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Upgraded FICO score for no reason?

Contributor

Re: Upgraded FICO score for no reason?

Revelate said:

 

FICO 08 scores have a higher obtainable max score (can actually hit 850 now) which wasn't doable on the older ones.

 

With the upgrade, my score went from 804 to 826.

 

At first glance, this looks good.  But it's not entirely clear if 826 is a "better" score than 804 under the old model. 

 

Under the EQ-04 model,  the highest possible score was 818,  so my previous score of 804 was only 14 points below maxiumum.

 

Under the EQ-08 model, the highest possible score is 850, so my new score is 24 points below maximum.

 

So even thought my score gained 22 points, I went from 14 points below max to 24 points below.

 

For those at the upper end of the scale, the change in maximum score makes it difficult to know if the additional points with EQ-08 means you really have a "better" score.  

 

Your score may have improved simply because the goal post was moved.

 

 

 

 

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 Contributor

Re: Upgraded FICO score for no reason?


jello77 wrote:

Revelate said:

 

FICO 08 scores have a higher obtainable max score (can actually hit 850 now) which wasn't doable on the older ones.

 

With the upgrade, my score went from 804 to 826.

 

At first glance, this looks good.  But it's not entirely clear if 826 is a "better" score than 804 under the old model. 

 

Under the EQ-04 model,  the highest possible score was 818,  so my previous score of 804 was only 14 points below maxiumum.

 

Under the EQ-08 model, the highest possible score is 850, so my new score is 24 points below maximum.

 

So even thought my score gained 22 points, I went from 14 points below max to 24 points below.

 

For those at the upper end of the scale, the change in maximum score makes it difficult to know if the additional points with EQ-08 means you really have a "better" score.  

 

Your score may have improved simply because the goal post was moved.

 

 

 

 


You'd have to get access to the tables that map scores to delinquency rates, and doing so might be difficult.

 

Valued Contributor

Re: Upgraded FICO score for no reason?


jello77 wrote:

Under the EQ-04 model,  the highest possible score was 818,  so my previous score of 804 was only 14 points below maxiumum.

 

Under the EQ-08 model, the highest possible score is 850, so my new score is 24 points below maximum.

 

So even thought my score gained 22 points, I went from 14 points below max to 24 points below.


 

I don't think it can be thought of this way. It may well depend on the buffered amount of imperfection that's allowed for those top range scores.

 

Contributor

Re: Upgraded FICO score for no reason?

user5387 said:

 

You'd have to get access to the tables that map scores to delinquency rates, and doing so might be difficult.

 

The graph below from FICO is the most detailed info I could find relating scores to delinquency rates.

 

It is often said that any score over 800 is "golden" and gets the best credit rates.

 

So it's possible there is no difference between a score of 800 and 850 in getting credit.

 

Probably the only practical benefit of a score higher than 800 is that is provides a "cushion" if you do something to cause a drop in your score, such applying for new credit, or running up a large balance on your cards.

 

If your score is 826 and it falls by 20, you are still in the golden range.

 

 

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%
New Member

Re: Upgraded FICO score for no reason?

My score dropped from 658 to 630 after the upgraded FICO score! My score has been consistently going up for past two years. 

 

That pisses me off because I have not missed any payments in past two years. I almost always pay off all my balances in full. And I have been consistent. I have not applied for new credit or obtained new credit. And I get a huge hit?!?! 

 

Something is wrong. 

Valued Contributor

Re: Upgraded FICO score for no reason?


Netrox wrote:

My score dropped from 658 to 630 after the upgraded FICO score! My score has been consistently going up for past two years. 

 

That pisses me off because I have not missed any payments in past two years. I almost always pay off all my balances in full. And I have been consistent. I have not applied for new credit or obtained new credit. And I get a huge hit?!?! 

 

Something is wrong. 


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

 

Established Contributor

Re: Upgraded FICO score for no reason?

Strangely...my score went back up today to where it was BEFORE the '08 update ( I lost 28 pts!!!) . I also noticed that all of my previous reports (including the complimentary one I got with the upgrade) have been deleted? Did this happen to anyone else today too????

 

The Fico '08 upgrade has been a disaster for those of us who have spent the last few years cleaning-up our reports an practicing good credit behavior (low balances, PIF, paid CO's, etc.). The only people who are benefitting from it are those who have never had any credit issues.

 

I hope they read all of the complaints, figured something was wrong, and went back to the drawing board.

 

Fingers crossed.

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!
Super Contributor

Re: Upgraded FICO score for no reason?


toi34 wrote:

Strangely...my score went back up today to where it was BEFORE the '08 update ( I lost 28 pts!!!) . I also noticed that all of my previous reports (including the complimentary one I got with the upgrade) have been deleted? Did this happen to anyone else today too????

 

The Fico '08 upgrade has been a disaster for those of us who have spent the last few years cleaning-up our reports an practicing good credit behavior (low balances, PIF, paid CO's, etc.). The only people who are benefitting from it are those who have never had any credit issues.

 

I hope they read all of the complaints, figured something was wrong, and went back to the drawing board.

 

Fingers crossed.


My report is still showing for when I was upgraded on may 12. My score didn't budge at all when I was upgraded to eq08.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Established Contributor

Re: Upgraded FICO score for no reason?

I don't have a Score watch product or subscription so I don't think any transition people might be going through would be relevant to me. If I decide to just pay for my 3 FICO scores from this site on a one time basis I sould be guaranteed in getting the newest model correct?

Super Contributor

Re: Upgraded FICO score for no reason?


Marcos8 wrote:

I don't have a Score watch product or subscription so I don't think any transition people might be going through would be relevant to me. If I decide to just pay for my 3 FICO scores from this site on a one time basis I sould be guaranteed in getting the newest model correct?


The ex and eq will be 08 models, but TU sold here is the old TU98 model. If you want to get score for TU08 you can get them if you have discover,walmart or barclays credit cards. They are offered free if you have those cards.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16