topic FICO 08 News? in Understanding FICO® Scoring

FICO 08 News?

TheArcher — Fri, 02 May 2008 13:39:42 GMT

I've tried googling for some recent news, but I can't find any. I know all about it and what it's going to do, but is it still tied up in court? I really don't want it to come out because it's going to hurt my wifes credit score because she's an authorized user on our credit card and our CC company won't make it a joint account. Anybody have any recent news on a possible rollout date? Last I heard was mid-May.

Re: FICO 08 News?

MidnightVoice — Fri, 02 May 2008 13:50:07 GMT

EQ not for long time, the others - maybe sometime sooner or later or not at all.

Summary seems to be - nobody has the faintest idea But DW and I have spent a year preparing for it!!!

Re: FICO 08 News?

TheArcher — Fri, 02 May 2008 13:59:21 GMT

I really hope it stays on the shelf forever, or at least stays tied up in court for the next year. This fall me and my wife will be closing on a loan and if she falls off as an AU on a 50K CC limit her score is going to take a hit and that isn't going to help us out with our loan at all.

This entire AU not counting on the scoring system really irritates me. Just because a small amount of people piggy backed and cheated the system, millions of people that played by the rules are going to take a hit becuase they decided to change the rules in the middle of the game.

I wouldn't be as irritated about it if the CC companies would allow people to switch to joint accounts, but I've seen very little success in this area and my CC company wouldn't even consider it, they basically said "tough luck."

Re: FICO 08 News?

Anonymous — Fri, 02 May 2008 22:12:45 GMT

@TheArcher wrote:
I really hope it stays on the shelf forever, or at least stays tied up in court for the next year. This fall me and my wife will be closing on a loan and if she falls off as an AU on a 50K CC limit her score is going to take a hit and that isn't going to help us out with our loan at all.

This entire AU not counting on the scoring system really irritates me. Just because a small amount of people piggy backed and cheated the system, millions of people that played by the rules are going to take a hit becuase they decided to change the rules in the middle of the game.

I wouldn't be as irritated about it if the CC companies would allow people to switch to joint accounts, but I've seen very little success in this area and my CC company wouldn't even consider it, they basically said "tough luck."

Who is your CCC? The only one I've run into who won't allow it is Amex.

BOA and Citi were fine with Joint and that's how it now shows up on my credit reports.

Re: FICO 08 News?

MidnightVoice — Fri, 02 May 2008 22:37:00 GMT

Juniper won't, my CU will

Re: FICO 08 News?

Anonymous — Fri, 02 May 2008 22:52:57 GMT

Archer - you really need to get your wife a card, either individually or jointly, especially while the AU's still count on all 3 CRA's. You really should have more than one credit card anyway.

Re: FICO 08 News?

haulingthescoreup — Fri, 02 May 2008 23:07:17 GMT

@Anonymous wrote:

Archer - you really need to get your wife a card, either individually or jointly, especially while the AU's still count on all 3 CRA's. You really should have more than one credit card anyway.

I very much agree. You both need to have more revolving credit in each of your names in this day and age, even if you only use the card once a month to buy a tank of gas. Even the most conservative users of credit ought to have three cards, maybe two bank cards and a store or gas card, or just three bank cards. Even if you're not a big credit user, the world of finance now expects you to be one, and it can truly be a PITA to accomplish anything like a mortgage without an established revolving credit history.

It's especially important that she have credit in her own name, not even joint user. If something were to happen to your credit, like a medical disaster that wiped out your insurance and forced you into bankruptcy, if she had independent credit, it could carry both of you through the BK recovery period.

There is also the gloomy reality that wives typically outlive their husbands, and if they haven't established their own separate credit, they face even more financial difficulties than they already encounter with widowhood. This is especially true of stay-at-home spouses. My mother stopped working once my dad finished his internship, but she always managed the family finances, and she has fantastic credit. He passed away in his early fifties, and she never went through the financial turmoil that so many widows do.

And don't think that this (bankruptcy and early widowhood) doesn't happen, because it most certainly does. I've read enough cases here just among our members.

Re: FICO 08 News?

TheArcher — Sat, 03 May 2008 01:29:32 GMT

LOL, it's AMEX.

Thanks for the advice guys. I know that we should get credit in her name, but we just never even thought about doing it. We will make some adjustments in the future though.

Message Edited by TheArcher on 05-02-2008 06:29 PM

Re: FICO 08 News?

Anonymous — Sat, 03 May 2008 03:46:16 GMT

Is that Card even being counted?

The history is-

But is she getting credit for the 50K (or you for that matter) in UTL.

We have proven that 50K HELOC'S are ignored- IMO 50K CC will be as well.

TheArcher wrote:

LOL, it's AMEX.

Thanks for the advice guys. I know that we should get credit in her name, but we just never even thought about doing it. We will make some adjustments in the future though.

Message Edited by TheArcher on 05-02-2008 06:29 PM

Re: FICO 08 News?

TheArcher — Sat, 03 May 2008 04:50:46 GMT

Yes, it reports on both of our credit reports. It has a 50K limit, but it reports as $49,500 on our reports. It's only been that high for 3 years and it has always reported that high since I got the CLI that put it up there.

Message Edited by TheArcher on 05-02-2008 09:50 PM

Re: FICO 08 News?

RobertEG — Sat, 03 May 2008 16:38:49 GMT

FICO 08 has, in fact, already begun its release on trial basis, but that is not the issue. The issue is not really when FairIsaac will begin trying to sell it, it is a matter of if and when anyone will choose to use it. And the actual release of FICO 08 itself is not tied up in court. FairIsaac is free to release it as it pleases.

Equifax has declined the opportunity to offer FICO 08 to its lenders until litigation between Fair Isaac and the three credit bureaus is resolved. The lawsuit stems from the creation of VantageScore, a joint venture that the three bureaus started in 2006.

FairIsaac has previously tried, sometimes successfully, and somethimes unsuccessfully, to release new versions of FICO. The decision is with their customers, not with them. Fair Isaac will not simple announce the official release of FICO 08, and then, BOOM! all must now use it, and all credit scores will change. That simply aint the way it woiks in the business world!

FairIsaac has announced no plans to discontinue the sale to their customers of the current FICO algorithm, which would be financial suicide, for that is their current business. So it is up to their customers which version they choose to purchase and use in the future. The future is not here. The CRAs will not choose to purchase a new baby until their customers, the creditors (CCCs, mortgage lendors, auto lendors, banks, ect.) buy into it, and other unrelated littgation is resolved. So it is a trickle down acceptance, none of which has begun to occur yet. I would not worry at all about imminent implimentation of FICO 08 by any of the CRAs.

Message Edited by RobertEG on 05-02-2008 10:33 PM

Message Edited by RobertEG on 05-02-2008 10:35 PM

Message Edited by RobertEG on 05-02-2008 10:40 PM

Message Edited by RobertEG on 05-02-2008 10:41 PM

Message Edited by RobertEG on 05-03-2008 09:38 AM

Re: FICO 08 News?

TheArcher — Sat, 03 May 2008 15:04:45 GMT

Wow, thanks a lot Robert! That makes a lot of sense and also makes me feel a little better.