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

Frequent Contributor

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


guiness56 wrote:

I know my mom had a 829 about 5 years ago.


 

Was this EQ04?

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 11 of 141
Epic Contributor

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

Yes.

 

But now that I think about it, it could have been an auto enhanced score.

Message 12 of 141
Frequent Contributor

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


guiness56 wrote:

Yes.

 

But now that I think about it, it could have been an auto enhanced score.


 

Have you heard of anyone on this forum with a >818 EQ04?

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 13 of 141
Established Contributor

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


jello77 wrote:

 

 

Accounts that are open but inactive

FICO 8 is more aware of which accounts have been inactive with a 0 balance for a long time, and those accounts will factor less into your score.



How does FICO differeniate between accounts that are reporting a 0 balance due to inactivity over the accounts that are just 0 balance because of PIF every month?  Is it because of the date of last status reported??

Message 14 of 141
Moderator

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


JagerBombs89 wrote:

jello77 wrote:

 

 

Accounts that are open but inactive

FICO 8 is more aware of which accounts have been inactive with a 0 balance for a long time, and those accounts will factor less into your score.



How does FICO differeniate between accounts that are reporting a 0 balance due to inactivity over the accounts that are just 0 balance because of PIF every month?  Is it because of the date of last status reported??


Date of last status reported and there's a "Inactive' flag which can be associated with a tradeline and cause it to be discounted from scoring as I understand it.

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
Message 15 of 141
Frequent Contributor

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


Kratos-TM wrote:

I know this is an old thread, but I'm still wondering if the 818 max score for EQ Beacon 5 is still legit. Seems I've seen some members here lately with higher than that from EQ04.


I had a 807 from EQ Beacon 5 - Canadian version (300-900) and I only hit the 76 percentile meaning 24% of Canadians had a HIGHER score than that.

 

Hence the reason for the extended range since Canadians by and larger have much lower credit default rates than Americans.  Ex. 29% of Canucks have a 1% or less liklihood of defaulting vs. 13% and at the other end of the scale only 4% CDN have a >50% risk of defaulting vs. 15% US.


Starting Score: 732 October 2007; Current Score: EQ 836; TU 806, November 2017; Oldest Reporting EQ Account: 15.8 years; EQ AAoA: 8.0 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 16 of 141
Moderator

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

Thanks OP very informative.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 17 of 141
Super Contributor

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

When I started on this forum (2007) getting FICO scores from here was a great idea, and truly indicative of one's credit status.  Nowadays - not so much. There are so many "real" scores that lenders actually use, so many versions of FICO, that it is becoming a total crapshoot

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 18 of 141
Valued Member

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

Re: Fico 98, Equifax Beacon 96.

 

A few weeks ago I applied for a mortgage and received a response showing my credit scores and models used.  Lender had used Equifax Beacon 96.  This seems to conflict with your statement  that “Equifax stopped using this version in 2005”. The score matches closely with whatever Equifax  version is presented through MyFico.   We’ll see if it keeps tracking  as closely as of the most recent “upgrade”  of the model that happened on May 17.       

Message 19 of 141
Moderator

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


tketch wrote:

Re: Fico 98, Equifax Beacon 96.

 

A few weeks ago I applied for a mortgage and received a response showing my credit scores and models used.  Lender had used Equifax Beacon 96.  This seems to conflict with your statement  that “Equifax stopped using this version in 2005”. The score matches closely with whatever Equifax  version is presented through MyFico.   We’ll see if it keeps tracking  as closely as of the most recent “upgrade”  of the model that happened on May 17.       


What type of mortgage was this in particular and from what lender?  That individual score wouldn't be for a conventional guarunteed unless the bank in question was portfolioing their conventional mortgages... which is pretty much unheard of for nearly the last decade or longer.

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
Message 20 of 141