Next gen 2 vs fico 8

[Anonymous]

Anyone know which scoring system is usually higher? Next Gen 2 or Fico Score 8. I checked both my credit scores in November, one with PenFed that uses Next Gen 2 and one with myFICO using Fico Score 8. PenFed Next Gen 2 at the time was showing my score is 577. Fico Score 8 was showing 627 at the time. Do keep in mind I checked both of these with Equifax. My question is I just paid off about 12k in balances and my Fico Score 8 credit went from 627 to 710, and Next Gen 2 with PenFed hasn't updated and I'm guessing since Next Gen 2 was showing 577 it won't go past 700, is that about right? I'm surprised the 50 point gap between the two scoring systems.

[Anonymous]

Some have reporting their 8 is higher than NG and others such as yourself have reported lower than 8.

[Thomas_Thumb]

---

@Anonymous wrote:
Anyone know which scoring system is usually higher? Next Gen 2 or Fico Score 8. I checked both my credit scores in November, one with PenFed that uses Next Gen 2 and one with myFICO using Fico Score 8. PenFed Next Gen 2 at the time was showing my score is 577. Fico Score 8 was showing 627 at the time. Do keep in mind I checked both of these with Equifax. My question is I just paid off about 12k in balances and my Fico Score 8 credit went from 627 to 710, and Next Gen 2 with PenFed hasn't updated and I'm guessing since Next Gen 2 was showing 577 it won't go past 700, is that about right? I'm surprised the 50 point gap between the two scoring systems.

---

It depends on where your profile falls on the curve. Next Gen 2 has a lower low end (150) and higher upper end (950) than does Fico 8 [300 to 850]. If your Fico 8 is below 675, Fico NextGen 2 will likely be lower [than your Fico 8], If Fico 8 is above 725, Fico NextGen 2 will likely be higher [than your Fico 8].

Here is a link to score ranges for the various credit scoring models.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/m-p/4222362#M98991

See graph below for model score by percentile (based on Experian published data).

[Anonymous]

My fico credit score went just above 700, so does that mean most likely be over 700

[Thomas_Thumb]

Quite likely - But I have read PenFed only updates Fico NextGen 2 score quarterly. Therefore, you may not see the change for a long time.

[SouthJamaica]

---

@Thomas_Thumb wrote:

Quite likely - But I have read PenFed only updates Fico NextGen 2 score quarterly. Therefore, you may not see the change for a long time.

---

Correct. In early April they will post the February 28th score.

[Anonymous]

My own FICO NG2 score (EQ) on Penfed is 690 as of 2/28, and was what they used in approving my used-car loan. Interestingly, though, my most current FICO 8 EQ from creditchecktotal as of yesterday is 659, a 31-point differential in favor of NG2 which seems to run counter to what should be the more usual result (that is, NG2 lower than 8). I think the lower and more recent FICO 8 score is the result of both the auto loan approval and the HP/approval on my new Discover It. So the next NG2 check should be around the end of May, meaning that my score won't update on Penfed until probably early July.

[Anonymous]

PenFed did an AR on 5/30/17. While my FICO scores are all near 700 my Equifax Next Gen score w Pen Fed is 596. Ouch. My utilization is a bit high right now so I'm guessing that's what's keeping me in the basement. 

[Anonymous]

What are Next Gen 2 scores and what is their relevance?  When and where are they used?  I know nothing about them, so if someone could school me that would be welcomed.

[Revelate]

---

@Anonymous wrote:

What are Next Gen 2 scores and what is their relevance?  When and where are they used?  I know nothing about them, so if someone could school me that would be welcomed.

---

Semi-experiment from 2001 (Gen 1) and 2003 (Gen 2).  Penfed is the only lender known to use it currently.

They have a tremendous number of more reason codes than in any other FICO algorithm released; differentiate store / bank card, differiate various installment loans which none of the classic scores do (couple industry options do), and a slew of other random crap which doesn't appear to be anywhere in the classic algorithms we all know and love.

Generally speaking: ignore it... I put it on par with Vantage frankly.