My Fico Upgrade notice via email

[azguy13]

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@Plbard wrote:

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@ktl72455 wrote:

Mine was up to 698 with 3 years of hardwork and now it's 662! The only debt we have is one car and student loans. No lates in over 3 years,

pay off the credit card every month, no new accounts other than the credit card to rebuild 2 years ago. Do you only have 1 credit card? If you only have one and pay it off in full it will lower your score. Fico likes to see 1-9% balance showing. And its easier with at least 2 cards. Only let 1 report a small balance. You have time to bring your score right back up pretty easy and quickly. 

We have two cards, both of which we pay off every month. This has been bringing our score up steadily since we started. The only thing that changed to cause our score drop is they changed their scoring model.

We just started the homebuying process and now I have no idea what's going to happen. How far are you into the home buying process? Just looking or?

It sucks that because they decided to change their scoring model, we're being punished. I am SO angry.

We are pre-approved and expect to be making an offer/applying for a loan in the next week. Not enough time to bring our score up. However, it appears this is not an issue for us because the new score isn't anywhere near what our mortgage lender got when they pulled our credit. However, I know they will pull our credit at least one more time before we close on a home so...now I'm scared everything will fall through at the last minute. 

I have not got my update yet, now I am worried lol!!

Seems like it's been good for some people, and bad for others. All I can think is they are weighing student loans heavier than they were before. Outside of one auto loan, that is the only debt we carry. Hope you're one of the lucky ones that gets a big boost!

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The scoring model made available to us has just changed. I am willing to bet that whichever bank/CU you go with, they are still using the EQ04 scoring model which you had prior to the switch. 

Don't stress, there are so many FICO scoring models out there that some scores will be high and some will be low. You can always go and buy the EQ04 FICO from the EQ website, if it makes you feel better. 

Just because we can only buy EX08, EQ08, and TU98 doesnt mean that those models are the only models the lenders can pull. 

[cobbson]

My score went up 2 points with the model change. Guess I should consider myself lucky.

[Ubuntu]

I also got the MyFICO "upgrade notification" email saying that they're now using a new scoring model.

The good news is that they gave me a free copy of my EQ report

The really, really bad news is that under the new scoring formula my EQ dropped from 802 to 732... 70 points...   Absolutely nothing has changed regarding my credit since May 11th when they showed me at 802 (i.e. UTIL is the same, no new apps, etc.). What I notice is that my AAoA dropped from 6 years to 9 months which is exactly correct when my two AU accounts aren't considered in my AAoA.  It looks like AU accounts are of no use in this scoring model. Very depressing.

[Ubuntu]

I also got the MyFICO "upgrade notification" email saying that they're now using a new scoring model.

The good news is that they gave me a free copy of my EQ report

The really, really bad news is that under the new scoring formula my EQ dropped from 802 to 732... 70 points...   Absolutely nothing has changed regarding my credit since May 11th when they showed me at 802 (i.e. UTIL is the same, no new apps, etc.). What I notice is that my AAoA dropped from 6 years to 9 months which is exactly correct when my two AU accounts aren't considered in my AAoA.  It looks like AU accounts are of no use in this scoring model. Very depressing.

[ajs813]

My score actually increased by 34 points! I went from a 640  to a 674. I was happy with the increase, but i wonder how many lenders actually use this new score model compaired to the old one.... I am wondering if now would be a good time to get that mortgage! 

[Florida1990]

Do not give up scores will fluctuate depending on when the credit card companies report your card utilization. You can do this just keep working at it. If you go to credit karma although not as accurate you will find a calendar on the right mid screen level; go over some of the dates and it will tell you when they expect your credit card companies to report your utilization. right those dates down then make sure you pay below 25% if possible to see your score change for the good.  

[WhirledPeasPlease]

669 down to 579...  sigh.

[BigRay5264]

Anybody else have their TU score change too? Initially only my EQ score dropped but now my TU dropped 42 points