topic Re: Cant figure out the new scoring... in Understanding FICO® Scoring

Cant figure out the new scoring...

GOLF81 — Mon, 13 Feb 2017 18:25:53 GMT

Here's what my Dashboard on MYFICO (FICO 8) looks like... 677 Equifax , 670 Trans, 664 Experian . In a previous post I said a creditor ran my report and came back with and EXP score of 633 which got me denied. When I look on my Dashboard on the "older version scores" i get... Equifax FICO 5 - 665, Trans FICO 4 - 678, Experian FICO 2 - 631. I need to Experian number to get up over 650... It's frustrating having all the other okay BUT that one is killing me. Any thoughts?

Re: Cant figure out the new scoring...

Anonymous — Tue, 14 Feb 2017 03:47:30 GMT

Yeah. They're using some goofy risk assessment metric that's not standard FICO scoring. What kind of creditor was it?

Re: Cant figure out the new scoring...

Thomas_Thumb — Tue, 14 Feb 2017 06:16:20 GMT

@GOLF81 wrote:
Here's what my Dashboard on MYFICO (FICO 8) looks like... 677 Equifax , 670 Trans, 664 Experian . In a previous post I said a creditor ran my report and came back with and EXP score of 633 which got me denied. When I look on my Dashboard on the "older version scores" i get... Equifax FICO 5 - 665, Trans FICO 4 - 678, Experian FICO 2 - 631. I need to Experian number to get up over 650... It's frustrating having all the other okay BUT that one is killing me. Any thoughts?

Your older version Fico scores are often referred to as Fico Mortgage scores.

1) EQ Fico 5 is based on the Fico 04 algorithm.

2) TU Fico 4 is based on the Fico 04 algorithm

3) EX Fico 2 is based on the Fico 98 algorithm (which is older than Fico 04)

The older versions are more sensitive to # of cards reporting balances, a few new inquiries/credit card accounts and perhaps individual card utilization.

Do you have an AMEX charge card? If so, EX score 2 is influenced by reported charge card balance/high balance. The newer Fico 04 and Fico 8 algorithms don't look at B/HB.

Re: Cant figure out the new scoring...

GOLF81 — Tue, 14 Feb 2017 14:48:54 GMT

I just sold my home and am relocating... I was applying for a housing lease. Lucklily my high income got them to override the denial... It however, did shock me and has me worried that i cant get approved.