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Established Member
Posts: 30
Registered: ‎02-03-2008
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Re: Questions about FICO 08



marty56 wrote:
I suspect most people here are happy that there is more then one CRA.  Many people have posted here and asked which CRA a particular CC uses.  While the reasons may vary, it comes down to the fact that one CRA might show a persons score or history being better and thus they are able to get what they want.
 
Whether it is missing data or a formula difference, many people here lare helped by this.  Myself included.
 
Yes it costs more for us to get all our info but the difference between a FICO score of say 722 and 756 when say 4 points are added to it could make a world of diffrence in a car loan or a CC or mortgage.
 
I never liked single point of failures. 
 
 


That is the consumer part of the blame.  
 
Let me pick a bank who uses the CRA that has the most good/least bad info on me.  And of course that bank then gives me a loan thinking that I have a 756 when in all honesty, I'm a 722 or even lower.  Don't get me wrong, the system is the system, and if the lenders are using it to thier advantage, then consumers should use it to thiers as well.
 
A consumer may not want an honest credit score cause they did thier part in lowering thier scores.  Me?  I want to hold everyone more accountable for their actions,  Consumers, Lenders, Congress, you name it. 
2/03/08 - EQ: 781
3/0108 - EQ: 813
6/07/08 - EQ:810
Regular Contributor
Posts: 109
Registered: ‎02-12-2008
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Re: Questions about FICO 08

Just a 'bump' for a good thread.

Currently under massive repair...
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: Questions about FICO 08



Mn_Vikes wrote:


Let me pick a bank who uses the CRA that has the most good/least bad info on me.  And of course that bank then gives me a loan thinking that I have a 756 when in all honesty, I'm a 722 or even lower. 

We  have no control over what our FICO score is other then how we use our credit.  The fact is that there are 3 CRAs and which one a creditor uses is up to them.  Obviously I would prefer the TU version of the FICO score.
 
As far is which score is our real one, all three are valid scores.  I am not really a 722 or a 756.  I am really a 756, 722 and 745.  Some lenders look at all 3, some take the one they like and others look at the middle score or lowest one.
 
We have 3 FICO scores like it our not.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Established Member
Posts: 30
Registered: ‎02-03-2008
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Re: Questions about FICO 08

Good thing we don't use FICO scores to go into Space cause:
 
Garbage IN = Garbage OUT   :-)
 
2/03/08 - EQ: 781
3/0108 - EQ: 813
6/07/08 - EQ:810
Established Contributor
Posts: 660
Registered: ‎09-11-2007
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Re: Questions about FICO 08

Unfortunately, this thread has morphed from a question about when FICO 08 is being rolled out to each of the Big 3 into a long and sometimes rambling thread about FICO vs. FAKO.
 
Can we answer the original question please, of what is the latest projected dates for the CRA's using FICO 08?
 
Is it still:
 
-EX 5/08
-TU later in 2008, around Sept or so
-EQ - no plants to adopt until lawsuit with myFICO is settled, so plan on 09 or probably 2010...
 
Can someone please answer?
 
Thanks.
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: Questions about FICO 08

If all three dont adopt the new scoring model around they same time, how will that impact lenders in deciding about extending you credit?
 
Would say American Express change what they did to you if your score droped for no others reason then say the AU benefit being droped?
 
Thnigs that seem a good idea to do as a pre FICO 08 tuneup.
 
1.  reduce util (A TU rep told me it will impact more)
2.  remove AU (I know many here use it but better to take the hit now)
3.  Identify short term (less then 1 year) credit requirement goals and track what the companies you are interested in getting credit from are doing about FICO08.  Call them or email or whatever.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: Questions about FICO 08



Boscoe wrote:
Unfortunately, this thread has morphed from a question about when FICO 08 is being rolled out to each of the Big 3 into a long and sometimes rambling thread about FICO vs. FAKO.
 
Can we answer the original question please, of what is the latest projected dates for the CRA's using FICO 08?
 
Is it still:
 
-EX 5/08
-TU later in 2008, around Sept or so
-EQ - no plants to adopt until lawsuit with myFICO is settled, so plan on 09 or probably 2010...
 
Can someone please answer?
 
Thanks.


FI has said implementation will begin in May.  That's the best info we have.

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
Posts: 660
Registered: ‎09-11-2007
0

Re: Questions about FICO 08

Marty makes an excellent point.   As soon as EX starts using FICO 08 in May or whenever, they will be the only one using it.   Maybe TU does before 08 is over, but even if both do, EQ will definitely not for at least a year.   
 
How will lenders react, since 2 of the 3 will be using one formula and EQ will be using another, how will they be able to know what is a "good" score is?  If 720 is good before but now 750 is good, won't this cause some confusion?
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