topic Re: Fico versions in Understanding FICO® Scoring

Fico versions

Suzette2 — Tue, 20 Sep 2022 11:51:20 GMT

With so many fico versions around, I am wondering what lender/grantor uses which version - and why? How would one know when they apply? Does anyone still use fico 2, for example?

Re: Fico versions

Anonymalous — Tue, 20 Sep 2022 18:24:18 GMT

You might be interested in @credit_is_crack's list:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/6379773

The really old versions stick around because they're a requirement for government-backed mortgages:

https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-5-Credit-Assessment/Section-B3-5-1-Credit-Scores/1032996841/B3-5-1-01-General-Requirements-for-Credit-Scores-08-05-2020.htm

Otherwise it's mostly FICO 8 with more moving to 9, and that's based on how quickly they feel like upgrading. (Since FICO 9 came out in 2016, they're not very quick.) Some use industry-specific versions, like the auto or bankcard versions. Nobody's moved to 10 yet, but that added a trending version.

Re: Fico versions

SouthJamaica — Tue, 20 Sep 2022 15:33:09 GMT

@Suzette2 wrote:
With so many fico versions around, I am wondering what lender/grantor uses which version - and why? How would one know when they apply? Does anyone still use fico 2, for example?

The mortgage scores are pretty much the only scores that are used for mortgages. Simply for historical reasons.

Some lenders still use the mortgage scores for credit cards and other things.