The "New" FICO Scoring Model? -- Total Bull**bleep**!

[HiLine]

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@Quazar wrote:
I refinanced a mortgage in April of last year and also obtained a morrgage on a new house in October of last year....and both times the Fico scored pulled from the mortgage lender was exactly the same score as was showing on myFico account.

So it seems they both still pulling what I'm hearing is called the 04 model. Seems to be the most common. I think the score shown on myFico should be the most common model that mortgage lenders use....I think that is why most people use the service....so they can monitor and determine when they are ready to apply for a morrgage.

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As of now, MyFICO doesn't even sell FICO 04 on Experian or TransUnion either nor has it ever in TU's case.

Regarding the usefulness of the particular service called Score Watch, yeah, it has decreased dramatically. 

Edit: play nice .  --Rev

[ktl72455]

Since I was rebulding and working hard to get my scores up for a mortgage and this product no longer helps towards knowing my 04 score for a mortgage I feel like I am playing with CK now.. add or subtract 30 points and hope your right before you take the hard pull. And to pay here then to have pay EQ site to get the 04 score seems kinda stupid. That would be like paying for CK.   

During the rebuild I was seeing others ask what score was needed for walmart or discover etc and it also varies on what else is on the report I know..  but at least the 04 scores were higher and closer. Now from 655 to 617.  I feel like I am rebuilding all over again and have no true idea what my score is now so wont be ready to step out securely and apply for that mortage any time soon.  It just sucked the wind right out of my sails.

[notfancy]

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@Quazar wrote:
Also misses the point. When lenders pull the score now they will see 652 and 697. That will cause be eithdr be denied or pay a higher interest rate.

Out of these 49 models you talk about...it really is just a few that are pulled over and over again. The model used for a mortgage appl or auto loan or major credit card....it has never been a possible 49 models they oull.from....they pull TU or EX or EQ...and 99% of the time it is the latest Fico model rhat EQ uses...which was for me a 697 yesterday and today a 652...which is Bull Crap.

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This is not true- The lenders are not necessarily going to pull the new model and in fact, if you've been denied it could be that they *were* pulling the new one and you were un aware. If you look in my signature- under the old scoring my credit score was 683 and under the new system it is significantly lower. However, one of my lenders sends me my FICO score that they have, and they use the old one still.

Your score is unchanged. Period. The only difference is that the score you are paying for now, takes different things into account. If for example you have an account with DCU- you will get monthly updates from them, and they will have a different score for you because they still prefer to use the other model.

The new one, from my understanding, is the one that credit card companies prefer to use (if they pull that specific report) and the old one is one that mortgage companies typically prefer. So, in reality, if you want to apply for credit cards, this version is a better one to have,

[Leo1978]

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@Quazar wrote:
No, that is not the point. What is in my credit file is the same now as it was a couple of days ago before the new model. Whether there are some things that need fixing or not, or mayne it is because I've been recovering from a BK and a co-signed student loan that one of my children got way late on I was not aware of...fact is the items in my CR have nkt changed but because of a new scoring model my score dropped 47 points.

That is totally not fair. I will mkst likely talk to a lawyer and get his opinion on whether this might warrant starting a Class Action lawsuit, or just a personal suit agsinst myFico to get a full refund of all the monthly fees I have paid.

Why?

Because obviously I havr been paying for a bad service, for a defective service. If their old model was so far off the mark that when they retooled it and discovered it was off by 47 points...then obviously I have been paying for a grossly faulty product abd should get a full refund of my money for paying for something that was so grossly miscalculated.

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A class action lawsuit is a silly idea.  Take it from a lawyer.  In order to win a lawsuit you have to show harm.  You were not harmed.  You are simply upset by a perceived harm.  You can certainly waste their time in court, but you will be wasting plenty of your own as well. 

A credit scoring model is like any other product.  It can be upgraded to a new model.  Although that resulted in a score drop for you, it most certainly resulted in only negligible changes or significant increases for some others.  MyFico has never purported to give you the exact same score that a lender is pulling because there are so many different scoring models.  They have always given you a score based on only one model.  If the lender happens to use a different model, then the lender will get a different score.  That has been the case and is still the case.  The only difference is that the one model they decided to give is a different one than they used to give you.  In my case, MyFico showed me an Equifax score of 717 on June 1st.  On June 3rd, without any changes to my credit report, an auto dealer pulled by Equifax score and reported to me that it was 751.  All information was the same, but the lender used a different model. 

[EW800]

>  I will mkst likely talk to a lawyer and get his opinion on whether this might warrant starting a Class Action lawsuit,

> or just a personal suit agsinst myFico to get a full refund of all the monthly fees I have paid.

That very well may be one of the craziest things I have ever read here.  You have still been provided with very valid data, it just from a different model.  Your score did not change.  It is just showing you your score based on a much newer scoring model.  

[Quazar]

I am so done with this topic and myFico in general. Anyone know how to turn off notifications everytime a new posting is posted. I don't want any more emails coming in from "Community Mailer"

[notfancy]

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@Quazar wrote:
I am so done with this topic and myFico in general. Anyone know how to turn off notifications everytime a new posting is posted. I don't want any more emails coming in from "Community Mailer"

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Good luck to you with your credit future. I mean that sincerely.

At the top of the forum under your name click "my settings" go to the tab "Subscriptions and Notifications" and uncheck the boxes "Automatically Subscribe me to all topics I participate in" and also "Notify me for my own posts and replies" You can also fiddle with the drop down menus underneath all of that under "email notifications"

[bch238]

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@Quazar wrote:
No, that is not the point. What is in my credit file is the same now as it was a couple of days ago before the new model. Whether there are some things that need fixing or not, or mayne it is because I've been recovering from a BK and a co-signed student loan that one of my children got way late on I was not aware of...fact is the items in my CR have nkt changed but because of a new scoring model my score dropped 47 points.

That is totally not fair. I will mkst likely talk to a lawyer and get his opinion on whether this might warrant starting a Class Action lawsuit, or just a personal suit agsinst myFico to get a full refund of all the monthly fees I have paid.

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It's the most fair thing in the world.  Your score reflects bad credit habits.  A bankruptcy and late payments result in bad scores.  Your "old" score still exists, meaning if you were to run your file through the "old" algorithm, it would spit out the "old" score.  Nothing has changed.   You are now being shown your credit file through the lens of a more modern, more frequently used algorithm, which more accurately correlates certain good and bad credit habits with default rates  It's fair because it's math.

[CAREYOREGON]

i just got off the phone with myfico. I have been working on raising my score for anout two years. The low was 505. My score had gone to 654. Two credit lines increases by the lender. However my score just drop to 614 because of the new model. Nothing had change on my cr. Makes me want yo give up. I was hoping someday to get to 700.

I have two accts with cap one, One business one personal. both started at $500 but have been increased to $1500 each. All payments made on time. Who will want to give me credit now. My rating drop from fair to poor.i am not looking for cedit. Car was paid off after 39months. no lates. Not sure what to do now.

[Involver]

It never ceases to entertain me when people throw tantrums over stuff like this.

Re: OP - If it will make you feel better you can go buy your 04 score at Equifax.com and you'll "get your points back".