DCU account for the Beacon 5.0 score if all you really need is monthly updates seems like a good financial reason personally, and they're a useful CU to have a relationship with and I do recommend everyone collect a handful of CU's anyway.  In your case, when you do go apply for your Fidelity and Sallie Mae cards, go open up the account in my estimation.


I will keep that in mind , I will think about it after my applications for sallie mae and amex fidelity are all done. I was just worried about the hps because that is always the negative thing showing up on my fico score :-( I don't want to see any negatives lol


Remember that nobody in the industry underwrites at a higher FICO criteria than a 760.  

 

Once you get to the 740+ range honestly it's more about everything else in your financial life rather than FICO.  Actually that may be true north of 670ish come to think about it in credit card land, but there's a hard tier at 700 on some mortgage lenders I've found and likely one above that too, but 760 is gold-plated land.




        
Message 43 of 61
mongstradamus
Super Contributor

Re: New Equifax Scoring Model at MyFICO?


@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


HP's aren't precious frankly; they fade so quickly anyway it's not worth worrying about when we're talking about credit building and maintenance.  The forum does a disservice to it's members I think in that regard, but when the majority of people who find this forum are trying to eek out the last few points to get over some underwriting hurdle (mortgage underwriting tends to be a clue-by-four for a lot of people) I can see how it came about.  Other than in a run-up to a mortgage, I don't even worry about them.

 

That just doesn't apply at 800ish credit scores; saving ~100/year by getting a DCU account for the Beacon 5.0 score if all you really need is monthly updates seems like a good financial reason personally, and they're a useful CU to have a relationship with and I do recommend everyone collect a handful of CU's anyway.  In your case, when you do go apply for your Fidelity and Sallie Mae cards, go open up the account in my estimation.


I will keep that in mind , I will think about it after my applications for sallie mae and amex fidelity are all done. I was just worried about the hps because that is always the negative thing showing up on my fico score :-( I don't want to see any negatives lol


Remember that nobody in the industry underwrites at a higher FICO criteria than a 760.  

 

Once you get to the 740+ range honestly it's more about everything else in your financial life rather than FICO.  Actually that may be true north of 670ish come to think about it in credit card land, but there's a hard tier at 700 on some mortgage lenders I've found and likely one above that too, but 760 is gold-plated land.


Well thats good to know , i am going to wait for walmart to give me fico score in early may, and make my final decision then. I dropped my utilization to under 1% i hope they round up. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 44 of 61
Involver
Valued Contributor

Re: New Equifax Scoring Model at MyFICO?


@Revelate wrote:

@Involver wrote:

For the extra neurotic credit monitors (like me) you can keep a subscription to MyFico SW and Equifax SW to get different versions of the EQ Beacon model lol


Thanks Involver, if the EQ one changes would you mind letting us know in the future if it's suddenly matching the myFICO one at some point?


 

If there is a change to the Equifax product I will be sure to update here. Smiley Happy

Message 45 of 61
masscredit
Valued Contributor

Re: New Equifax Scoring Model at MyFICO?


@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


The EQ score that I receive from DCU always mirrors the score that I see here. I thought about canceling the service here but I like getting updates when my score changes instead of only once per month.

 

Revelate: I'm pretty much in the same boat as you. My scores don't move much. I lost 14 points by letting a high balance show on my one card that reports. That's been paid down so my utilization is down to 7%.  I changed the billing date on my Walmart card and it closed sooner than I planned so that had a small balance post. Don't know if that cost me a couple of points. Other than that, it doesn't seem like I can do anything else to get my scores to increase. I think it's just time now.

 

If my EQ score here changes by more than a few points I'll know that they are using the new scoring model. That won't do much for me if I'm seeing 720 here but lenders are pulling scores from the model that's showing 690s.  They all need to adopt a standard scoring system, one from each CB and stick with those. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 46 of 61
Revelate
Moderator Emeritus

Re: New Equifax Scoring Model at MyFICO?


@masscredit wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

@Revelate wrote:

@mongstradamus wrote:

I have an silly question , i was looking at my myfico score watch this morning. Is there any way i can figure out if its using the newer or older model. I am just curious.


