What the score "upgrade" means to you

[cherrybomb]

I have not received and upgrade? I wonder why? 

[mongstradamus]

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@cherrybomb wrote:

I have not received and upgrade? I wonder why? 

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They are still implementing it to everybody. If you really want to be upgraded , you can call and ask for manual upgrade. 

[TRC_WA]

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@HiLine wrote:

I assume most of you have received your new FICO scores if you subscribe to Score Watch.

You guys,

It does not matter how your score changed because of the score "upgrade". This upgrade is simply a change in the type of FICO score that My FICO provides to you. You are probably aware by now that there are many FICO scores out there; what My FICO, the consumer division branch of FICO, did was change the type of scores you get with their service. Previously you got FICO 04 scores; with this change you get FICO 08 scores. This by no means implies that lenders are also changing the type of FICO scores they use to judge your creditworthiness. This new FICO score has been in existence for years, and now My FICO decided to reveal the score to you. The fact that you saw a score change doesn't mean anything practical. Your FICO 04 score is the same, and so is your FICO 08 score. 

Your creditworthiness remains exactly the same as before with the score "upgrade". Your FICO score (based on the same scoring model) is exactly the same. Yes, exactly the same.

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I just got the email and I am fuming.

I've spent all this time to get a 677 EQ score and now it says my upgraded score is 676.

Noooooooooo!

[ficonightmare]

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@cherrybomb wrote:

I have not received and upgrade? I wonder why? 

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I called yesterday afternoon and was told I wasn't switched either. She said they were doing a small number at a time, and she couldn't do it manually.

Then last night I received this email:

Dear      ,

Thank you for contacting myFICO Customer Care. I hope this follow-up email will help to resolve your issue of wanting to be migrated to the newer FICO formula. We are able to process your request at this time.
A complimentary report and score will be sent, however, once this process has been completed, you will not be able to convert back to the original version.

Please respond to this email if you would like us to complete your request at this time.

Regards,
myFICO Customer Support
www.myFICO.com

So I responded and was upgraded immediately.  Received my new EQ report/score as well.

So try calling, they'll probably upgrade you too. 

[msbia]

I'm not understanding whether I've been "upgraded" or not. My score dropped overnight from 692 to 627 and I got the email about it, yet when I check my SW I am in the "Not Good" credit category. How is this considered "no change" when clearly previously my CS was in the "good" category. This system is so twisted for the commoner, smh!

[Revelate]

Did something come off your report?  I find SW to be good when something gets added, but for example I had a tax lien nuked, and my score changed, but it didn't pick up the public record wandering away in it's tracking, just a score update without any rime or reason associated with it.

[Ubuntu]

Intellectually I understand that this is just a different model and nothing has really changed but my score dropped from 802 to 732.

Emotionally that is seriously depressing...

I have a clean but sparse history.  For a long time the only accounts I had listed were both perfectly maintained AU accounts. In July of 2013 I applied for a card in my name and then another in October.  I can see from the free EQ report that MyFICO gave me today that my AAoA dropped from 6 years to 9 months.  It looks like AU accounts are of no use in FICO 08. Good thing I started when I did or the drop would've been even bigger.

I'm trying to find something positive in this and I guess I get to enjoy watching my score start creeping up again instead of always being about the same.

I've been planning to app for an Amex in July when one of my new accounts reaches a year old and two of my three inquiries also age over one year. Now I'm afraid to apply but I'm in desparate need of an approval so I can get a sweet backdate to 1994 and hopefully my score jumps back up near 800.  One can dream...

[ficonightmare]

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@Ubuntu wrote:

Intellectually I understand that this is just a different model and nothing has really changed but my score dropped from 802 to 732.

Emotionally that is seriously depressing...

I have a clean but sparse history.  For a long time the only accounts I had listed were both perfectly maintained AU accounts. In July of 2013 I applied for a card in my name and then another in October.  I can see from the free EQ report that MyFICO gave me today that my AAoA dropped from 6 years to 9 months.  It looks like AU accounts are of no use in FICO 08. Good thing I started when I did or the drop would've been evern bigger.

I'm trying to find something positive in this and I guess I get to enjoy watching my score start creeping up again instead of always being about the same.

I've been planning to app for an Amex in July when one of my new accounts reaches a year old and two of my three inquiries also age over one year. Now I'm afraid to apply but in desparate need of an approval so I can get a sweet backdate to 1994 and hopefully my score jumps back up near 800.  One can dream...

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I understand what you're saying, but two things I'd like to point out. 

Everytime you "think" your scored dropped, remind yourself it did not. When you app'd for your cards in July and October, if they pulled EQ they most likely already saw the 08 score. You're just seeing it now for the first time, that's all.

