topic Re: Fico 08 is in full effect in Credit Cards

Fico 08 is in full effect

My2cents — Sun, 18 Jan 2009 04:38:15 GMT

Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 04:41:46 GMT

@My2cents wrote:
Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents

that's very interesting. Unfortunately that news makes me want to ignore my goal of not pulling again until 3/15/09 and pull right this second.

I must be strong and resist the urge!

Message Edited by woopah on 01-17-2009 08:41 PM

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 04:46:37 GMT

@Anonymous wrote:
@My2cents wrote:
Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents
that's very interesting. Unfortunately that news makes me want to ignore my goal of not pulling again until 3/15/09 and pull right this second.

I must be strong and resist the urge!
Message Edited by woopah on 01-17-2009 08:41 PM

I know thats right... I want to pull mines also.. I got a few collections under 100 dollars.

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 04:48:23 GMT

@My2cents wrote:
Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents

I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.

Thanks

Re: Fico 08 is in full effect

Red1Blue — Sun, 18 Jan 2009 04:54:09 GMT

How do you know 08 is in effect? When did it go into effect? Is there any thing in the report that states new scoring system being used? I pulled my scores on 1/15/2009 and there is no much difference. Unless some scoring change implemented between 1/16/2009 and today, there is no point in pulling the scores again. Is there any way to tell when the new scoring model implemented?

Re: Fico 08 is in full effect

My2cents — Sun, 18 Jan 2009 04:54:16 GMT

I think that your score will increase without a PFD, however it looks better to the human eye that you dont have several collections so a PFD is the best way, then fico 08 is the second best way, then the old classic fico.

Fellow forumer My2cents

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 04:58:42 GMT

@My2cents wrote:
I think that your score will increase without a PFD, however it looks better to the human eye that you dont have several collections so a PFD is the best way, then fico 08 is the second best way, then the old classic fico.

Fellow forumer My2cents

My2cents

I want to pull those scores so badly!!! (lol.. pulling hand away from mouse) Thanks for the info..

Strong

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 04:58:50 GMT

@Anonymous wrote:
@My2cents wrote:
Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents
I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.

Thanks

If you can do a PFD the collection will be removed and your score will not be hurt at all. I think the new scoring is just not doing costing quite as many points as before. I'm pretty sure some are taken off for having them. It's better to have a clean report anyway, so if you can knock those out, I would.

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 05:00:59 GMT

@Anonymous wrote:
@Anonymous wrote:
@My2cents wrote:
Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.

Well enough from me My2cents
I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.

Thanks

If you can do a PFD the collection will be removed and your score will not be hurt at all. I think the new scoring is just not doing costing quite as many points as before. I'm pretty sure some are taken off for having them. It's better to have a clean report anyway, so if you can knock those out, I would.

You are right... I was just curious though ... My scores could use a big lift .. lol.. they will get there in time though

Re: Fico 08 is in full effect

My2cents — Sun, 18 Jan 2009 05:04:12 GMT

I read an article about 3 days ago on MSN about the new scoring formula that clearly stated that the new formula will penalize you less for collections no more than 100.00 which DW and I have, and we both saw a jump in today's pull. So I compared the old report with the new report, the information was identical and the only logical explanation is that the collections are counting less. Another point we did not see a jump in our EQ and guess what, we don't have a collection on our EQ, so I put 2 and 2 together.

Well actually I put 1 and 1 together and just gave you My2cents

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 05:10:09 GMT

@Red1Blue wrote:
How do you know 08 is in effect? When did it go into effect? Is there any thing in the report that states new scoring system being used? I pulled my scores on 1/15/2009 and there is no much difference. Unless some scoring change implemented between 1/16/2009 and today, there is no point in pulling the scores again. Is there any way to tell when the new scoring model implemented?

Good read:

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/new-risks-to-credit-scores.aspx

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 05:11:15 GMT

So Fico 08 is in effect? My Ex dropped 4 pts. and I am only revolving $78 more than last month. hmmmm. Is this the model creditors will use now?

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 05:11:49 GMT

@My2cents wrote:
I read an article about 3 days ago on MSN about the new scoring formula that clearly stated that the new formula will penalize you less for collections no more than 100.00 which DW and I have, and we both saw a jump in today's pull. So I compared the old report with the new report, the information was identical and the only logical explanation is that the collections are counting less. Another point we did not see a jump in our EQ and guess what, we don't have a collection on our EQ, so I put 2 and 2 together.

Well actually I put 1 and 1 together and just gave you My2cents

LOL.... on last sentence

Re: Fico 08 is in full effect

fused — Sun, 18 Jan 2009 06:27:55 GMT

FICO 08 is NOT in full effect! Period!

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 06:43:17 GMT

Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.

Re: Fico 08 is in full effect

haulingthescoreup — Sun, 18 Jan 2009 12:45:01 GMT

l9ikjam wrote:
Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.

Even more of an indication that it's not due to FICO 08. If your FAKO's jumped too, it indicates that something changed on your reports.

Those of you with mystery increases in your scores need to go look at your average age of accounts, your oldest account (overall history) and the dates that various accounts were opened and that baddies hit. It's likely that your age went up, or an account or baddie had a birthday.

Re: Fico 08 is in full effect

Red1Blue — Sun, 18 Jan 2009 13:53:34 GMT

@fused wrote:
FICO 08 is NOT in full effect! Period!

Thanks. I dont want spend money in pulling the scores if there is no change. I'll wait till next month and check my scores.

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 14:11:23 GMT

I agree. I got a score jump this month on TU & Exp (no action on EQ yet)... My AAoA increased, and accounts for it.

@haulingthescoreup wrote:
@Anonymous wrote:
Well I just checked and my TU went from 704 8 days ago up to 731 today. EQ went from 680 to 700 and EX was about to hit 700 but it actually dropped down a few points. Plus my pfico score from Wamu went from 669 to 731. My fako scores from Credit Secure all hit above 800 on all 3 reports.

Even more of an indication that it's not due to FICO 08. If your FAKO's jumped too, it indicates that something changed on your reports.

Those of you with mystery increases in your scores need to go look at your average age of accounts, your oldest account (overall history) and the dates that various accounts were opened and that baddies hit. It's likely that your age went up, or an account or baddie had a birthday.

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 16:11:52 GMT

I pulled last night and had a net change of ZERO on all three.

I also have two collections for under 100 dollars.

My scores have not changed since early December.

Re: Fico 08 is in full effect

Anonymous — Sun, 18 Jan 2009 19:57:34 GMT

Unless they have recently changed, the TU classic score MyFico has been selling is the Empirica98 version, even though an '04 version was created 4-5 years ago. Fair Isaac has stated they don't sell a new Fico version to consumers through MyFico until 50% of the lenders have adopted it. Lenders and resellers don't instantly change to a new version the second it is released, and (unless FI changes their 50% rule), it will be a fairly long time before the scores sold to consumers through MyFico are based on the Fico08 formula.

(Anyone more knowledgeable - please correct me if any of the above information is incorrect)

There are a variety of factors that affect scoring, including aging, disputes in process, etc. To accurately determine what caused a score change between Date A and Date B, you need to compare credit reports, line by line, pulled exactly when the scores were computed on both dates. You also need to look at overall and individual aging. Even then, you still might not have enough information to pinpoint the exact reasons for the score difference ...