fico 08..will my score go down?

Anonymous · ‎07-09-2008

I have finally gotten my credit back on track after ruining it with poor credit card choices in college. My question is with the FICO 08...is it going to make my scores go back down after I worked so hard on getting the delinquencies taken care of? I dont have any loans on my report only credit cards. I am looking to buy my first home very soon and just was curious on how this new scoring will work.

haulingthescoreup · ‎07-09-2008

Other than losing borrowed credit history via AU accounts, FICO 08 will help those whose credit has been clean (mostly) in the last two years, as well as those whose credit mistakes were sort of limited. Unfortunately, I haven't seen anything more specific than this.

I'm a bit anxious about this myself, as I have lates on 3 different accounts, not just on one card or loan for instance, so I sure would like to know more. But FWIW, it might well be years before 08 is being used on a regular basis. Lenders are surprisingly cautious, especially after the mortgage disaster of the last year. I doubt anyone will want to be the first to abandon a known formula for 08.

How recent are your baddies? A clean recent track record will help you a lot.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

marty56 · ‎07-09-2008

IMHO except for AU, I feel anone is doing the right things now wont get a score decrease when FIC08 hits

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎07-09-2008

I believe one of Fair Isaac's products offered to lenders is a score comparison service that gives them some idea of how the new and old system would rate their customer base to try to entice lenders to switch to the newer formula without them having to do so blindly. That said I believe it is extra and you are right that most institutions seem to not want to rock the boat too quickly.

gramps1968 · ‎07-11-2008

pardon my ignorance, but......fico08?

04/08/2013 TU 659 EQ 661

Goal score: 700

smallfry · ‎07-11-2008

@gramps1968 wrote:
pardon my ignorance, but......fico08?

FICO08 is the new and improved scoring algorithm not to be confused with the new and improved scoring algorithm.

Supposedly AU scoring will be removed and you might get a score pop from added installments. We'll see. Might be 09 or 10...

fused · ‎07-11-2008

FICO 2008 is the latest scoring model by Fair Isaac.