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Revelate
Posts: 8,896
Registered: ‎12-30-2011
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Re: Upgraded FICO score for no reason?


my-own-fico wrote:

Revelate wrote:

Think android01 posted his stats a bit ago as well.

 

The FICO 08 triple 850 in his signature? His 04 average is 811 (814 811 808). While 850 isn't possible in 04, higher than 814 is. 850 is possible in 08, but you can't go higher; all you can do is make your credit better. So no longer does it make much sense to simply state your 850, it's more impressive listing your handicap along with it such as two balances or this many thousands of dollars reporting!

 


You may be right, but I've never seen the point of worrying about any score over 760: if the lenders don't care, neither do I :smileyhappy:.  The lenders might move their underwriting as it appears to be scaled somewhat differently with '08 for individual consumers and whatever that new tier is (I go by mortgage tiering personally) we'll probably have to adjust.  Rationally any handicap should be at that level I think, but an 850 is a laudable accomplishment regardless.

 

Don't know, I'll probably get into a good bottle of scotch when I break 760 in many years, and I'll probably do so again if I ever get to an 850 just because it's giggle worthy, but beyond that it's really not going to change my life at all after the first data point.  

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: Upgraded FICO score for no reason?

Yeah adjusting the tiers sounds right.

 

I had a bad year last year and got a couple late marks on the credit, and dropped me down. Been recovering and was sitting at 525 for EQ, when we got upgraded my score jumped to 625. Nothing changed on my report at all.

 

Something tells me that big changes like that are gonna get the attention of someone.

Valued Contributor
my-own-fico
Posts: 1,173
Registered: ‎01-05-2010
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Re: Upgraded FICO score for no reason?


mongstradamus wrote

Either if you are memeber of dcu or if you want to buy score directly from eq.they both offer eq04 scores

 

I signed up for the Amex 0.80% High-Yield Savings account to park the proceeds from the recent sale of my house just three days before my SW happened to be upgraded to FICO 08 and am now wondering whether DCU would have been a better option for me given their free monthly EQ 04 and their 0.85% savings account. Chances are though that the inquiry and the whole administration thing would have been too much; when the time comes that Equifax is no longer offering EQ 04 and I have purchased another house, I'll certainly reconsider!

 

TU 04 820 mortgage preapproval middle score
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Revelate
Posts: 8,896
Registered: ‎12-30-2011
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Re: Upgraded FICO score for no reason?


my-own-fico wrote:

mongstradamus wrote

Either if you are memeber of dcu or if you want to buy score directly from eq.they both offer eq04 scores

 

I signed up for the Amex 0.80% High-Yield Savings account to park the proceeds from the recent sale of my house just three days before my SW happened to be upgraded to FICO 08 and am now wondering whether DCU would have been a better option for me given their free monthly EQ 04 and their 0.85% savings account. Chances are though that the inquiry and the whole administration thing would have been too much; when the time comes that Equifax is no longer offering EQ 04 and I have purchased another house, I'll certainly reconsider!

 


For something like that you go with BOFI or similar where you get a better rate of return (1%+ last I checked) and then park $1K or whatever in a DCU account to get the freebie FICO score.

 

Financial return takes precedence over a FICO score, always in my book.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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katkat640
Posts: 1
Registered: ‎06-20-2013
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Re: Upgraded FICO score for no reason?

Mine went down too
Established Member
elkhunter
Posts: 10
Registered: ‎01-18-2011
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Re: Upgraded FICO score for no reason?

I had several late payments and a terrible credit score in 2009/2010 when the economy took a nosedive, and I have been working like a dog ever since to pay off my debt and get my score back up.  I originally joined when my credit score was 529 and no matter what I did I could never get it above the mid 600s.  I just got upgraded to the new version and my score jumped from 671 to 751...an increase of 80 points.  I am hoping this is not an inflated score and sticks around for a while.  

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Revelate
Posts: 8,896
Registered: ‎12-30-2011
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Re: Upgraded FICO score for no reason?

[ Edited ]

elkhunter wrote:

I had several late payments and a terrible credit score in 2009/2010 when the economy took a nosedive, and I have been working like a dog ever since to pay off my debt and get my score back up.  I originally joined when my credit score was 529 and no matter what I did I could never get it above the mid 600s.  I just got upgraded to the new version and my score jumped from 671 to 751...an increase of 80 points.  I am hoping this is not an inflated score and sticks around for a while.  


What were your lates if you don't mind my asking?  How bad (30 / 60 / whatever) and indivual ones or clusters on a single or multiple tradelines?

 

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.

 

When I first got that new tax lien though, the scores were virtually identical between EX '08, TU '08, and EQ '04.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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metaylor1964
Posts: 1
Registered: ‎03-11-2011
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Re: Upgraded FICO score for no reason?

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!
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toi34
Posts: 436
Registered: ‎01-31-2009
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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!

TRUST ME.....I know how you feel...it's completely demoralizing!  I initially felt like 'forget it... I can't win for losing," and I still feel that way, but now I stop caring as much, stop micromanaging my credit, and cancelled all of those subscriptions. I'm gonna continue with my good habits (PIF, low util, no apps) and let that EQ score fall where it may. It's a game we cannot win, and I'm tired of playing it!

 


May 2013 Starting Scores: 540's-570's [no credit cards, no inq's, 1 Student Loan 90 day late, CA's and CO's...most PFD'd!]
August 2014 Scores: 660-695 ...Getting there!
Current Cards: SDFCU Secured ($300); Logix Secured ($500); Tobyhanna FCU ($5000); Barclay Apple PC'd to Rewards MC ($1200); Barclay Rewards MC ($1300); Barclay B&N ($500); Discover It ($1100); 'Credit Steps' ($2300), PC'd QuickSilver One ($750);Care Credit ($3000); Kay's (3000); Fingerhut ($1050); **All my favorite stores' cards ($14,700)....Luv'Em....they get heavy use!
Established Member
elkhunter
Posts: 10
Registered: ‎01-18-2011
0

Re: Upgraded FICO score for no reason?

Home Depot credit card - 30 day lates, 2 different months in 2009 and Sept-Dec 2010

Chase credit card - 30 day lates 8/2009, 11/2010, 3/2012

US Bank Creditline - 30 day lates 7/2010 and 8/2010 and 60 day lates Oct 2010 - Jan 2011

 

At the time, it said my score had a serious delinquency, recent missed payment, bad payment history and high credit usage.  Currently, the items hurting my score still say bad payment history and high credit usage.  I am assuming that under the new scoring system my 60 day lates are old enough that they no longer affect my score since the serious delinquency has been removed and it has been two years since my last 30 day late.  The only new credit I have obtained in the last four years is a couple of parent plus loans for my children's college education.

 

I have paid off about $50,000 in credit card debt and still have $25,000 to go.  Using the snowball method for paying down my debt, so two cards are still showing around 90% utilization, one card at 30% utilization, and the remaining cards that had balances are paid off in full.  My husband is a self-employed contractor so the bulk of this was business related...but he is a sole-proprietor and it is all listed as personal debt as we are not incorporated.  My husband did some jobs for a contractor that declared bankruptcy and the court only awarded us 2% of what he owed...so we were stuck with the material and labor costs for jobs we were never paid for.  This is the main reason I am soooo against filing bankruptcy, it nearly sunk us.  There is a way to pay your debts, it is not fun and it can take a long time, but it can be done.  I understand there are some circumstances that cannot be avoided and bankruptcy is the only option, but too many people take this as an easy way out. 


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