topic Re: Score Watch - Model Change? in General Credit Topics

Score Watch - Model Change?

sailor_mercury — Fri, 02 May 2014 20:05:40 GMT

I just received a notice that the myFICO Score Watch is utilizing an "upgraded" model and "upgraded" score....

My score dropped by 13 (correction) points in the new model

Anybody else had any significant shift?

Clarification:

FICO score has been bouncing between 700 and 692 since March 1st. Under the new model it is 679. Which is very painful for a Home Loan. So back to working on my score until Fall.

Re: Score Watch - Model Change?

Revelate — Fri, 02 May 2014 18:43:57 GMT

Heh, 11 points is actually pretty minor compared to some. When I update I expect my score to move 40 or more with the conversion from FICO '04 to FICO '08... assuming my recent tax lien comes off before the change.

Re: Score Watch - Model Change?

meehan22 — Fri, 02 May 2014 18:45:14 GMT

Haven't gotten any notice. I did get a SW alert today that raised my score 13 points.

Re: Score Watch - Model Change?

azguy13 — Fri, 02 May 2014 18:46:28 GMT

I have not yet seen a change on my EQ. I assume my report will not change too much as the conversion from 4 to 8 is (from what I have read) more leniant on older baddies. I have a 60 day late from 2008 still reporting on my old Military STAR card. Hopefully I will see a score bump of 5 or so points.

Re: Score Watch - Model Change?

sailor_mercury — Fri, 02 May 2014 18:51:06 GMT

@Revelate wrote:
Heh, 11 points is actually pretty minor compared to some. When I update I expect my score to move 40 or more with the conversion from FICO '04 to FICO '08... assuming my recent tax lien comes off before the change.

Tax Leins are what I have on my credit too... But the are State of CA and age off over the next couple of years beginning this fall. Other than that I have high Inq and I'm carrying about 25% Util.

Re: Score Watch - Model Change?

sailor_mercury — Fri, 02 May 2014 18:51:38 GMT

@meehan22 wrote:
Haven't gotten any notice. I did get a SW alert today that raised my score 13 points.

Congrats!!

Re: Score Watch - Model Change?

Revelate — Fri, 02 May 2014 20:11:04 GMT

@sailor_mercury wrote:
@Revelate wrote:
Heh, 11 points is actually pretty minor compared to some. When I update I expect my score to move 40 or more with the conversion from FICO '04 to FICO '08... assuming my recent tax lien comes off before the change.
Tax Leins are what I have on my credit too... But the are State of CA and age off over the next couple of years beginning this fall. Other than that I have high Inq and I'm carrying about 25% Util.

Yeah, what I found in my case was that Beacon 5.0 really didn't see much difference between a 3 year old tax lien and a brand spanking new one (I dropped 5 points, whooptydoo) whereas both my TU '08 and my EX '08 scores got absolutely hammered with the new tax lien (lost 50 points on EX, 40+ on TU) and interestingly enough both EX/TU had an ancient tax lien still on there as well.

You're lucky your Cali liens are rolling off in short order: I'm stuck waiting for mine through 2017 or maybe 2018, though may take a flier on a GW just because it can't really hurt and it might help.

Between the inquiries which '08 probably penalizes heavier (recent data appears to count moreso than old) and might flag utilization heavier too from what I've read on other people's experiences. I could see a 10ish point swing on that, but both are easily recoverable and you might get more than that where your scores are.

Re: Score Watch - Model Change?

mongstradamus — Fri, 02 May 2014 20:35:12 GMT

So i was curious what score i was getting here on SW , so i pulled fico score directly from equifax. It looks like i am still getting my EQ04 from SW because the scores from sw and eq are exactly the same. Oh well i guess i should be expecting an big drop when SW switches over to EQ08?

Edit: clarity, Equifax not Transunion --Rev

Re: Score Watch - Model Change?

Revelate — Fri, 02 May 2014 20:35:47 GMT

@mongstradamus wrote:
So i was curious what score i was getting here on SW , so i pulled fico score directly from equifax. It looks like i am still getting my EQ04 from SW because the scores from sw and eq are exactly the same. Oh well i guess i should be expecting an big drop when SW switches over to EQ08?

Edit: clarity, Equifax not Transunion --Rev

Hard to tell given you have 1 '08 score at a 760 and another at a 800.

Re: Score Watch - Model Change?

mongstradamus — Fri, 02 May 2014 20:42:23 GMT

@Revelate wrote:
@mongstradamus wrote:
So i was curious what score i was getting here on SW , so i pulled fico score directly from equifax. It looks like i am still getting my EQ04 from SW because the scores from sw and eq are exactly the same. Oh well i guess i should be expecting an big drop when SW switches over to EQ08?

Edit: clarity, Equifax not Transunion --Rev
Hard to tell given you have 1 '08 score at a 760 and another at a 800.

