topic Re: FICO 9 in General Credit Topics

FICO 9

CashBackQueen — Sun, 06 Dec 2020 17:25:10 GMT

I wonder if lenders are going to start using FICO 9 more anytime soon? With this version, I am only TWO points away from 700

Re: FICO 9

Iusedtolurk — Mon, 07 Dec 2020 03:35:20 GMT

@CashBackQueen wrote:
I wonder if lenders are going to start using FICO 9 more anytime soon? With this version, I am only TWO points away from 700

You never know. I wouldn't mind if they did because all my Fico 9 scores are higher than my other scores (classic, auto,bankcard,mortgage).

Re: FICO 9

newmomnewme — Mon, 07 Dec 2020 17:10:45 GMT

@CashBackQueen Some lenders are already using 09. Navy Federal TU 09, PenFed EQ 09 and I think Wells Fargo EX 09.

I prefer 09 as well. Someone stated that 09 doesn't count paid collections against you. I have two CA and my 08s are 3-20 pts lower that my 09s. More lenders need to come around!!

Best of luck on your journey to 700!

Re: FICO 9

ccquest — Mon, 07 Dec 2020 21:30:26 GMT

Doubtful, if they haven't switched already it's probably because of the cost or the lack of significant difference. I'd think 10 with the trend information might be big enough to justify changing systems if they really found any issues with 8 for their purposes.

Re: FICO 9

dumaine — Mon, 07 Dec 2020 22:42:32 GMT

PNC gives a monthly Fico 9 EX report so I guess they are using it. Looks like my EX 09 is about 15 points or so less than my EX 08

Re: FICO 9

Anonymous — Tue, 08 Dec 2020 05:33:12 GMT

My 8s and 9s have always been very close. I found 9s a little harder to max out on the top end than 8s.

Re: FICO 9

Anonymous — Tue, 08 Dec 2020 11:29:39 GMT

My F9's are about 60pts higher than my 8's, but then again, my 8'a are actually my lowest scores.

Re: FICO 9

Anonymous — Tue, 08 Dec 2020 14:01:30 GMT

I guess when discussing these scores relative to one another it would make the most sense to state the 3 basics about your file such as clean/dirty, thick/thin, aged/young for comparison purposes.

For example, my 8s ran [slightly] higher than my 9s on a clean/thick/aged file. The 9s finally caught up after my 8s maxed out.

Re: FICO 9

Anonymous — Wed, 09 Dec 2020 12:44:31 GMT

Agreed. My file is dirty/thick/aged. My 8 delinquencies are 90 day late student loan payments. They should fall off <12 months. Not to get too much in the weeds but I lost about 25 points on F8 when I deleted an au account. The reason given was not enough accounts paid on time. I think my 9's are somewhat similar to my mortgage scores- limiting the # of accounts with balances and inquiries helps those scores a lot.

Re: FICO 9

Anonymous — Wed, 30 Dec 2020 08:56:43 GMT

@newmomnewme wrote:
@CashBackQueen Some lenders are already using 09. Navy Federal TU 09, PenFed EQ 09 and I think Wells Fargo EX 09.

I prefer 09 as well. Someone stated that 09 doesn't count paid collections against you. I have two CA and my 08s are 3-20 pts lower that my 09s. More lenders need to come around!!

Best of luck on your journey to 700!

@newmomnewme that's true version 9 does not count paid collections and medical collections are weighted less. Version 8 does not count collections under $100.

when discussing the changes we should also discuss the fourth segmentation Metric: new account or no new account.

And for dirty Accounts, they should be described as: recent delinquency, mature delinquency, recent PR, or mature PR Scorecard, I believe.

Thick/thin, young/mature, and new account/no new account do not apply to scorecard assignment for dirty cards.

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 03:19:44 GMT

@Anonymous wrote:
Agreed. My file is dirty/thick/aged. My 8 delinquencies are 90 day late student loan payments. They should fall off <12 months. Not to get too much in the weeds but I lost about 25 points on F8 when I deleted an au account. The reason given was not enough accounts paid on time. I think my 9's are somewhat similar to my mortgage scores- limiting the # of accounts with balances and inquiries helps those scores a lot.

@Anonymous you are in a mature delinquency Scorecard. Yes number of accounts paid on time as a Scoring Metric and it doesn't look at individual delinquencies, but instead looks at the number or percentage of accounts with perfect payment history, I believe.

It appears you were on a threshold. Can you tell us how many accounts you had with perfect payment history and how many had delinquencies before and after that score change and negative Reason code shift?

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 08:25:20 GMT

Hey there @Anonymous

Before removing i had 29 accounts total includes 11 revolving and 19 installment; 8 were negative the remaining perfect payments reason codes; I had one au account entirely deleted.

I'm having a little difficulties with. The site: these are current negative reason codes with my lower score.

