Valued Contributor
Posts: 1,979
Registered: ‎04-07-2009
Re: Questions regarding FICO Score and FICO 2008

Yes FICO 2008 is the latest version of the FICO score. At some point it will replace the current verions of the score. Amex accounts that the terms of the account are the balance is due in full every month are excluded from the FICO credit utilzation calculation. Other Amex cards according to other posts are also excluded. Having a crad excluded can help or it can hurt. If  the small balance every month with a good credit limit if this account were included it would your credit utilization calculation. If you had high balance lets say 50% or more of credit limt here it helps. This is not new to FICO 08. A collection accounts under $100 you will not hurt your score. If you have multiple collection accounts the score model will penalize you more for this than before. Also how it treats AU accounts will also change. The impact is it will not be as much as in past FICO socre models but it will give you some credit for the account. The change in AU accounts is due to scam called "credit rental" you can search for it. I hope this helps.



Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011