I am pretty bummed about my Ex08 score dropping 20 points , when the only thing that has changed is i let 1 card report with only 3 dollars reporting. Doesn't that get rounded up to 1% utilization ? I was really hoping for my EX to be over 800 like my other two scores, so i could think about apping for fidelity amex card, but it looks like now i will wait till fall to think about applying for it if at all

Re: Score Watch - Model Change?

Revelate — Fri, 02 May 2014 21:06:46 GMT

@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:
So i was curious what score i was getting here on SW , so i pulled fico score directly from equifax. It looks like i am still getting my EQ04 from SW because the scores from sw and eq are exactly the same. Oh well i guess i should be expecting an big drop when SW switches over to EQ08?

Edit: clarity, Equifax not Transunion --Rev
Hard to tell given you have 1 '08 score at a 760 and another at a 800.
I am pretty bummed about my Ex08 score dropping 20 points , when the only thing that has changed is i let 1 card report with only 3 dollars reporting. Doesn't that get rounded up to 1% utilization ? I was really hoping for my EX to be over 800 like my other two scores, so i could think about apping for fidelity amex card, but it looks like now i will wait till fall to think about applying for it if at all

Sigh, I just got approved for the Fidelity Amex with a 680ish EX FICO '08 last month.

Your credit score is gold-plated anyway, stop worrying about that: whether you're at a 760, 780, or 800 is completely irrelevant for the underwriting process in every single credit or loan product currently in all of human existence. Whether you'll be approved or not will be based on your income, assets, and similar factors... you more than clear the FICO hurdle.

I think this forum has done you a disservice somewhere: much like people that can't control their application addiction, being this worried about your scores as intimated in the majority of your recent postings likely isn't healthy.

Re: Score Watch - Model Change?

mongstradamus — Fri, 02 May 2014 21:07:06 GMT

@Revelate wrote:
@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:
So i was curious what score i was getting here on SW , so i pulled fico score directly from equifax. It looks like i am still getting my EQ04 from SW because the scores from sw and eq are exactly the same. Oh well i guess i should be expecting an big drop when SW switches over to EQ08?

Edit: clarity, Equifax not Transunion --Rev
Hard to tell given you have 1 '08 score at a 760 and another at a 800.
I am pretty bummed about my Ex08 score dropping 20 points , when the only thing that has changed is i let 1 card report with only 3 dollars reporting. Doesn't that get rounded up to 1% utilization ? I was really hoping for my EX to be over 800 like my other two scores, so i could think about apping for fidelity amex card, but it looks like now i will wait till fall to think about applying for it if at all
@Anonymous @obsession, I just got approved for the Fidelity Amex with a 680ish EX FICO '08 last month.

Your credit score is gold-plated anyway, stop worrying about that: whether your'e at a 760, 780, or 800 is completely irrelevant for the underwriting process in every single credit or loan product currently in all of human existence. Whether you'll be approved or not will be based on your income, assets, and similar factors... you more than clear the FICO hurdle.

I understand 760+ is as high as you need to get, i am just wondering why it went down so much when i actually reduced my utilization, I went back to check , it did report 1% utilization , so i am just at an loss .

Re: Score Watch - Model Change?

Revelate — Fri, 02 May 2014 21:11:19 GMT

@mongstradamus wrote:
I understand 760+ is as high as you need to get, i am just wondering why it went down so much when i actually reduced my utilization, I went back to check , it did report 1% utilization , so i am just at an loss .

1% is not optimal for anyone in particular's report: many users experience a higher score at 4% or 5% or whatever, and it's individual to the actual report in question and as such requires testing by the individual.

In your case at such absurdly high scores anyway, any "negative" change, no matter how laughable it'd be at my credit strata, is magnified enormously. In your case just figure out what your utilization was last month, go make certain that reports again, and see if your score recovers.

Re: Score Watch - Model Change?

mongstradamus — Fri, 02 May 2014 21:18:03 GMT

@Revelate wrote:
@mongstradamus wrote:
I understand 760+ is as high as you need to get, i am just wondering why it went down so much when i actually reduced my utilization, I went back to check , it did report 1% utilization , so i am just at an loss .
1% is not optimal for anyone in particular's report: many users experience a higher score at 4% or 5% or whatever, and it's individual to the actual report in question and as such requires testing by the individual.

In your case at such absurdly high scores anyway, any "negative" change, no matter how laughable it'd be at my credit strata, is magnified enormously. In your case just figure out what your utilization was last month, go make certain that reports again, and see if your score recovers.

Okay thanks I will let something closer to 5% report and see if that makes any difference

Re: Score Watch - Model Change?

Anonymous — Mon, 26 May 2014 04:10:11 GMT

I just got the "Upgrade message" saying that I have been upgraded to the newest model. My score jumped from 662 to 689. 27 point increase. Although I like to see the score higher, it doesn't really do much in respect to me being seen as less risk to creditors as nothing in my profile changed. But a 27 points increase - yeah I'll take it.