@Anonymous wrote:
@Revelate wrote:
@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.
Unless, that is, you're a Penfed member, then you should pay attention to it, because Penfed doesn't use FICO 8 scores. I have to because I'm planning to apply for a Penfed visa in the fall.
Well, except modern Penfed UW isn't that hardcore: I got a 20K PLOC at somewhere around a 700 NG2 score which from anecdotal reports here isn't that hard to come up with potentially.
End of the day, if you build a pretty file you'll have a pretty score regardless of algorithm; NextGen still falls under that in broad strokes, but optimizing for NG isn't smart compared when other scores are far more important (Penfed isn't UW their mortgages on NG2 for example) and if you look at the reason codes which sadly are published for NG it may lead to some squirrley optimization scenarios every bit as much as we talk about insurance scores here. They're just different.
Also, to drive the point home: you're making one app with Penfed, how many others have you made or will you make with lenders not named Penfed? I've had as many things UW on NG2 as I have on VS, which is to say 1 out of a whole bunch 
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I'm curious to know if there is any "currently available" score that would be akin to the NextGen. I'm also looking at joining PenFed next month and applying for some products.. and will pull my available 3B report on here at that time. Would the Fico 04 be comparable?
From the limited info I've been able to find about NexGen, I'm thinking not. I looked over that line graph (posted previously in this thread) a couple of weeks ago, and it appears that I would be one of the ones with an inflated score on the NexGen system - placing me in the upper 700's lower 800's - but I also know that the older scoring models, like 04, have traditionally run lower for me in the past - granted, that was based on the last couple of times I pulled a fresh 3B (Feb '16, June '15).
@rebound2014 wrote:I'm curious to know if there is any "currently available" score that would be akin to the NextGen. I'm also looking at joining PenFed next month and applying for some products.. and will pull my available 3B report on here at that time. Would the Fico 04 be comparable?
From the limited info I've been able to find about NexGen, I'm thinking not. I looked over that line graph (posted previously in this thread) a couple of weeks ago, and it appears that I would be one of the ones with an inflated score on the NexGen system - placing me in the upper 700's lower 800's - but I also know that the older scoring models, like 04, have traditionally run lower for me in the past - granted, that was based on the last couple of times I pulled a fresh 3B (Feb '16, June '15).
I think the best advice I can give is if your file is solid just take the swing. NextGen is a different score, and Penfed over the last 2 years has dropped their UW to rational levels unlike some of the stories you can find here if you go back circa March 2015 or before at their hardcore underwriting. They were seriously the last lender that I'm aware of out of everyone to adjust their underwriting on credit cards post mortgage crisis, actually I don't know if I've read of a scenario of "pyramiding debt" recently on a Penfed denial, and actually sloppy quick Google searche suggest 2014 may have been the last. Huh.
CU's can be odd ducks, Penfed was sort of unique in their being so large but so strange in comparison to many. Good CU though historically, just used to be much tougher to get products with them.
Right on... Yeah, as to be expected, I'm going to have my current stats in as good of a condition as I can before pulling the trigger on anything in July. That being said, it won't be nearly as good as I have presented myself in the past for apps w/optimal util and scoring. Aside from the stellar reputation they have for being a truly customer first CU you can grow [generously] with, right now I am mainly driven by a need to BT some balances that are nearing the end of their promo periods. So, I need a generous SL to accomodate said balances -- while still having them reflected in my current reports at time of app.
I'll still have 50% cards reporting balances (3/6 Bank, 1/2 Retail, 4/8 Total), individual util < 25%, aggregate < 19%... but that's about the best I can manage at this time. 3 installment loans. Zero Baddies. 1 EQ inquiry in the last 12 months (tried to get some luv on CSP to no avail -- Nov 2016). Most recent account will be 14 mos old by time of app. So... just trying to be as calculated as possible. Of course, aren't we all? Haha.