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The many flavors of FICO:__Editions, versions, and variations

Established Contributor

Re: The many flavors of FICO:__Editions, versions, and variations


mnl wrote:

Okay just to double check, the scores labeled "Commonly Used In Mortgage Lending"  are still actually used now a days?   


Yes.

 

While the MyFICO screen says "Previous version, most widely used for mortgage lending"...  these may be "previous versions" from FICO's point of view (as there are newer models available), but these three are currently the standard for mortgage lending.

 

Any loan that will be resold to Fannie Mae or Freddie Mac (or, for that matter Ginnie Mae/Farmer Mac/VA/USDA) is required by GSE rules to use those three scores - that covers FHA, VA, USDA, and (almost?) every conventional/conforming loan.

 

In practice, even for those loans that the lender will hold directly or package for private sale (jumbos, some HELOCs, etc), the lender will almost always still require the same set of scores.

EQ8:844 TU8:845 EX8:850 (MyFico) - 2017-10-16
Regular Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

Thank you for the info. I was so confused before, now I'm not! Thank you!

Member

Re: The many flavors of FICO:__Editions, versions, and variations

I don't want to sound like a idiot... I have a few collections on my credit report, 2 medical bills and I think 2 utilitity bills.  If I pay them and they do not drop from my credit, it still will not have a negative impact if I cannot get them to pay for delete?

Current FICO scores EQ-601, TU-618, EX-632
Goal- 700+
Moderator Emeritus

Re: The many flavors of FICO:__Editions, versions, and variations


shida206 wrote:

I don't want to sound like a idiot... I have a few collections on my credit report, 2 medical bills and I think 2 utilitity bills.  If I pay them and they do not drop from my credit, it still will not have a negative impact if I cannot get them to pay for delete?


Hi there.

 

Collections are scored the same whether paid or not and they will impact your scores for a very long time although any negative will cause less and less damage as time goes by. Collections can report for up to 7.5 years from the DoFD (Date of First Delinquency) on the OC (Original Creditor) account that led to the collection.

 

Questions like these are best asked in the Rebuilding section of the forums.

Member

Re: The many flavors of FICO:__Editions, versions, and variations

Ok TY

Current FICO scores EQ-601, TU-618, EX-632
Goal- 700+
Moderator

Re: The many flavors of FICO:__Editions, versions, and variations

Stumbled across this reference document from EQ when I was looking something up:

 

http://www.equifax.com/technical_client_services/documents/Equifax_Fall_2014_Release_Guide.pdf

 

Appears to include every Equifax FICO product available for sale, which includes the new FICO 9 release labelled vX in Equifax's product schema apparently.

 

Also saw that in the most recent Transunion file too but apparently EQ may have industry options now for FICO 9 for purchase too.  Interesting taking a closer look they may have gotten a new NextGen score now too?  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Valued Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

Since late March 2015 MyFico provides scores based on reports from all three agencies (TU, EQ and EX). Their report includes classic scores and industry specific scores. Here is what I got on my March 28, 2015 report:

 

1) Fico 8 - EQ 850, TU 850, EX 850

2) Fico all industry - EQ Fico score 5 796, TU Fico score 4 823, EX Fico score 2 839 (I believe 1st two are Fico 04 and the EX is Fico 98)

3) Fico 8 Auto - EX 877, TU 891, EX 889 (range 250 to 900)

4) Fico Auto industry - EQ Fico score 5 816, TU Fico score 4 872, EX Fico score 2 858

5) Fico 8 Bankcard - EQ 877, TU 899, EX 898 (range 250 to 900)

6) Fico Bankcard industry - EQ Fico score 5 816, TU Fico score 4 858, EX Fico score 2 870

7) Other Fico score - EX Fico score 3 830 (I believe this is the Fico 04 model)

 

Here are some other model scores for comparison to the Fico scores

1) VantageScore 3.0 - EQ 830, TU 831, EX 833 (Range 300 to 850) - 4/5/2015

2) VantageScore 2.0 - 990 (range 501 to 990) - 6/8/2015

3) EQ credit score - 826 (range 280 to 850) - 4/1/2015

4) EQ Score Power - 796 (range 300 to 850) - this is the same as the EQ Fico 5 score (Beacon 5) - 4/1/2015

5) Experian Plus score - 821 (range 330 to 830) - 11/21/2014

 

Fico 8 score has held steady at 850 every month since 1st reported on Discover Card in 2/2014. VantageScore 2.0 has stayed at 990 since initial TU check 6/13/2014. Top range scores appear to be more elusive with the Fico 4 and VantageScore 3.0 models.

 

Not sure why my EQ 04 scores are so much lower than the TU and EX scores. I suspect it might relate to a hard inquiry from Best Buy when I had them raise my credit line on my BB card. The other agencies don't show the inquiry. The EQ Fico 4 summary states as negative score factors: "You've recently been looking for credit" and " you have too many credit cards carrying balances". There are no negative factors listed under the TU and EX scores.

 

 

 

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Valued Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

Welcome and congratulations! There is probably more to your EQ 04 than the one inquiry. Also, EX is 98 rather than 04.

 

Valued Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

Monthly debt payment obligations to income ratio maintained under 20%. Total credit utilization when scores pulled was 1%.- always stay under 10% and average 3%

 

Pay every credit card in full every month.

 

I did purchase a nice high def TV on my BB credit card along with a surround sound system - which was paid in full when the statement came. I wanted to get the BB points associated with using their credit card. Unfortumately with the $4000 line of credit, my $3202 purchase caused the utilization ratio to exceed the magic 75% to 80% for "maxed out" designation.

 

I had the limit raised to $7500 so I don't have too worry about utilization ratio with future purchases. Perhaps I should have used one of my bank cards which have limits ranging from $13,000 to $34,000 - but at the time I did not realize the potential impact of high utilization on the BB card. My overall utilization all cards combined stayed under 4% for the month in question. Prior to the purchase (now 1.5 years ago) my EQ Fico 4 score was above 800. It dropped to 765 and I have now got it back to 796.

 

Hope to be back over 800 when the hard inquiry from last June drops off the EQ calculation model (I understand they only look at 1 year for hard inquiries even though they might show for two years).

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Regular Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

I noticed it was mentioned that some credit unions provide scores free each month to members. 

I know that AAA offers ProtectMyID Essential with my membership and Navy Federal Credit Union offers Equifax Bronze Shield for $2 month, Gold Shield $6 month, and Platinum Shield $9 month discounts for members. I also have the Capital One credit tracker.

Are there any other memberships, cards, banks, credit unions that offer free or discounts reports, scores, or monitoring?