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Moderator
Posts: 12,965
Registered: ‎10-07-2014
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Re: The many flavors of FICO:__Editions, versions, and variations

Looks MUCH better now.

Valued Contributor
Posts: 2,010
Registered: ‎06-01-2008
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Re: The many flavors of FICO:__Editions, versions, and variations

Greaat job to all who worked on this.  Thank you!!  Smiley Happy

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2017: EX8: 730; EQ8: 735; TU8: 740; EQ04: 729 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $185.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
New Member
Posts: 5
Registered: ‎02-18-2015
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Re: The many flavors of FICO:__Editions, versions, and variations

[ Edited ]

Honest question:

 

Why do some people plaster all of their posts with 10-20 images of their credit cards?

 

I really do not understand what useful purpose it serves.

 

thanks for any insight.

 

 

Valued Contributor
Posts: 1,098
Registered: ‎04-24-2014
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Re: The many flavors of FICO:__Editions, versions, and variations


creditgames wrote:

Honest question:

 

Why do some people plaster all of their posts with 10-20 images of their credit cards?

 

I really do not understand what useful purpose it serves.

 

thanks for any insight.

 

 


They've worked hard to get their scores up and they're proud of the cards they have reaped. Pretty much like my screen saver(wall paper) being a picture of my kids.  It doesn't have to serve a purpose for anyone else.  It makes me feel good everytime I use my phone.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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New Member
Posts: 5
Registered: ‎02-18-2015
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Re: The many flavors of FICO:__Editions, versions, and variations

wow.

Contributor
Posts: 137
Registered: ‎06-10-2011
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Re: The many flavors of FICO:__Editions, versions, and variations

To inspire hope in others Smiley Very Happy  or envy either way it works

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Valued Member
Posts: 55
Registered: ‎04-28-2014
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Re: The many flavors of FICO:__Editions, versions, and variations

Thanks for putting this together!! We need to send this page to lawmakers to show how incredibly confusing and ridiculous FICO is right now.

 

Not only are there 3 different bureau scores, each score has it's own algorithm. And not only is there a different algorithm from each bureau, there are different versions of these different algorithms. And not only are there different versions, but there are different consumer versions of our fico scores as well, and each one of those has it's own unique algorithm with nested variations of versions. To make matters worse, each bureau score can not only have large differences, but each version of each score can have large variations and differences (one Transunion score can be a 750, while another version of Transunion can show a 670).

 

And the best part? Consumers don't get access to what lenders see (the score that actually matters), without receiving a hard inquiry which can lower your score as an added bonus. So we're being penalized just for wanting to know our actual score. We do, however, get access to consumer scores, but those aren't really helpful at all since the people actually lending you money don't look at those scores. They're free to use whatever score they want - which in most cases is the score that we do not have access to.

 

It's crazy to think how big of an impact such a confusing and unregulated mess of scores can have on individual's financial lives.

Member
Posts: 51
Registered: ‎11-10-2013
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Re: The many flavors of FICO:__Editions, versions, and variations

It looks like it's getting better for consumers this year in that we can buy the actual scores lenders use. Now honestly what does this make the regular Fico that we all love and adore? It's just a FAKO. Seriously that score is useless. I might have 800 on that and my bankcard is much lower or my mortgage Fico is different enough that it makes a difference in rate. There's a whole class of insurance Ficos that still have not been available to consumers. The bankcard and auto scores have a whole other range. So what the dealer pulls is totally diferent than what we've been buying from myfico until now.

Contributor
Posts: 94
Registered: ‎08-02-2010

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

 

daudi81,

 

You correctly described FICO scores as "incredibly confusing."

 

The confusion is due largely to the many different score editions, versions, and subversions released over the years.

 

This is similar to the problem Microsoft faces with the many different Windows versions that have been released.  Because people continue using old Windows versions for a long time, it creates a big headache for Microsoft and software vendors trying to provide customer support.  If all lenders would upgrade quickly to the most recent FICO version, there would less confusion.

 

The confusion about FICO scores is also partly due to the various and inconsistent names that FICO and the credit bureaus have used for their score versions.

 

Fortunately, the new naming scheme FICO has introduced promises to reduce the confusion somewhat.

 

Starting with the 2008 edition, FICO has begun naming its editions with simple, consecutive numbers. The 2008 edition is named FICO Score 8, the 2014 edition is named FICO Score 9, and the next edition will be FICO Score 10.

 

In addtion, instead of allowing each credit bureau to use a customized name that only serves to confuse users, credit bureaus will now use a simple name that clearly indicates the edition.

 

Here are the old and new names for the FICO 8 edition:

 

old name                                                           new name

Transunion FICO 8 Risk Score                    Transunion FICO Score 8

Equifax Beacon 09                                         Equifax FICO Score 8

Experian FICO Risk Model v8                      Experian FICO Score 8

 

 

This improved naming scheme does not fully apply to the older FICO editions (1998 and 2004).  But eventually those older editions will stop being used, and the new naming scheme will make it easier for people to identify and understand the different score versions.

 

 

Of course, these new names do not address another confusing aspect of credit scores:   the numerous non-FICO credit scores available to the public.  Many people don't understand the difference between FICO and FAKO scores (such as the Vantage score available free on Credit Karma).  The fact that some FAKO scores use a range different from the 300 to 850 FICO range creates even more confusion.  For example, Vantage Score 2.0 has a range of 501 to 990, so the scores are not comparable to FICO scores.  Credit Karma recently changed to Vantage edition 3.0 which has range 300 to 850.  

 

EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
Valued Member
Posts: 55
Registered: ‎04-28-2014
0

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

Bradlin,

 

How do we get scores the actual lenders use?

 

The only one that I know about is the one from Equifax, and even that is not logically presented as Equifax tries to make you purchase their FAKO version instead of their fico score power which is what lenders use as far as I know.

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