topic Re: Need help understanding FICO 5 scoring... in Understanding FICO® Scoring

Need help understanding FICO 5 scoring...

wvasweetness — Mon, 18 Jan 2021 01:49:36 GMT

My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!

Re: Need help understanding FICO 5 scoring...

AllZero — Mon, 18 Jan 2021 02:09:51 GMT

@wvasweetness wrote:
My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!

I'm not sure if we know all there is that goes into the secret recipe for EQ5 scoring.

https://www.myfico.com/credit-education/credit-scores/fico-score-versions

How does your profile look like?

Are you at AZEO now?

How is your reported individual and aggregate utilization?

What MMS are you trying to achieve?

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

Re: Need help understanding FICO 5 scoring...

SouthJamaica — Tue, 19 Jan 2021 03:37:21 GMT

@wvasweetness wrote:
My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!

My feeling is that it loves zero balances, and abhors new inquiries and accounts

Re: Need help understanding FICO 5 scoring...

Anonymous — Tue, 19 Jan 2021 13:50:15 GMT

Will need to hear back from the OP with profile details in order to provide solid recommendations.

Re: Need help understanding FICO 5 scoring...

tooleman694 — Thu, 21 Jan 2021 15:11:30 GMT

From my own personal experience because I am buying a house. I have noticed the old fico scores will crush you if you have new accounts and INQs. While rebuilding my scores, my Fico 8 has been pretty steady, while the old fico goes wild. I have noticed that if I just do nothing and let it age, the old scores love it.

I got 19 points this morning on my EX 02 from going from 49 to 48 util and losing an INQ, my Fico 8 didnt move. Id bet real money, my old ficos are about to be higher then my fico 8 here shortly as I get my util down.

Re: Need help understanding FICO 5 scoring...

hdporter — Sun, 24 Jan 2021 18:45:08 GMT

@SouthJamaica wrote:
@wvasweetness wrote:
My FICO 5 score is 70 points less than my 8. Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc). Thanks!
My feeling is that it loves zero balances, and abhors new inquiries and accounts

I'll add to that by saying that mortgage scores start losing their s**t when aggregate revolving balances top $10k, and really suffer over $20k.

Mortgage scores also more strongly prefer fewer accounts with reporting balances.

My FICO 8's have run 800+ consistently for 4+ years now. My mortgage scores run 720-760. When I'm next in the market for a mortgage, I'll payoff my revolvers to a $5k cap, and position myself as inquiry free for no less than 6mo (pref 1 year).