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Regular Contributor
Marcos8
Posts: 189
Registered: ‎05-31-2013
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Re: Upgraded FICO score for no reason?


mongstradamus wrote:

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.


Thanks! Can one assume then that at least for EX and EQ that if the content of the reports are identical that the scores would also be identical?

Super Contributor
mongstradamus
Posts: 5,789
Registered: ‎06-19-2013
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Re: Upgraded FICO score for no reason?


Marcos8 wrote:

mongstradamus wrote:

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.


Thanks! Can one assume then that at least for EX and EQ that if the content of the reports are identical that the scores would also be identical?


I would say not neccesarily, and probably they wont. In my case when i upgraded to 08 on may 12 and pulled my ex08 on the 12 they were different scores. Was just looking at my scores because was about to app for the Chase CSP. My Ex08 was 770 and my EQ08 was 802, thats quite an disaprity imo. 



EX Fico 770 8/23/14 Fako 796 CS/Credit.com 8/22/14
EQ SW 806 quizzle fako 796 7/19/14
TU Fico 804 8/14/2014 Fako 751 Creditkarma 8/30/2014
Regular Contributor
whydoineedaname
Posts: 110
Registered: ‎03-28-2014
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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 dont think its been a disaster.  Had you not been doing those things it would be worse than it is now.  Also a score is only an indicator of your credit health.  It does not show your credit health...


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 $1400, Discover IT $1300, Kohl's $400, Navy Federal cashReward $2500, Navy Federal $17800 for a car 2.79% for 72 months.
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HiLine
Posts: 2,870
Registered: ‎10-19-2012
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Re: Upgraded FICO score for no reason?

It does not matter for any practical purposes how your score changed as a result of the "upgrade". These are 2 different scoring models. Neither your score under the old model, nor your score under the new model, has changed one bit.
Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
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Re: Upgraded FICO score for no reason?

[ Edited ]

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.


With all due respect, I couldn't disagree more. 

 

MOST of the folks here are here because we HAVE had credit issues in the past.  To make a blanket statement that "the only people who are benefiting are those who have never had credit issues" is simply not true.  I look back at where I was in the past, and I'm talking within the past 5 years, and I've come a long way in that time.  I look at the graphs showing where I was, in the 600s (and in the 500s before that) and the strides I've made have been remarkable. I remember back in the day when, having a 620 score was "golden" for a mortgage.   Yes, I've broken into the 800s with one score and knocking on the door with a 2nd score.  Just a matter of time before I've got all 3 there.  They are there because of dilligence, luck, and yes, some improvements in the scoring.   

 

Credit work is like a marathon.  You're running the race for the entire length, and not just a 100 yard sprint. Our credit journeys don't really end...until we do.  It's a lifelong journey and one that we constantly need to work to improve.  Yes, there are glitches along the way.  There are goiing to be ups and downs.  There are going to be new versions of the various credit scoring models, and they are going to positively/negatively affect one's scores.  Such is life in the credit world.  Many of us remember back to the "old" credit companies, and frankly, today's companies are an improvement over the past.  Yes, there's room for improvement, but to make a blanket statement that the upgrade is a "disaster" is a bit shortsighted. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Member
doggiepants
Posts: 16
Registered: ‎10-12-2012
0

Re: Upgraded FICO score for no reason?

My upgraded score just tanked from 718 to 656. I have read through the page posters have linked (http://www.myfico.com/crediteducation/questions/fico8.aspx) multiple times, and I am still baffled as to why it dropped so incredibly far. I have NO credit cards, hence zero credit card debt, I haven't had a late payment since 2008, no collections or banrkuptcies, and a current auto loan with no late payments.

 

Is the fact that I don't have any credit cards being weighed much more heavily against me with Fico 08, since that is listed as the first item they consider in the linked page? ('High credit card usage'.) Do you think the inverse of that statment is also true, that 'no credit card usage' really hurts those under the fico 08 model? So how in the world do I get a credit card now that my score is a paltry 656?? Am I now stuck with a secured credit card? My Fico score was 736 in March, aghhhh! From 736 to 656 under the new model?! I hate this stupid game.

Member
doggiepants
Posts: 16
Registered: ‎10-12-2012
0

Re: Upgraded FICO score for no reason?

P.S. Is there anyone here who can show a chart of how the old scores relate to the Fico 08 scores? In other words, an old Fico of 700 = a Fico 08 of 625, an old Fico (sorry don't recall the type name), of 800 = a Fico 08 of 785, etc, etc.

Super Contributor
mongstradamus
Posts: 5,789
Registered: ‎06-19-2013
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Re: Upgraded FICO score for no reason?


doggiepants wrote:

P.S. Is there anyone here who can show a chart of how the old scores relate to the Fico 08 scores? In other words, an old Fico of 700 = a Fico 08 of 625, an old Fico (sorry don't recall the type name), of 800 = a Fico 08 of 785, etc, etc.


I don't know how accurate that chart of correlation between eq 04 and eq08, I was one of the rare people where my score didn't budge at all moving from 04 to 08 score. The change moving from 04 to 08 seems to be really an ymmv situation 



EX Fico 770 8/23/14 Fako 796 CS/Credit.com 8/22/14
EQ SW 806 quizzle fako 796 7/19/14
TU Fico 804 8/14/2014 Fako 751 Creditkarma 8/30/2014
Contributor
jello77
Posts: 83
Registered: ‎08-02-2010
0

Re: Upgraded FICO score for no reason?

 

dogglepants wrote:

 

Is the fact that I don't have any credit cards being weighed much more heavily against me with Fico 08 ?

 

When I was looking for info about FICO 8, I came across this statement:

 

Ethan Dornhelm of FICO said that under FICO 8, having "a relatively large number of open accounts in good standing will be viewed more favorably than having only a few accounts in good standing." Having only a small number of accounts that are both open and active will now have a more negative effect on your score.

 

So it appears your lack of credit cards might be one cause of the drop in your score.

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%
Member
doggiepants
Posts: 16
Registered: ‎10-12-2012
0

Re: Upgraded FICO score for no reason?

Through a Google search I just found an additional piece of information that may apply to my situation. It says, in relation to Fico 08:

 

"FICO 08 will take a closer look at certain groups of borrowers who lenders need more help with risk prediction. This includes subprime borrowers, new borrowers and those with few open accounts," with my situation being the latter. I'm guessing I'm getting dinged big time because I don't have a bunch of open accounts, and in fact, currently have zero revolving accounts since my Chase credit card was closed for inactivity. Once again I'm a BAD consumer for not having any credit card debt. Sigh.....

 

My wild guess is that Fico 08 greatly rewards those with lots of CLs, more so than the old scoring model did. In other words, it encourages consumers to have lots of (properly-managed) debt.

 

Again now I'm wondering, how do I get a credit card now that I suddenly went from having a very good Fico score to one that Fico considers 'not good'.? Am I really going to be stuck now with a secured CC??

 

It would have been SO nice to know ahead of time that they were making this change. Where's the fairness to your customers Fico? Just beyond frustrated right now...


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