topic Re: AWSOME FICO SCORE FORMULA CHART in Understanding FICO® Scoring

AWSOME FICO SCORE FORMULA CHART

DIYcredit — Sun, 20 Sep 2015 06:38:09 GMT

Hi,

I found this Fico Score Model Chart.I found it very educational.I'm sure the points are not 100% accurate,but it will defiantly assist in my Credit Rebuilding.If anyone has any other charts,graphs or any Foco educational info. Please post it up?

Here's the link; http://www.doughroller.net/credit/a-rare-glimpse-inside-the-fico-credit-score-formula/

Thanks,

DIYcredit

Re: AWSOME FICO SCORE FORMULA CHART

Anonymous — Sun, 20 Sep 2015 11:53:45 GMT

That chart predicts my score will jump 25 points in the next month when I go from having 2 inquiries under 6 months to zero (but still the same number under one year).

My score is currently 733, that predicts a jump up to the neighborhood of 758.

We will see in the next six weeks if it is true

Re: AWSOME FICO SCORE FORMULA CHART

CH-7-Mission-Accomplished — Sun, 20 Sep 2015 17:30:46 GMT

@Anonymous wrote:
That chart predicts my score will jump 25 points in the next month when I go from having 2 inquiries under 6 months to zero (but still the same number under one year).

My score is currently 733, that predicts a jump up to the neighborhood of 758.

We will see in the next six weeks if it is true

This chart sucks big time. There is no way that one would lose 50 points for having 4 inquiries in six months. That's 12.5 points per inquiry. Also, it gives the second highest possible score for having a zero average balance across all cards. That would require all cards reporting a zero, and that is not good for FICO. And FICO doesn't care about absolute balance amounts (like dinging you most for a balance at 1K plus versus under $100. All that matters is percent utilization of all cards totaled, the number of cards with a balance, and whether any one card is at 90% or more.

Whoever made that chart does not understand FICO scoring. I have no doubt it was not published my FICO.

Re: AWSOME FICO SCORE FORMULA CHART

Anonymous — Sun, 20 Sep 2015 17:43:19 GMT

This chart is more than 3 years old. It may have some value, but it is just an internal training model. I wouldn't base any decision on it.

Re: AWSOME FICO SCORE FORMULA CHART

Anonymous — Sun, 20 Sep 2015 18:36:29 GMT

I wonder if those utilization numbers are meant to be 1/1000ths of your limit, rather than dollar values. That would make sense then.

In that case the score increments are 10%, 50%, 75% and 100% or more of your limit. I can't imagine a scoring model where those would be dollars -- a $1000 balance may be small for one person, and way over the limit for another. But if those average balance numbers are 1/1000th's it makes sense.

Re: AWSOME FICO SCORE FORMULA CHART

CH-7-Mission-Accomplished — Sun, 20 Sep 2015 18:49:04 GMT

@Anonymous wrote:

I wonder if those utilization numbers are meant to be 1/1000ths of your limit, rather than dollar values. That would make sense then.

In that case the score increments are 10%, 50%, 75% and 100% or more of your limit. I can't imagine a scoring model where those would be dollars -- a $1000 balance may be small for one person, and way over the limit for another. But if those average balance numbers are 1/1000th's it makes sense.

Whoever looks at this chart, please do not think it was put out by the FICO company. It was put together by some individual. FICO would never be this specific, for one thing, and the data incorrect for a second.

FICO requires that anytime you use their trademarked FICO logo, you must be put in a footnote that gives them full attribution. Seeing that footnote and the name FICO in the header of the graphic should not make anyone believe it came from FICO or has anything to do with them. It is simply acknowledging that their name is trademarked.

Also we all know about scorecards and we are constantly being reminded that "inquiries don't matter." If four inquiries would nail you for 50 points, there would be a world of hurt around here. Plus you cannot generalize how something like number of inquiries will affect scores across all profiles since all the data is weighted differently based on score cards.

I just don't want anybody thinking this graphic has any type of FICO involvement because it doesn't. It is one person's attempt to educate people using patently false information. The graphic should be destroyed!

Re: AWSOME FICO SCORE FORMULA CHART

Thomas_Thumb — Sun, 20 Sep 2015 18:50:50 GMT

The chart is an illustrative example of how Fico works. And yes, this chart has been around a long time.

Don't view the specific numbers as a real world accurate depiction of score impact associated with factors. Rather, look at it as an educational tool that indicates how factors influence score and general magnitude of impact. Note: I suspect this is a 3rd party chart (not directly from Fico).

Re: AWSOME FICO SCORE FORMULA CHART

iv — Sun, 20 Sep 2015 18:56:35 GMT

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
That chart predicts my score will jump 25 points in the next month when I go from having 2 inquiries under 6 months to zero (but still the same number under one year).

My score is currently 733, that predicts a jump up to the neighborhood of 758.

We will see in the next six weeks if it is true
This chart sucks big time. There is no way that one would lose 50 points for having 4 inquiries in six months. That's 12.5 points per inquiry. Also, it gives the second highest possible score for having a zero average balance across all cards. That would require all cards reporting a zero, and that is not good for FICO. And FICO doesn't care about absolute balance amounts (like dinging you most for a balance at 1K plus versus under $100. All that matters is percent utilization of all cards totaled, the number of cards with a balance, and whether any one card is at 90% or more.

Whoever made that chart does not understand FICO scoring. I have no doubt it was not published my FICO.

That chart is from a FICO World 2010 presentation by a FICO Principal Consultant for Scores and Analytics (J.W.)...

