When will the industry move to Fico Score 9?

[UDNS_Eric]

So, today I'm sitting at:

EQ: 806

TU: 774

EX: 795

When I check out where I'd be with Fico Score 9, well, I'd be a real rock star with all my scores being over 800 on the 850 point scale. How long before everybody is there so this fantasy of mine can become a reality?

Eric

[SouthJamaica]

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@UDNS_Ericwrote:

So, today I'm sitting at:

EQ: 806

TU: 774

EX: 795

When I check out where I'd be with Fico Score 9, well, I'd be a real rock star with all my scores being over 800 on the 850 point scale. How long before everybody is there so this fantasy of mine can become a reality?

Eric

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There isn't, and it appears that there will not ever be, a single prevailing FICO model in use throughout "the industry".

[Anonymous]

To dovetail on what SouthJ just said, here is a snapshot of today's diverse use of FICO models:

Mortgage brokers use FICO 98 and FICO 04 (released in 1998 and 2004 respectively). 

Wells Fargo has been using FICO 98 Bankcard Enhanced for its CC decisions for a long time (though they may be transitioning to FICO 9 this year).

DCU uses FICO 04 for its lending and CC decisions.

Although FICO 8 Classic is the single most commonly used model for non-mortgage decisions, there are so many alternatives (FICO 8 BankCard Enhanced, FICO 8 Auto, FICO 04 Auto, FICO 9 Classic, FICO 98 Bankcard Enhanced, etc.) that only a minority of decisions are made with FICO 8 Classic.

As with Wells Fargu, DCU, mortgage lenders, and others, just because a major version of FICO is released, that doesn't prevent many companies from leapfrogging over it entirely.  The companies I just mentioned will never use FICO 8, and therefore people currently using FICO 8 may leapfrog over FICO 9 and wait for FICO 10.

[Anonymous]

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@Anonymouswrote:

Wells Fargo has been using FICO 98 Bankcard Enhanced for its CC decisions for a long time (though they may be transitioning to FICO 9 this year).

 Which model is Fico 98 since My Fico 3B report does not list Fico 98?

[Anonymous]

FICO 98 is FICO's name for the model it released in 1998.  Upon release of a new family of models, FICO always gives them a name.  In 1998, it was FICO 98.  Six years later (in 2004) it was FICO 04.  Four years after that (in 2008/2009) FICO 08 was released, later known as FICO 8.

But shortly after FICO releases a model, the three credit bureaus tweak it so that works on their data.  When they do that (unfortunately) they give it yet another name.

Thus Experian FICO Score 2 is Experian's version of FICO 98.

You can read about all the FICO score versions here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

[CreditBob]

Your scores are in the top tier. But here is a video link in YouTube that will give you a better understanding. For some reason the video starts towards the end, why, don't know. But if needed type in Fico scores the facts in the search box in YouTube, it's the 9th video from the top

https://www.youtube.com/watch?v=4sny-172p9Q

[NRB525]

OP you probably will get to 800 faster ( than waiting for FICO 9 ) by simply ceasing all credit applications, no HP for any reason, , and managing utilization downward, to get there on FICO 8.

You may be surprised how soon that can happen.

[UDNS_Eric]

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@NRB525wrote:
OP you probably will get to 800 faster ( than waiting for FICO 9 ) by simply ceasing all credit applications, no HP for any reason, , and managing utilization downward, to get there on FICO 8.

You may be surprised how soon that can happen.

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You have a good point. And after researching what others have posted, along with digging deeper into the different scoring models used by different business sectors, it does appear that there will never ever be a single prevailing score, only those that each industries need. No one shoe fits all feet I suppose. But good news is that my score have gone up across the board for the general FICO score 8 model: EQ: 814 TU: 776 and EX: 795. I'll be at over 800 across the board by the end of this year as I have no plans to open additional lines of credit nor do I anticipate to heavily leverage my existing lines of credit either.

Here's to a great credit year everybody!

Eric

PS: Have had a rocky path with many peaks and valleys since I discovered my FICO score at 585 back in 2004.