@785FICOLOVE wrote:I apologize if this question has been asked in this thread before.
Just curious to know that if the credit bureaus start calculating credit files based on the soon to be released FICO 9 (which has some appealing changes), does this mean that our scores will be falsely inflated (assuming if that is what it does for your particular situation) if we go apply for a mortgage and the lender is still using a scoring model two years old?
Is there an error in my understanding that they new FICO 9 will be released to the 3 credit bureaus first with a lag time in actual usuage by lenders?
I would hate to think that I have a particular score based on my fico here and apply for a mortgage only to find out, I am way off. This seems feasible since I am potentially someone who could see improvements in their score with the new system (ie: zero balance/paid collections and a few paid medical bills)
Anyone have any thoughts on what to expect? From what I read, some of these changes really could impact a score 50-100 points or more.
First and foremost the GSE's aren't going to switch to FICO 9 anytime soon from the sounds of it: they've publically stated they're happy where they are at... namely, FIC0 '04 (Equifax and Transunion) and FICO '98 (for Experian).
MyFICO doesn't sell any of those scores unfortunately and as such they should not be used for mortgage qualification estimation.
DCU membership - monthly EQ Beacon 5.0
PSECU membership - monthly EX Risk Model v2
Equifax Scorepower - instant-in-time EQ Beacon 5.0
Anyway regarding FICO 9 or any new credit score adoption, it will be released to the bureaus, and lenders may start evaluating it against their dataset and new customers in conjunction with their traditionally pulled score. If they find it leads to better risk analysis (or cynically, profitability) on their customer base, then they'll likely implement it going forward. Lenders can and do pull multiple scores, and field trialing a new score is one reason for such.