EQ - none listed

TU- serious delinquency, loan balances, short account history, bad payment history

EX-

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 08:53:41 GMT

@Anonymous wrote:
Hey there @Anonymous

Before removing i had 29 accounts total includes 11 revolving and 19 installment; 8 were negative the remaining perfect payments reason codes; I had one au account entirely deleted.
I'm having a little difficulties with. The site: these are current negative reason codes with my lower score.
EQ - none listed
TU- serious delinquency, loan balances, short account history, bad payment history
EX-

@Anonymous thank you for the data points and response. I hope you have a great new year!

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 14:12:09 GMT

You too! Maybe the threshold is over 10 good accounts. I just checked again. still nothing from Equifax but Experian reason codes are mentioned below.

EX - serious delinquency; short account history; loan balances; few accounts paid on time.

My must recent reports (11/2020)

scores 720/725/722

negative reason codes

EQ/TU/EX

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

EQ/TU/EX

The remaining balance on your mortgage or non-mortgage installment loans is relatively high.

You have one or more accounts showing missed payments or derogatory indicators.

TU/EX

You have a short credit history.

This is from Sept 8. My scores were 725/746/745 (i believe my highest ever; my thought was to remove AU and increase my AAoA, but it backfired);

Negative Reason Codes:

EQ/TU/EX

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

September 28 (AU accounts 1 removed and1 closed )

SCORES 715/729/718

NEGATIVE REASON CODES:

EQ/TU/EX

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 17:16:35 GMT

Thank you very much for the data. You may be right. I don’t know if it’s a number or a percentage.

You could always put the authorized user account back on.

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 17:54:29 GMT

Yeah, that one I can't. My dad passed away and it was his. I have another au card from chase with my aunt but they haven't added it to my credit file. I was thinking of calling them and asking them too. I'm conflicted because now that I got the 38 year joint BOA credit card once my negatives fall off next year, the chase AU will lower my aaoa. I'm not sure. I can add it & delete later if necessary.

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 23:12:59 GMT

@Anonymous wrote:
Yeah, that one I can't. My dad passed away and it was his. I have another au card from chase with my aunt but they haven't added it to my credit file. I was thinking of calling them and asking them too. I'm conflicted because now that I got the 38 year joint BOA credit card once my negatives fall off next year, the chase AU will lower my aaoa. I'm not sure. I can add it & delete later if necessary.

@Anonymous i'd say test that you can always remove it later.

Re: FICO 9

Anonymous — Thu, 31 Dec 2020 23:19:02 GMT

No problem! I'm calling now.

Re: FICO 9

Anonymous — Fri, 01 Jan 2021 01:16:00 GMT

@Anonymous wrote:
You too! Maybe the threshold is over 10 good accounts. I just checked again. still nothing from Equifax but Experian reason codes are mentioned below.

EX - serious delinquency; short account history; loan balances; few accounts paid on time.

My must recent reports (11/2020)
scores 720/725/722
negative reason codes
EQ/TU/EX
You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.
EQ/TU/EX
The remaining balance on your mortgage or non-mortgage installment loans is relatively high.
EQ
You have one or more accounts showing missed payments or derogatory indicators.

TU/EX
You have a short credit history.

This is from Sept 8. My scores were 725/746/745 (i believe my highest ever; my thought was to remove AU and increase my AAoA, but it backfired);

Negative Reason Codes:
EQ/TU/EX
You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.
EQ/TU/EX
The remaining balance on your mortgage or non-mortgage installment loans is relatively high.
EQ/
You have one or more accounts showing missed payments or derogatory indicators.

September 28 (AU accounts 1 removed and1 closed )

SCORES 715/729/718
NEGATIVE REASON CODES:

EQ/TU/EX
You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

EQ/TU/EX
The remaining balance on your mortgage or non-mortgage installment loans is relatively high.

EQ/
You have one or more accounts showing missed payments or derogatory indicators.

TU/EX
You have a short credit history.

Weird...age actually increased but new code popped up. The difference was the accounts dropping off.

I have wondered if they are relating this to age of revolvers. I will post some DPs/SSs, but my SO had "excellent" age and then his oldest and only CC aged off and he started getting this code, too. I have some odd DPs regarding age of accounts where I think they dont simply account for overall AAoA and AoOA, but also AoORA/AAoRA. It may all be fluff, but it is from MyFuco, so worth noting. I will invlude my DPs for my ages, too, to show how bizarre and possible it is. You will have to give me a but to compile this.

Re: FICO 9

Anonymous — Fri, 01 Jan 2021 01:28:34 GMT

@Anonymous that's true we should examine aging factors as well. You said your average age went up, but what about the average age of revolving accounts or the age of oldest revolving account? And how old is your most recent delinquency? If I may ask.