 It's not a "new" score, nor did it "drop". It was there since Eq 08 went into effect. You just need to keep reminding yourself of that.

Also, I'm not sure you're correct about the AU account.

I read that it's supposed to (somehow) decipher the fake AU's- and those are the ones that won't get counted. But it should still count legitimate AU's such as spouses/children.

On my report, it is counting them. I ran my report on 5/27 (old version) and then again on 5/28 (new version, free report) and my AAofA is exactly the same. 

[HiLine]

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@Ubuntu wrote:

Intellectually I understand that this is just a different model and nothing has really changed but my score dropped from 802 to 732.

Emotionally that is seriously depressing...

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Think about it this way.

You step on an European scale and see 73 (kilos)

Then you step on an American scale and see 170 (lbs)

Hope that isn't seriously depressing ...

[Ubuntu]

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@ficonightmare wrote:

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@Ubuntu wrote:

Intellectually I understand that this is just a different model and nothing has really changed but my score dropped from 802 to 732.

Emotionally that is seriously depressing...

I have a clean but sparse history.  For a long time the only accounts I had listed were both perfectly maintained AU accounts. In July of 2013 I applied for a card in my name and then another in October.  I can see from the free EQ report that MyFICO gave me today that my AAoA dropped from 6 years to 9 months.  It looks like AU accounts are of no use in FICO 08. Good thing I started when I did or the drop would've been evern bigger.

I'm trying to find something positive in this and I guess I get to enjoy watching my score start creeping up again instead of always being about the same.

I've been planning to app for an Amex in July when one of my new accounts reaches a year old and two of my three inquiries also age over one year. Now I'm afraid to apply but in desparate need of an approval so I can get a sweet backdate to 1994 and hopefully my score jumps back up near 800.  One can dream...

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I understand what you're saying, but two things I'd like to point out. 

Everytime you "think" your scored dropped, remind yourself it did not. When you app'd for your cards in July and October, if they pulled EQ they most likely already saw the 08 score. You're just seeing it now for the first time, that's all.

 It's not a "new" score, nor did it "drop". It was there since Eq 08 went into effect. You just need to keep reminding yourself of that.

Also, I'm not sure you're correct about the AU account.

I read that it's supposed to (somehow) decipher the fake AU's- and those are the ones that won't get counted. But it should still count legitimate AU's such as spouses/children.

On my report, it is counting them. I ran my report on 5/27 (old version) and then again on 5/28 (new version, free report) and my AAofA is exactly the same. 

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Regarding the first part of your reply I get it (I do, I really do), no change, no drop, just different scoring model. That's what I tried to say in the first sentence of my post, you just said it much better that I did. The 70 point "drop" did cause some momentary anxiety though.  When I glanced at the email today I didn't register that it was different than the standard ones so my reaction on seeing the FICO 08 score was identity theft but I quickly realized what had really happened.

Regarding AAoA there's pretty conclusive evidence that this scoring model is no longer considering my AU cards in two or possibly three areas.

The most recent full EQ report I have is from June 2013.  It lists only my two AU accounts with an AAoA of 12 years, shows my "Length of credit history" as "Very Good", my UTIL as 4%, and my "Amount of debt" as "Great".

Since then I've added two cards of my own, one in July 2013 which has reported for 10 months and one in October 2013 which has reported for 8 months.  My current TU report (from myFICO) shows an AAoA of 6 years and a UTIL of 4% which is accurate for all 4 accounts and shows my "Length of credit history" as "Very Good".

The EQ report they gave me today shows an AAoA of 9 months which is the exact average for my two new cards (10+8=18/2=9 for those who hate numbers), lists my "Length of credit history" as "Bad", and shows my UTIL as 0% which is accurate for my two new cards but would be 2% if it included my two AU cards. It also shows my "Amount of debt" as "Very Good" when it's been "Great" in all previous reports which doesn't make much sense.  The only justification for that to change would be if it's factoring out the CLs of my new cards but sill factoring in the amount owed on the one AU card with a balance which is the only debt I have.

My AU accounts are being listed along with their limits, payment histories, and the amount owed on the one with a balance. My "Credit History" does show as 18 years which is the age of the oldest AU account so they're not completely ignored but they're definitely missing from my AAoA and UTIL.

As you mention it would make sense if they attempt to weed out fraudulent / piggybacked AU accounts. Logically that doesn't seem like it would be part of a scoring formula thought. From a business logic perspective such a test would appropriately be a separate process that occurred prior to any scoring model being applied. The primary on the accounts is my fiancee so we have different last names but we've had the same address for the last 8 years which they should be able to detect but I don't know what kind of analysis they do in that regard.

At any rate my AU cards are not used in most of the metrics on today's report. While it's puzzling I'm very glad to hear that that hasn't happened in your case.