topic Re: FICO 10 & 10T in Understanding FICO® Scoring

FICO 10 & 10T

Anonymous — Sun, 30 Aug 2020 18:40:29 GMT

I was told that the new Fico 10 & 10 T will do a 2 year lookback. I have had a number have negative entries in my credit report going back to 2013 when I was invloved in a serious accident.

Will these new scoring model be able to see item that have fallen off my report.

The last negative entry falls off in September.

I was shocked when 2 negative entries fell off of TransUnion and my score increased by 114 points.

I have worked extremely to increase my credit score only to find out that Fico 10 will use the negative entries that have fallen off my credit reports.

Hopefully someone can explain this to me.

Thanks,

Brian

Re: FICO 10 & 10T

Anonymous — Sun, 30 Aug 2020 19:23:27 GMT

Scores are generated by what is on your report, so no

Re: FICO 10 & 10T

Anonymous — Sun, 30 Aug 2020 20:17:27 GMT

@Anonymous wrote:
I was told that the new Fico 10 & 10 T will do a 2 year lookback. I have had a number have negative entries in my credit report going back to 2013 when I was invloved in a serious accident.

Will these new scoring model be able to see item that have fallen off my report.

The last negative entry falls off in September.

I was shocked when 2 negative entries fell off of TransUnion and my score increased by 114 points.

I have worked extremely to increase my credit score only to find out that Fico 10 will use the negative entries that have fallen off my credit reports.

Hopefully someone can explain this to me.

Thanks,

Brian

@Anonymous Welcome. @Anonymous Is correct, you misunderstand.

10T will look at your last two years of payment activity. The things that are removed at 7 or 7.5 years are gone, except for people that are borrowing very large amounts.

Re: FICO 10 & 10T

Anonymous — Mon, 31 Aug 2020 02:39:09 GMT

The algorithm can only see/use the data available on your current credit report. If a negative falls off, no scoring model can consider it.

Re: FICO 10 & 10T

Anonymous — Mon, 31 Aug 2020 04:56:40 GMT

Right, but it doesn’t actually fall off at 7 years old, it falls off at 10 because if you’re borrowing more than $150,000 or something, I forget the number, the credit report is allowed to contain negatives up to like 10 years I think it is. You can read the link in the Primer but I believe its $150,000.

What happens is at 7 years they hide it from all reports, it’s excluded from all reports, but it doesn’t actually fall off until like 10 years because if the amount is a certain amount then they’re allowed to include it for longer. It’s in the statute in the US code.

Re: FICO 10 & 10T

NRB525 — Mon, 31 Aug 2020 19:35:58 GMT

@Anonymous wrote:
Right, but it doesn’t actually fall off at 7 years old, it falls off at 10 because if you’re borrowing more than $150,000 or something, I forget the number, the credit report is allowed to contain negatives up to like 10 years I think it is. You can read the link in the Primer but I believe its $150,000.

What happens is at 7 years they hide it from all reports, it’s excluded from all reports, but it doesn’t actually fall off until like 10 years because if the amount is a certain amount then they’re allowed to include it for longer. It’s in the statute in the US code.

Interesting.

So is that actually borrowing $150k or more, or having open credit lines of $150k or more?

Re: FICO 10 & 10T

Anonymous — Tue, 01 Sep 2020 02:43:31 GMT

From what I recall reading, it's $150k+ in one tradeline such as a mortgage. Retention of accounts for 7 vs 10 years would be on a case by case basis, based on the dollar value of each account. Your $200k mortgage would fit the criteria, but your aggregate $250k of revolving credit lines would not, as it's comprised of multiple accounts that are each less than that $150k threshold number.

Re: FICO 10 & 10T

Anonymous — Tue, 01 Sep 2020 18:58:02 GMT

@NRB525 No it’s not for a credit card, its if you’re borrowing that amount of money is my understanding, like a loan. When I get a chance, I’ll double check the amount and language for you.

Re: FICO 10 & 10T

donkort — Wed, 02 Sep 2020 13:50:10 GMT

How many entities actually use FICO 10 or 10T at this point?

Re: FICO 10 & 10T

Anonymous — Wed, 02 Sep 2020 23:02:31 GMT

Sorry for all of the typos.

My question looks like it came from a 10 year old.

These replies were put into my Spam folders so I am sorry for the late thank you shoutouts.

Brian

Re: FICO 10 & 10T

dragontears — Thu, 03 Sep 2020 00:02:00 GMT

@donkort wrote:
How many entities actually use FICO 10 or 10T at this point?

Since it hasn't been officially released yet (that I am aware of) , no one is using it at this point

Re: FICO 10 & 10T

RootDet — Wed, 14 Oct 2020 05:49:16 GMT

I am curious when Myfico subscribers will see the new score model available to them.

Re: FICO 10 & 10T

Anonymous — Wed, 14 Oct 2020 07:17:31 GMT

@NRB525 I checked it, it is $150,000. FCRA, s. 605:

"(b) Exempted cases. The provisions of paragraphs (1) through (5) of sub- section (a) of this section are not applicable in the case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reason- ably be expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more."