topic FICO 8 vs. FICO 4? in General Credit Topics

FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 21:42:07 GMT

Hey guys, just saw a 20 point jump on my FICO 8 score today from paying down CC's, but the FICO 4 didn't budge. Do the other scores just not update as fast as the FICO 8 on here?

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 22:46:29 GMT

I believe that only the FICO 8 scores update at myFICO. All the other FICO flavors you receive only once a year.

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 22:52:46 GMT

Wow only once a year for the other scores, I hope this is true, I only need 1 point on my FICO 4

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 23:18:47 GMT

Can you describe a little bit more what you did with your CCs? You said you paid them down. Where was your utilization % and where is it now? Your intuition is probably very sound: if the only thing that has changed is your utilization then a 20 point increase in FICO 8 should imply some increase in the other models too.

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 23:22:58 GMT

Ah yes, previously my untilization was at 28%, paid them down to 14%

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 23:40:57 GMT

You can improve your score still more by paying your CCs down further. On the other hand, if you are anticipating buying a home, you may be wanting to save that money toward your down payment. Is it a home purchase you are looking at? Do you have a timeline?

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 23:47:08 GMT

It is already underway, being a VA loan, down payment is unnessesary

Re: FICO 8 vs. FICO 4?

Anonymous — Wed, 01 Jul 2015 23:53:53 GMT

Best of luck!

Re: FICO 8 vs. FICO 4?

takeshi74 — Thu, 02 Jul 2015 12:04:14 GMT

Re: FICO 8 vs. FICO 4?

Anonymous — Tue, 07 Jul 2015 15:13:30 GMT

Hey there, Congrats on the big jump! The FICO 4 scores only update when you purchase a fresh report from myfico. Only the FICO 8 scores automatically update with the monitoring service. I am watching my scores like a hawk because we are applying for a mortgage in the next week so I pull fresh reports when I know a balance has significantly changed or something. I know that because of the alerts. Pulling fresh reports is a soft pull and won't affect your scores. GL!

Re: FICO 8 vs. FICO 4?

Thomas_Thumb — Wed, 08 Jul 2015 00:01:15 GMT

@Anonymous wrote:
Ah yes, previously my untilization was at 28%, paid them down to 14%

Good work!

Fico 4 and Fico 8 scores both use aggregate utilization as a primary factor in scoring. So, in this situation, your Fico 4 score would be expected to increase as well. If you can drop utilization to under 10%, I think you would see another bump up (if no other changes).