Not to my knowledge; that said, most people on this forum (statistically) will see a sudden change when the model switches.  In my case I've been flatlined for a while, and my '08 scores even now have trended higher after my silly tax lien whereas my Beacon 5 hasn't shifted... but short of doing comparisons with Equifax-provided FICO's, or DCU's monthly, I don't know of any other way to really tell.  It's not posted in the account data unfortunately.


thats an bummer, because i don't know if my scores skyrocketed due to an c/o falling off or they switched models lol. It went from 725 to 802 in one month , i dont really know what the cause of the jump :-(


Laugh, I wouldn't even worry about it: if I got that sort of a jump ever I'm going to open up one of my expensive bottles of scotch that I've kept around for a while.

 

If you're really curious about it, I'd go pickup the Equifax FICO from them directly, but unless you are looking mortgage wise it probably doesn't matter that much.  A win is a win, and a win of that magnitude is awesome and I don't care what the algorithm used was. 

 

Most likely it was the CO falling off, I don't think an 800 is likely obtainable even under FICO 8 with a major derog anywhere on the report.  Congrats regardless!


Is the Score provided by DCU the same one equifax provides. I am pretty tempted to open up savings account with DCU for the free scores. The HP i would have to use is whats holding me back. I am trying to spend my hps wisely they are precious lol


The EQ score that I receive from DCU always mirrors the score that I see here. I thought about canceling the service here but I like getting updates when my score changes instead of only once per month.

 

Revelate: I'm pretty much in the same boat as you. My scores don't move much. I lost 14 points by letting a high balance show on my one card that reports. That's been paid down so my utilization is down to 7%.  I changed the billing date on my Walmart card and it closed sooner than I planned so that had a small balance post. Don't know if that cost me a couple of points. Other than that, it doesn't seem like I can do anything else to get my scores to increase. I think it's just time now.

 

If my EQ score here changes by more than a few points I'll know that they are using the new scoring model. That won't do much for me if I'm seeing 720 here but lenders are pulling scores from the model that's showing 690s.  They all need to adopt a standard scoring system, one from each CB and stick with those. 


Won't ever happen: if any lender finds a better algorithm which leads to a decreased default rate, that's a competitive advantage, and directly translates to their profitability.

 

Given the degrees of freedom in any underwriting decision, there's never going to be one algorithm to rule them all.  I think the best we can hope for is that if there's a standard set of scores used for something like the majority of mortgages which there is today and potentially that'll continue in the future (all the plans I've seen on reform suggest some sort of government-backed mortgage insurance program... and it's a foregone conclusion they're going to mandate a particular set of scores to be used much like the GSE's do today), that those be provided.  




        
Message 47 of 61
Scuba
Frequent Contributor

Re: New Equifax Scoring Model at MyFICO?

I have ScoreWatch, received a notice of a score change (+1 point) and my score has been steady for months and months no movement at all.

 

I pulled a FICO EQ score on the Equifax site to see if it was different than what I get on the MyFico Site and it is exactly the same score on the same day.

 

I thought SW users were migrated to the new scoring model (around the end of March) and EQ was using the "original" scoring model we used to get here.

 

What gives?

Message 48 of 61
Revelate
Moderator Emeritus

Re: New Equifax Scoring Model at MyFICO?


@Scuba wrote:

I have ScoreWatch, received a notice of a score change (+1 point) and my score has been steady for months and months no movement at all.

 

I pulled a FICO EQ score on the Equifax site to see if it was different than what I get on the MyFico Site and it is exactly the same score on the same day.

 

I thought SW users were migrated to the new scoring model (around the end of March) and EQ was using the "original" scoring model we used to get here.

 

What gives?


Any new subscriber / product purchase = FICO '08

 

Any existing: it's being migrated in some phased transition plan and I haven't heard / seen the project plan personally.  That process started March 16th and is supposedly running over several months from the announcement Kelsey made.

 

Mine doesn't seem to have changed at least, pretty certain I'm going to have a bump when it does as the FICO '08 algorithm likes my report a lot better than '04 does.




        
Message 49 of 61
masscredit
Valued Contributor

Re: New Equifax Scoring Model at MyFICO?

The score that I received from DCU is the same as the one that I see here so I haven't been changed over yet.

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

Andrews FCU SSL $1500
Message 50 of 61
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