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Upgraded FICO score for no reason?

Valued Contributor

Re: Upgraded FICO score for no reason?


minime88 wrote:
How is it that everyone scores are going up with this upgrade. Mine went from 703 to 670. What am I doing wrong?

The link that 5387 provided explains it very well.  I would guess that the new scoring model puts more emphasis on something that might be an issue in your proile, such as higher balances or more than one recent late payments.  It sounds like these areas can help more than before and hurt more than before, depending on your circumstances.  

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Oct 2017: EX8: 736; EQ8: 736; TU8: 747; EQ04: 734 FICO 9 Scores about 50 points higher
In My Wallet: Discover $63.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $209.8K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 11 of 76
Established Contributor

Re: Upgraded FICO score for no reason?

I'm PISSED!!!!!!!! I just got the email, checked my "new" score, and I've lost 28 points....WTH!!!!

May 2013 Starting Scores: 540's-570's
July 2016 Scores: 654-705 ...No Lates, CA's or CO's, new car + high Util
Current Cards: SDFCU Secured ($300); Logix Secured ($500); Tobyhanna/Penfed FCU ($5000); NFCU CLOC ( $15,000); NFCU Refi ($18,144) Sony Visa ($3000); Apple PC'd to Rewards MC ($1200); Barclay Rewards MC ($1300); B&N ($500); Discover ($1000); 'Credit Steps' ($2300), QS One ($750);Care Credit ($9000); US Bank Platinum ($5000); Fifth Third SU2C ($3000); Kay's/Jared's ($4700); Target ($2000); Fingerhut/Gettington ($2250); **All my favorite retail cards ($61,000)..Luv'Em..they get heavy use!
Message 12 of 76
Valued Contributor

Re: Upgraded FICO score for no reason?


toi34 wrote:

I'm PISSED!!!!!!!! I just got the email, checked my "new" score, and I've lost 28 points....WTH!!!!


http://www.myfico.com/crediteducation/questions/fico8.aspx

 

Message 13 of 76
Contributor

Re: Upgraded FICO score for no reason?

Hey, it took me from 693 to 730 today!

My Fico EQ: 749
My Fico TU: 754
My Fico EX: 753

Goal: 800
Message 14 of 76
Regular Contributor

Re: Upgraded FICO score for no reason?


MidnightJester wrote:

Seems the new scoring model is designed to make people like it more. Almost everyone has jumped points most by alot.


I dropped 6 points :-(


Equifax 3/29/2013 - 649, 4/1/2014 - 651, 4/14/2014 - 662, 4/16/2014 - 655
Transunion 3/29/2014 - 648, 4/29/2014 - 650, 5/1/2014 - 653, 6/10/2014 - 662 (barclay/discover), (4/16/2014 - 658 - lender pull)
Experian 4/1/2014 - 653, 4/14/2014 - 669
What in my wallet? Secured Card $550, Barclaycard Reward $3100, Discover IT $1300, Kohl's $400, Navy Federal cashReward $2500, Navy Federal $17800 for a car 2.79% for 72 months.
Message 15 of 76
New Member

Re: Upgraded FICO score for no reason?

My score jumped from 783 to 805. I'm confused now more than ever.  I wish the scoring system was simpler and more consistant.  My Fako scores are in the 760's, myFico score is 805 and my Discover score is 850.  Which one is real has me stumped.

Message 16 of 76
Regular Contributor

Re: Upgraded FICO score for no reason?

Mine jumped a little. 715 to 731, but a mortgage inquiry also fell off btwn my last pull and this so not sure how much was related directly to the upgrade.  Either way, it's an increase.   Anxious to see if there's a big change in my Barclay and Discover TU score since it fell off. 

18k10k7.6k10k10k5k5.6k1.7k2k
Federal CU PLOC: $5k
Scores, Dec. 2014- TU: 755 EX: 763 EQ: 757
Last App: 12/8/14. In the garden until Jan 2016, getting "mortgage" ready.
Message 17 of 76
Valued Contributor

Re: Upgraded FICO score for no reason?


StevenRK wrote:

My score jumped from 783 to 805. I'm confused now more than ever.  I wish the scoring system was simpler and more consistant.  My Fako scores are in the 760's, myFico score is 805 and my Discover score is 850.  Which one is real has me stumped.


There is not a single "right" score.

 

If different formulas are applied at different times to reports that may vary across the bureaus, then the results will be different.

 

If FICO ceased to exist, this problem would persist, because individual lenders have all sorts of their own formulas as well.

 

Some scores are better than others, because they more accurately forecast future delinquency.

 

Message 18 of 76
Valued Contributor

Re: Upgraded FICO score for no reason?


Shogun wrote:

Here's a look at what changed the most in creating the FICO 8 score.

High credit card usage

 

FICO 8 score is more sensitive to highly utilized credit cards. So if your credit report shows a high balance close to the card's limit, your score will likely lose more points than it would have previously. You may want to consider keeping any monthly credit card balance low.


 

My upgraded score is 844. That’s with balances on multiple cards, one of them having a 31% utilization!

Message 19 of 76
Member

Re: Upgraded FICO score for no reason?

I am definitely a fan of the recent upgrade.  I went from a 699 to an 802 overnight.  I've spent the past year waiting to see a 7 in the front of my credit score and somehow I skipped the 700's all together.  I guess the 08 model puts a lot less emphasis on my old baddies (2 collections and 1 charge-off that are 5+ years old) and gives me more credit for having a low util (<4%).

 

I see an app spree in my future. Smiley Happy

Message 20 of 76