But it's an example, not an actual copy of the scoring criteria in any particular model. For that matter, a 2014 version of that slide changed the title from "Example FICO Scoring Model" to "Example FICO Score Reason Computation", and clarifies that the points listed are NOT part of the 850 scale, but rather part of the method for determining the four reason codes/score factors. (Reason code "selection and order based upon difference from maximum points" in each reason code category.)

Note that these presentations are available to FICO World/FICO Boot Camp attendees, and are marked "FICO Confidential - This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation's express consent."

Re: AWSOME FICO SCORE FORMULA CHART

CH-7-Mission-Accomplished — Sun, 20 Sep 2015 20:16:43 GMT

@iv wrote:
@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
That chart predicts my score will jump 25 points in the next month when I go from having 2 inquiries under 6 months to zero (but still the same number under one year).

My score is currently 733, that predicts a jump up to the neighborhood of 758.

We will see in the next six weeks if it is true
This chart sucks big time. There is no way that one would lose 50 points for having 4 inquiries in six months. That's 12.5 points per inquiry. Also, it gives the second highest possible score for having a zero average balance across all cards. That would require all cards reporting a zero, and that is not good for FICO. And FICO doesn't care about absolute balance amounts (like dinging you most for a balance at 1K plus versus under $100. All that matters is percent utilization of all cards totaled, the number of cards with a balance, and whether any one card is at 90% or more.

Whoever made that chart does not understand FICO scoring. I have no doubt it was not published my FICO.
That chart is from a FICO World 2010 presentation by a FICO Principal Consultant for Scores and Analytics (J.W.)...

But it's an example, not an actual copy of the scoring criteria in any particular model. For that matter, a 2014 version of that slide changed the title from "Example FICO Scoring Model" to "Example FICO Score Reason Computation", and clarifies that the points listed are NOT part of the 850 scale, but rather part of the method for determining the four reason codes/score factors. (Reason code "selection and order based upon difference from maximum points" in each reason code category.)

Note that these presentations are available to FICO World/FICO Boot Camp attendees, and are marked "FICO Confidential - This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation's express consent."

Oh, boy, now you've done it!

Re: AWSOME FICO SCORE FORMULA CHART

Revelate — Mon, 21 Sep 2015 07:44:17 GMT

That chart is laughably bad when it comes to any FICO algorithm... heck parts of it are more applicable to Vantage Score which is the truly LOL part of it.

Re: AWSOME FICO SCORE FORMULA CHART

Revelate — Mon, 21 Sep 2015 07:47:32 GMT

@iv wrote:
@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
That chart predicts my score will jump 25 points in the next month when I go from having 2 inquiries under 6 months to zero (but still the same number under one year).

My score is currently 733, that predicts a jump up to the neighborhood of 758.

We will see in the next six weeks if it is true
This chart sucks big time. There is no way that one would lose 50 points for having 4 inquiries in six months. That's 12.5 points per inquiry. Also, it gives the second highest possible score for having a zero average balance across all cards. That would require all cards reporting a zero, and that is not good for FICO. And FICO doesn't care about absolute balance amounts (like dinging you most for a balance at 1K plus versus under $100. All that matters is percent utilization of all cards totaled, the number of cards with a balance, and whether any one card is at 90% or more.

Whoever made that chart does not understand FICO scoring. I have no doubt it was not published my FICO.
That chart is from a FICO World 2010 presentation by a FICO Principal Consultant for Scores and Analytics (J.W.)...

But it's an example, not an actual copy of the scoring criteria in any particular model. For that matter, a 2014 version of that slide changed the title from "Example FICO Scoring Model" to "Example FICO Score Reason Computation", and clarifies that the points listed are NOT part of the 850 scale, but rather part of the method for determining the four reason codes/score factors. (Reason code "selection and order based upon difference from maximum points" in each reason code category.)

Note that these presentations are available to FICO World/FICO Boot Camp attendees, and are marked "FICO Confidential - This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation's express consent."

They're published by FICO on the Intarwebs in at least 2 or 3 different locations. Think it's pretty much public domain now.

Re: AWSOME FICO SCORE FORMULA CHART

iv — Tue, 22 Sep 2015 01:06:36 GMT

@Revelate wrote:
That chart is laughably bad when it comes to any FICO algorithm... heck parts of it are more applicable to Vantage Score which is the truly LOL part of it.

...that's because it's NOT about the FICO scoring algorithm.

It's about reason code generation.

I think you'll actually be fairly interested in the newer version of that slide deck.

@Revelate wrote:
They're published by FICO on the Intarwebs in at least 2 or 3 different locations. Think it's pretty much public domain now.

That's not exactly how public domain works, and you know it.

But yes, they are readily available, including on fico.com, with the right search terms.

Re: AWSOME FICO SCORE FORMULA CHART

Revelate — Tue, 22 Sep 2015 02:49:12 GMT

@iv wrote:
@Revelate wrote:
That chart is laughably bad when it comes to any FICO algorithm... heck parts of it are more applicable to Vantage Score which is the truly LOL part of it.
...that's because it's NOT about the FICO scoring algorithm.
It's about reason code generation.

I think you'll actually be fairly interested in the newer version of that slide deck.

@Revelate wrote:
They're published by FICO on the Intarwebs in at least 2 or 3 different locations. Think it's pretty much public domain now.
That's not exactly how public domain works, and you know it.

But yes, they are readily available, including on fico.com, with the right search terms.

You are correct, I misused the term. My point was I stumbled across them about a year or more ago unsecured on their website, and to my knowledge other people distributed them elsewhere.

My point was much like other information, it's so far distributed there's no hope of recalling it ergo "public domain"

I should've used different terminology, mea culpa.