topic Re: FICO, ScoreX scores in Bankruptcy

FICO, ScoreX scores

Anonymous — Fri, 10 Dec 2010 02:39:20 GMT

My BK attorney just pulled my credit report for bankruptcy filing. It gave "FICO" score and a "Score X" score. TheFICO score nd did not provide a score from any of the credit reporting agencies; it just said FICO score. So what is this FICO score based on ? And what is a Score X score, all from the same report the attorney pulled. He said it's a system BK attorneys use to pull credit.

My FICO score was 658. I thought it would be higher. I only have 2 degragatory reports of 30 days. But I have 32K in credit card debt, all closely maxed out, and 60K in student loans.

My Score X score was 712. What score is this?

Re: FICO, ScoreX scores

haulingthescoreup — Fri, 10 Dec 2010 21:22:50 GMT

@Anonymous wrote:
My BK attorney just pulled my credit report for bankruptcy filing. It gave "FICO" score and a "Score X" score. TheFICO score nd did not provide a score from any of the credit reporting agencies; it just said FICO score. So what is this FICO score based on ? And what is a Score X score, all from the same report the attorney pulled. He said it's a system BK attorneys use to pull credit.

My FICO score was 658. I thought it would be higher. I only have 2 degragatory reports of 30 days. But I have 32K in credit card debt, all closely maxed out, and 60K in student loans.

My Score X score was 712. What score is this?

Can't help you on the Score X (Scorex?), but the high revolving util is what's killing your scores. Even with the lates, you'd probably be more around 710- 720 if your util was low, depending on your length of history. (I realize that you can't do that, and that's why you're considering BK.)

Which report did your FICO score come from? It's different for all three CRA's.

Re: FICO, ScoreX scores

Anonymous — Fri, 10 Dec 2010 21:34:09 GMT

My "FICO Risk Score" and Scorex score came from a report my attorney pulled to get my credit that he says BK attorneys use for that purpose. The report is from CBA Solutions and is called a Pyramid Report. I checked and see the Scorex score cited on the report is from Experian.

Re: FICO, ScoreX scores

MarineVietVet — Fri, 10 Dec 2010 21:35:04 GMT

I drew a blank on what a ScoreX is myself.

But I agree with HTSU about the high utilization. That can be a real score killer.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: FICO, ScoreX scores

Anonymous — Fri, 10 Dec 2010 21:38:06 GMT

The "FICO Risk Score" is listed as just one score by itself and is not associated with any of the CRA agencies. I had not seen that before and was what I was wondering about it. Apparently FICOo produces its on risk score, at least that's what I've since read on the Web since my original posting, in addition to providing scores from the CRAs.

Re: FICO, ScoreX scores

haulingthescoreup — Fri, 10 Dec 2010 21:39:36 GMT

Your FICO is probably your EX FICO then, too. (FICO scores come from the three different credit bureaus/ CRA's: Equifax, TransUnion, and Experian.)

The full name for the EX FICO score that is most in use now is Experian/Fair Isaac Risk Model v.2.

If it comes from Equifax, it's a Beacon 5.0.

If it comes from TransUnion, it's something like TransUnion Empirica, either the 1998 version (what we have here) or the 2004 version.

Re: FICO, ScoreX scores

haulingthescoreup — Fri, 10 Dec 2010 21:44:35 GMT

@Anonymous wrote:
The "FICO Risk Score" is listed as just one score by itself and is not associated with any of the CRA agencies. I had not seen that before and was what I was wondering about it. Apparently FICOo produces its on risk score, at least that's what I've since read on the Web since my original posting, in addition to providing scores from the CRAs.

No, actually what FICO does is work with each CRA separately, using a selection of their credit reports, and creates a risk score for each individual CRA. When most people talk about FICO scores, they're talking about so-called classic (small "c") FICO scores, which are used by mortgage lenders.

It gets more exciting, because there are also so-called industry-enhanced FICO risk scores for each CRA, attempting to fine-tune risk predictions for auto loans, credit cards, and what-not. Then there are more recent versions that lenders are pokey about picking up.

But there isn't just a plain FICO risk score, because it has to be based on some sort of information, aka your credit report from one of the three CRA's.

eta: and there are all sorts of other goodies that FICO sells to different industries. The ones I mentioned are the ones that consumers generally deal with.

Re: FICO, ScoreX scores

Anonymous — Fri, 10 Dec 2010 21:48:13 GMT

Press release from FICO:

January 29, 2009 (Minneapolis, Minnesota, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that TransUnion is the first credit reporting company to offer Fair Isaac's newest FICO® score to businesses. TransUnion will market scores from the new model under the product name FICO® Risk Score, Classic 08.

from FICO's Web site

http://www.fico.com/en/Company/News/Pages/01-29-2009.aspx

Re: FICO, ScoreX scores

MarineVietVet — Fri, 10 Dec 2010 22:02:15 GMT

@Anonymous wrote:
Press release from FICO:

January 29, 2009 (Minneapolis, Minnesota, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that TransUnion is the first credit reporting company to offer Fair Isaac's newest FICO® score to businesses. TransUnion will market scores from the new model under the product name FICO® Risk Score, Classic 08.

from FICO's Web site
http://www.fico.com/en/Company/News/Pages/01-29-2009.aspx

Yes I believe this is the TU08 version but it seems very, very few companies are using it yet.

Re: FICO, ScoreX scores

haulingthescoreup — Fri, 10 Dec 2010 22:26:42 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Press release from FICO:

January 29, 2009 (Minneapolis, Minnesota, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that TransUnion is the first credit reporting company to offer Fair Isaac's newest FICO® score to businesses. TransUnion will market scores from the new model under the product name FICO® Risk Score, Classic 08.

from FICO's Web site
http://www.fico.com/en/Company/News/Pages/01-29-2009.aspx
Yes I believe this is the TU08 version but it seems very, very few companies are using it yet.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

As I said, FICO creates the scoring formulas for each CRA, which is why we all have an EQ FICO, a TU FICO, and an EX FICO. (Assuming we can find them out. )