topic Fico 8 Fico 5 in Understanding FICO® Scoring

Fico 8 Fico 5

Marvelousone — Thu, 27 Aug 2015 13:32:19 GMT

What is the difference?

Re: Fico 8 Fico 5

Anonymous — Thu, 27 Aug 2015 13:40:06 GMT

I am new here but give 8 is never and used for something's but Rico 5 is the score used by mortgage compsnies

Re: Fico 8 Fico 5

Marvelousone — Thu, 27 Aug 2015 13:48:50 GMT

Huh?

Re: Fico 8 Fico 5

Anonymous — Thu, 27 Aug 2015 18:46:21 GMT

Take a look at this:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

It describes all the different flavors of FICO and their history.

Re: Fico 8 Fico 5

Thomas_Thumb — Fri, 28 Aug 2015 02:46:08 GMT

@Anonymous wrote:
I am new here but give 8 is never and used for something's but Rico 5 is the score used by mortgage compsnies

In general:

Credit cards => Fico 8

Mortgage => Fico 4 + odd man out EX Fico 98

FYI - Beacon 5 = EQ score 5 = Fico 4, TU score 4 = Fico 4, EX score 2 = Fico 98 ... Side note - EX score 3 = Fico 4

Re: Fico 8 Fico 5

ddemari — Fri, 28 Aug 2015 06:10:12 GMT

OP- Fico 08 is the most recent, widely used score for credit cards, student loans, loans etc.

Fico 05- most commonly used in mortgage lending, is also used by creditors for credit cards and loans, too.

more often, you are going to see fico 08 unless its a mortgage application. Fico 05 is more giving to me for having a lot of inquiries and old, old lates. fico 08 penalizes me heavily for everything.

Re: Fico 8 Fico 5

Anonymous — Fri, 28 Aug 2015 14:08:29 GMT

To the OP: I encourage you to read the link I gave you earlier. It's important to note that even within a particular model (e.g. FICO 8) are a number of different flavors of that model, each of which could cause your score to be very different from the others.

Thus, even if you could know that a lender is using "FICO 8", that lender might be using the generic version of the score, or the flavor designed for auto lenders, or the one designed for credit card companies, all of which as I mentioned have different ranges and which emphasize different things.