topic Re: New FICO Formula Start August 18 Says FICO CEO in Understanding FICO® Scoring

New FICO Formula Start August 18 Says FICO CEO

Anonymous — Mon, 17 Aug 2009 23:01:47 GMT

http://www.foxbusiness.com/search-results/m/25938682/fico-ceo-on-credit-scores-new-ticker.htm

Re: New FICO Formula Start August 18 Says FICO CEO

marty56 — Tue, 18 Aug 2009 00:32:21 GMT

IMHO, if they role out FICO08 tomorrow, I guess it will be quite some time till we see any changes here. MyFICO still isnt using the newer TU forumula. So now I guess we will have 3 TU and 2 EQ scores to deal with.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 01:13:46 GMT

Mark Greene has oh so little to say about this change.

Message Edited by creditwherecreditisdue on 08-17-2009 09:13 PM

Re: New FICO Formula Start August 18 Says FICO CEO

llecs — Tue, 18 Aug 2009 04:09:22 GMT

IMO, it'll be years before you'd ever see or have the ability to pull FICO08 via myFICO.com. TU launched it last year for TU08. EQ launched it earlier this year for Beacon 9.0. Now EX is jumping in. It'll also be years before you see any mainstream use of FICO08 by lenders.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 04:16:55 GMT

The interesting thing that Mark Greene did do in that segment was stress once again that the gulf between the credit haves and the credit have nots is widening. I am not at all sure this is a very good thing for our economy or society.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 11:35:22 GMT

@llecs wrote:
TU launched it last year for TU08.

Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

Re: New FICO Formula Start August 18 Says FICO CEO

haulingthescoreup — Tue, 18 Aug 2009 21:47:12 GMT

bigtim wrote:

@llecs wrote:
TU launched it last year for TU08.
Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

I'm not llecs, but the TU score from transunioncs is also ~~TU04~~ TU98. No idea why TransUnion doesn't make the shift, either here or on their own site.

Note: for anyone reading in a hurry, bigtim is talking about www.transunioncs.com, not the straight TransUnion site, which will happily sell you FAKO scores.

edit: whoops! thanks for the catch, everyone. I have got to stop posting before coffee.

So transunioncs is neither FICO 08 nor TU 04. It's plain old TU 98, as on the myFICO site. sorrysorrysorrysorry....

Message Edited by haulingthescoreup on 08-18-2009 02:47 PM

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 13:56:51 GMT

@haulingthescoreup wrote:

I'm not llecs, but the TU score from transunioncs is also TU04. No idea why TransUnion doesn't make the shift, either here or on their own site.

Thanks for the scoring info hauling - see, I'm smartening up already - asking questions before I make another dumb maneuver...

Also, thanks for clarifying the "I'm not llecs" thing. I've always been suspicious of you having multiple identities & personalities - playing good cop, bad cop, etc. with other identities. Now my mind is at ease knowing you are the one and only even-keeled, always helpful hauling....

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 14:31:59 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
@llecs wrote:
TU launched it last year for TU08.
Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

I'm not llecs, but the TU score from transunioncs is also TU04. No idea why TransUnion doesn't make the shift, either here or on their own site.

Note: for anyone reading in a hurry, bigtim is talking about www.transunioncs.com, not the straight TransUnion site, which will happily sell you FAKO scores.

I assume you meant to type that the TU score at transunioncs.com is also TU'98, same as MyFico ...

Re: New FICO Formula Start August 18 Says FICO CEO

rom828 — Tue, 18 Aug 2009 19:34:37 GMT

I watched the clip.........

But what does all this really mean?!?! I know there were a lot of posts about 08 that addressed the issue of AUs, but I'm not sure I really understand the rest and I didnt hear Mr. Green give a lot of scoring and changes specifics.

If I recall, old baddies werent to have as much weight, but does this make AAoA any less important??

And are you saying TU already uses the 08 version? My TU score is a good bit higher than EQ basically same info, so maybe it's because TU is using 08?!

I'm grateful for any insight!

Edited: just read another thread on TU and also reread the above posts and see I really am confused....and/or I don't pay attention to what I'm reading!!

So right now the FICO we get for TU is 98 although some lenders use the TU04, which generally provides a lower score(??) When will TU use the 08 version?? Is the 'launch' just for EQ??

Message Edited by rom828 on 08-18-2009 12:34 PM

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 19:34:50 GMT

Mr Greene should come to this site to give us detailes of the changes.

Re: New FICO Formula Start August 18 Says FICO CEO

rom828 — Tue, 18 Aug 2009 19:46:52 GMT

@Anonymous wrote:
Mr Greene should come to this site to give us detailes of the changes.

Amen! Be nice of the CEO to provide subscribers with some real info. I didn't learn much from the clip about the effect of the 08 change...just talked is general about fiscal matters but didnt really elaborate on the changes that 08 will bring to scoring.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Tue, 18 Aug 2009 21:26:56 GMT

bookmarked. Will watch when I can

Re: New FICO Formula Start August 18 Says FICO CEO

haulingthescoreup — Tue, 18 Aug 2009 21:49:04 GMT

After finally getting my foot back out of my mouth, let me try again:

transunioncs is neither FICO 08 nor FICO TU 04 (my huge bad!) It is FICO TU 98, the same version as here on myFICO.

I didn't go back enough versions when I posted this morning, in a highly uncaffeinated state.

Re: New FICO Formula Start August 18 Says FICO CEO

haulingthescoreup — Tue, 18 Aug 2009 21:52:57 GMT

As for when FICO 08 will be available here, I'd say it will be a long, long (long, long) time, unless FICO changes its policy.

A version has to have been adapted by 50% or more of the nation's lenders before the myFICO site switches over, and even then, there can be some delay, as we've seen with the TU 98 --> TU 04 non-transition. Since there are just now starting to be cautious nibbles at FICO 08, you can imagine how long it will take to hit the 50% national usage mark.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Wed, 19 Aug 2009 18:43:13 GMT

Why are more formulas being created, but are not being used? FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Wed, 19 Aug 2009 18:46:39 GMT

@Anonymous wrote:
Why are more formulas being created, but are not being used? FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score.

Why on earth would you feel like that?

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Wed, 19 Aug 2009 18:53:15 GMT

@Anonymous wrote:
@Anonymous wrote:
Why are more formulas being created, but are not being used? FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score.

Why on earth would you feel like that?

Thre seems to be confusion what score model is being used. Seems MyFICO isn't trying to clear things up. I would like to know if the FICO score I have is the same as the score the creditors see.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Wed, 19 Aug 2009 19:04:22 GMT

It may not be. It also may have never been.

Don't confuse Fair Isaac and myFICO - same company - different products.

Would it be better if we went back to the old way and you had absolutely no way of knowing what your FICO scores are? You can feel free to do that if you want. No one is stopping you.

Re: New FICO Formula Start August 18 Says FICO CEO

Anonymous — Wed, 19 Aug 2009 19:16:34 GMT

@Anonymous wrote:
It may not be. It also may have never been.

Don't confuse Fair Isaac and myFICO - same company - different products.

Would it be better if we went back to the old way and you had absolutely no way of knowing what your FICO scores are? You can feel free to do that if you want. No one is stopping you.

Yes, it would be better if we went back to the old way. It sure would save me some money if we did. I wouldn't think about my credit scores. I'll just continue to pay my bills on time.