topic Re: Making sense of Fico 08 in Understanding FICO® Scoring

Making sense of Fico 08

tld1104 — Fri, 06 Jun 2014 00:33:35 GMT

I feel silly for asking this but I am still confused on the Fico 08 update. Are TU and EX going to change too or just Equifax? Thanks!

Re: Making sense of Fico 08

myjourney — Fri, 06 Jun 2014 00:36:51 GMT

myFico has now changed so now here you get TU 08 EX 08 EQ 08

Re: Making sense of Fico 08

Anonymous — Fri, 06 Jun 2014 00:38:18 GMT

You mean on this site?

EX has been 08 for some time, and TU changed to 08 a few days ago.

Re: Making sense of Fico 08

tld1104 — Fri, 06 Jun 2014 00:50:43 GMT

Ok...that's what I figured. I got the email last week from Scorewatch about the Equifax update. My TU didn't change....until I pulled it today after a CO was deleted. I was thinking...man...what a hit for a gone CO! 29 points. lol. Guess TU updated too.

Thanks!

Re: Making sense of Fico 08

tld1104 — Sat, 07 Jun 2014 20:32:44 GMT

Can anyone tell me where and if we can get the old scores from? I've read so many different things it's making my head spin!

Re: Making sense of Fico 08

mongstradamus — Sat, 07 Jun 2014 20:38:12 GMT

@tld1104 wrote:
Can anyone tell me where and if we can get the old scores from? I've read so many different things it's making my head spin!

You can get eq04 from dcu or Equifax site ,not sure about ex and TU

Re: Making sense of Fico 08

tld1104 — Sat, 07 Jun 2014 21:05:46 GMT

Thank you!

Re: Making sense of Fico 08

mongstradamus — Sat, 07 Jun 2014 21:20:24 GMT

to be clear i meant if you are member of DCU you can get eq 04 fico .

Re: Making sense of Fico 08

rom828 — Sun, 08 Jun 2014 23:39:37 GMT

I'm confused about the change, also. DH received upgrade email and got a 40 point bump to 740. I havent received an email although I've been Scorewatch subscriber since 2005 (DH 2007). Will everyone one be upgraded or is there some criteria being used to dtermine who upgrades?Of course, I'm hoping an upgrade doesnt mean a lowering of my current score, but I think I understand that it doesnt matter what happens with any change the 08 edition causes if lenders are going to be pulling 04. From the various threads I've read, sounds like only the '08 version is going to be available on MyFico so I would think all Scorewatch subscribers would be upgraded, but since I havent received upgrade notice, I'm confused..

Re: Making sense of Fico 08

mongstradamus — Mon, 09 Jun 2014 00:16:58 GMT

@rom828 wrote:
I'm confused about the change, also. DH received upgrade email and got a 40 point bump to 740. I havent received an email although I've been Scorewatch subscriber since 2005 (DH 2007). Will everyone one be upgraded or is there some criteria being used to dtermine who upgrades?Of course, I'm hoping an upgrade doesnt mean a lowering of my current score, but I think I understand that it doesnt matter what happens with any change the 08 edition causes if lenders are going to be pulling 04. From the various threads I've read, sounds like only the '08 version is going to be available on MyFico so I would think all Scorewatch subscribers would be upgraded, but since I havent received upgrade notice, I'm confused..

I think i read somewhere they are in process of upgraing everybody to eq08 who subscribes to SW this summer. You can ask to be upgrade to EQ08 if you want by calling in. You can also get eq04 from equifax directly thru their site or if you are member of DCU. That way you will have access to both eq 04 and 08 , it will be at an price but at least you will have access to it.

Re: Making sense of Fico 08

lhcole77 — Mon, 09 Jun 2014 18:09:09 GMT

@rom828 wrote:
I'm confused about the change, also. DH received upgrade email and got a 40 point bump to 740. I havent received an email although I've been Scorewatch subscriber since 2005 (DH 2007). Will everyone one be upgraded or is there some criteria being used to dtermine who upgrades?Of course, I'm hoping an upgrade doesnt mean a lowering of my current score, but I think I understand that it doesnt matter what happens with any change the 08 edition causes if lenders are going to be pulling 04. From the various threads I've read, sounds like only the '08 version is going to be available on MyFico so I would think all Scorewatch subscribers would be upgraded, but since I havent received upgrade notice, I'm confused..

I called in and they converted me over while I was on the phone =)

Re: Making sense of Fico 08

HiLine — Mon, 09 Jun 2014 19:17:34 GMT

I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

Re: Making sense of Fico 08

Involver — Mon, 09 Jun 2014 19:42:00 GMT

@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

You can still get your EQ04 from Equifax's website. You can purchase individual scores or Score Watch just like they use here.

Re: Making sense of Fico 08

HiLine — Mon, 09 Jun 2014 23:13:00 GMT

I knew that. But to get the number of scores I used to get with Score Watch I'd have to pay 100 bucks a month that way.

Re: Making sense of Fico 08

lhcole77 — Mon, 09 Jun 2014 23:37:36 GMT

@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

Out of curiosity....why?

Re: Making sense of Fico 08

HiLine — Tue, 10 Jun 2014 00:48:50 GMT

@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.
Out of curiosity....why?

Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

Re: Making sense of Fico 08

Revelate — Tue, 10 Jun 2014 02:37:16 GMT

@HiLine wrote:
@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.
Out of curiosity....why?
Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

That's true for the mortgage market only to be clear. Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull... unfortunately it appears may have neglected which would be the most *useful* pull.

Maybe they know something I don't and the GSE's are going to be switching to FICO 8 in the near future, and if that's the case all of the "sins" people are posting about should be forgiven. That's not something they could tell us, and there were "other reasons" which weren't released to the community at large nor the moderators in their explanation of the process.

Re: Making sense of Fico 08

HiLine — Tue, 10 Jun 2014 02:56:58 GMT

@Revelate wrote:
@HiLine wrote:
@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.
Out of curiosity....why?
Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.
That's true for the mortgage market only to be clear. Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull...

Do you have the link where FICO claims that? I'm curious what else they say.

Re: Making sense of Fico 08

Revelate — Tue, 10 Jun 2014 03:50:14 GMT

@HiLine wrote:
@Revelate wrote:
@HiLine wrote:
@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.
Out of curiosity....why?
Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.
That's true for the mortgage market only to be clear. Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull...
Do you have the link where FICO claims that? I'm curious what else they say.

In the announcement re: upgrade - http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-8-Announcement/m-p/2996572

Re: Making sense of Fico 08

HiLine — Tue, 10 Jun 2014 04:03:38 GMT

@Revelate wrote:
@HiLine wrote:
@Revelate wrote:
@HiLine wrote:
@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.
Out of curiosity....why?
Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.
That's true for the mortgage market only to be clear. Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull...
Do you have the link where FICO claims that? I'm curious what else they say.
In the announcement re: upgrade - http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-8-Announcement/m-p/2996572

OK, so it's a forum announcement, not a company announcement. If FICO 8 is really that popular I would expect the FICO website to declare it being so. Any chance there may be a more official source out there for this crucial information?