topic FICO 9 in General Credit Topics

FICO 9

Anonymous — Sun, 11 Jan 2015 01:29:14 GMT

When will FICO 9 begin?

Re: FICO 9

toi34 — Sun, 11 Jan 2015 07:29:18 GMT

Not soon enough! Fico '08 is a killer!

Re: FICO 9

Anonymous — Sun, 11 Jan 2015 17:48:24 GMT

I hear you! I hope soon.

Re: FICO 9

Anonymous — Sun, 11 Jan 2015 17:59:15 GMT

@Anonymous wrote:
When will FICO 9 begin?

It will be a while. It took 6 years to implement FICO 08 on this site for consumers. Think about how the lenders feel. They need to see more data to show that the new version, although pegged as such, is in fact better than the older one. Until that happens, well, you shouldn't expect to see widespread use of FICO 9.

Just out of curiousity, why are you so eager to get the new score anyway? Is it because of paid collections?

Re: FICO 9

toi34 — Sun, 11 Jan 2015 20:45:32 GMT

Not in my case, but this particular model is arbitrary and draconian.

Re: FICO 9

Revelate — Mon, 12 Jan 2015 01:13:42 GMT

@Anonymous wrote:
@Anonymous wrote:
When will FICO 9 begin?
It will be a while. It took 6 years to implement FICO 08 on this site for consumers. Think about how the lenders feel. They need to see more data to show that the new version, although pegged as such, is in fact better than the older one. Until that happens, well, you shouldn't expect to see widespread use of FICO 9.

Just out of curiousity, why are you so eager to get the new score anyway? Is it because of paid collections?

I'm not certain it's a purchaseable option yet for lenders from the CRA's; multi-step process to roll out a new algorithm.

This site was way behind the rollout of FICO 8 at least as far as lenders were using it; by many years in fact. Can't read much into the versions that MyFICO has unfortunately compared to the credit market as a whole as there's no correlation.

I suspect sometime this year there will be some lenders who begin FICO 9 trials, and perhaps a few that even adopt it; it can be a six month or longer process in my experience for even shorter- term lenders to adopt a new scoring algorithm, and that's once they decide to actually consider the switch.

Re: FICO 9

takeshi74 — Mon, 12 Jan 2015 13:49:40 GMT

@toi34 wrote:
Not in my case, but this particular model is arbitrary and draconian.

It's not completely abritrary. The factors that impact scoring are fairly well documented and frequently discussed here. We all have to work with the same system. Understand the factors and use that knowledge to work on your credit.