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Established Contributor
Posts: 670
Registered: ‎09-12-2011
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Re: Upgraded FICO score for no reason?

I received an alert from Score Watch the other day that my EQ score had been upgraded to the 08 model.  I logged into MyFico and saw my score jumped 41 points.  Crazy!

 

My Fico Scores June 2014.JPG 

FICOs: TU08 841 2/9/15 per Barclay; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 809 3/4/15; EX08 812 3/8/15 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $19.3K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Double Cash $10K; Citi Simplicity Visa $17.3K; Discover IT $24K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $17.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Valued Contributor
Posts: 1,439
Registered: ‎01-05-2010
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Re: Upgraded FICO score for no reason?


Revelate wrote:

 

FICO 8 doesn't penalize things nearly as harshly as FICO '04 anecdotally if you have pristine credit since then, maybe even over 2 years of age.  I actually started seeing my '04 and 8 scores drift apart after a few months on a new tax lien, all of my prior derogs were from late 2010 and my '08 scores were 40-50 points higher than my EQ '04 one.

 


 

Thanks for your clarification. I consider this change a much needed step away from the dark ages toward civilization, as FICO 04's punishment of lates is a blatant disregard for human decency. Not that I ever have had any baddies of any kind myself, but a full seven years is much too cruel for minor derogs considering that your score can't really move beyond ~700. We are talking serious savings to be missed out on here.

 

Are you living within your means?
Regular Contributor
Posts: 223
Registered: ‎02-22-2014
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Re: Upgraded FICO score for no reason?

This thread is why this "new" upgrade is so confusing! It was at first stated that the upgrade changed nothing, that your score pre-upgrade is still your score post-upgrade. My NEW scored dropped me from a 691 EQ to a 627 EQ and I was told "No your score is still the same", but the ones whose scores have risen 70-100 points get to celebrate because now they are in the high 700s-800s? I don't understand it. Either it changes or it doesn't change. Help! :smileysad: I too will be canceling my ScoreWatch because obviously something is broken.

Jan. 2014: One $250 Secured Card - Mar. 2015: over $100k Unsecured cards. EQ Fico: 678, Exp Fico: 733, TU (Barclays) 701. Util: 5%. Currently pruning unneeded cards, gardening the rest. Thanks MyFico! :smileyhappy:
Super Contributor
Posts: 8,665
Registered: ‎06-19-2013
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Re: Upgraded FICO score for no reason?


msbia wrote:

This thread is why this "new" upgrade is so confusing! It was at first stated that the upgrade changed nothing, that your score pre-upgrade is still your score post-upgrade. My NEW scored dropped me from a 691 EQ to a 627 EQ and I was told "No your score is still the same", but the ones whose scores have risen 70-100 points get to celebrate because now they are in the high 700s-800s? I don't understand it. Either it changes or it doesn't change. Help! :smileysad: I too will be canceling my ScoreWatch because obviously something is broken.


Well how about somebody thats none of the above :-) My score didn't budge one point when i moved over from eq04 to 08 :-)



EX Fico 791 1/7/15 Fako 801 CS/Credit.com 11/24/14
EQ SW bank enhanced 2/27/15 808 CK fako 807 2/7/15
TU Fico Barclay's 3/26/15 791 TU fico walmart 3/23/2015 788 Fako 808 Creditkarma 3/23/15
Blogger
Posts: 3,348
Registered: ‎10-19-2012
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Re: Upgraded FICO score for no reason?


msbia wrote:

This thread is why this "new" upgrade is so confusing! It was at first stated that the upgrade changed nothing, that your score pre-upgrade is still your score post-upgrade. My NEW scored dropped me from a 691 EQ to a 627 EQ and I was told "No your score is still the same", but the ones whose scores have risen 70-100 points get to celebrate because now they are in the high 700s-800s? I don't understand it. Either it changes or it doesn't change. Help! :smileysad: I too will be canceling my ScoreWatch because obviously something is broken.


The people that

 

1. Were happy because they saw their scores increase,

2. Were sad/mad because they saw their scores decrease,

OR

3. Were disappointed/relieved/indifferent because they saw their scores stay the same,

 

are confused.

 

 

Hopefully this thread can resolve the confusion: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/What-the-score-quot-upgrade-quot-means-to...

 

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Posts: 1,794
Registered: ‎07-01-2010
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Re: Upgraded FICO score for no reason?


metaylor1964 wrote:
Congratulations to all of you whose FICO scores increased. I got my email yesterday afternoon informing me I was upgraded to the new version and had a free Equifax report I could get. I logged in to my account and was shocked and devastated to see my score went from 675 DOWN to 587!!!!! I felt like crying! I have worked hard on my credit situation to go from 635 in 2010 up to 675 just last week on my last score watch alert. I am speechless and feel as though any chance to better myself is all but gone now. It took four years to increase my score by 40 points. And now, in the span of a day, I have dropped 88 points! There's no telling how long it will take me to get back into a "good" range again! Guess I will be making my 16-yr old car last awhile longer. The newest version of FICO scoring is the pits!

Welcome to the forums!

 

I think it's worth mentioning here that all of us have multiple scores, not just one.

 

Lenders use a variety of scoring systems, and thus a bunch of different scores are used to evaluate your creditworthiness.

 

FICO is the owner of this site, and a lot of people get upset with them.  However, if FICO was to be taken out of the picture completely, this problem would continue to exist, because the various scoring systems apply different weights to your report data, and therefore a bunch of different numbers will pop out.

 

What I'd suggest doing is focusing on the report itself, rather than the score.  Report items like derogatories and high utilization and lots of new accounts  are things that any lender will be nervous about, score or no score.

 

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