US Bank is now using FICO 10 !!

[Humvee]

I can confirm that US Bank is now using FICO 10 and in Missouri, pulling from Equifax. This is the first bank I've seen using FICO 10, the newest FICO scores. In case some of you don't know, most banks use FICO 8. I was given an AMEX Platnium (Experian) as well as my bank gave me a $5,000 Visa at 17%. US using FICO 10 is new and they sent me a denial letter based off too many inquiries, too much debt (I'm at 1-2% utilization overall), and too new credit. I read their letter and it was based off Equifax with a FICO 10 score of 676 when all 3 of MyFico scores are in low 700's. FICO 10 is the newest scoring system that looks over your history of credit more which mean "trends". In 2022, I carried a balance of over 30% on a couple cards. Now I pay in full, so my FICO 10 will only improve with that trend showing only 1-2% credit utilization. I suspect I was denied because of having 7 inquires (some auto) over past 12 months and a couple new trade lines. BUT, seeing the lower FICO 10 score may be from my trends over the past 4-5 years. Anyone can do the AZEO method for FICO 8, but I doubt it will work on the new FICO 10 (Trends). 

[Gregory1776]

This was for an account application? 
or CLI request? 
Because I have balances I will be paying off all this year, as well as rolling balances on the Smartly, possibly. 

Just paid the card off.

suppose we'll wait to hear more. I'll keep an eye out for this, and my Fico10 lmao,

which doesn't update which is ridiculous. 

[indiolatino61]

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@Humvee wrote:

I can confirm that US Bank is now using FICO 10 and in Missouri, pulling from Equifax. This is the first bank I've seen using FICO 10, the newest FICO scores. In case some of you don't know, most banks use FICO 8. I was given an AMEX Platnium (Experian) as well as my bank gave me a $5,000 Visa at 17%. US using FICO 10 is new and they sent me a denial letter based off too many inquiries, too much debt (I'm at 1-2% utilization overall), and too new credit. I read their letter and it was based off Equifax with a FICO 10 score of 676 when all 3 of MyFico scores are in low 700's. FICO 10 is the newest scoring system that looks over your history of credit more which mean "trends". In 2022, I carried a balance of over 30% on a couple cards. Now I pay in full, so my FICO 10 will only improve with that trend showing only 1-2% credit utilization. I suspect I was denied because of having 7 inquires (some auto) over past 12 months and a couple new trade lines. BUT, seeing the lower FICO 10 score may be from my trends over the past 4-5 years. Anyone can do the AZEO method for FICO 8, but I doubt it will work on the new FICO 10 (Trends). 

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So...it seems each FICO iteration is generated to lower everyone's scores until they figure out yet again how to obtain better scores. Are 10 FICO models really a necessity or a middle finger for the consumer?

[QuiescentAMK]

I was approved for a US Bank Shopper Cash Rewards card in late January, and they pulled my FICO 10 score from TransUnion (which was over thirty points lower than FICO 8).

[ElvisCaprice]

It doesn't matter what Fico score they use.  If they want to deny you credit, they can make up any reason in doing so.    They are a business and they need customers, so everyone is subjected to there methods.

[Humvee]

Card Application. A couple years ago, I carried 20% and up do 50%. Now I pay my statements in full but it is going to depend on what credit trends each person has had over the past few years on FICO 10.

[Humvee]

I agree with you. The FICO 10 is going to look at each individual trends and habits over a few years which means AZEO will be gone. They play mind games. 

[Humvee]

Congrats but you see the score lower. The FICO 10 scores are going to be lower for most except those that have long "trends" of paying off their bills in full and keeping utilation under 10% consistently for past few years. No more AZEO. It's going to very picky.

[CreditCrusader]

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So...it seems each FICO iteration is generated to lower everyone's scores until they figure out yet again how to obtain better scores. Are 10 FICO models really a necessity or a middle finger for the consumer?

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One of my credit union credit cards is from an institution that constantly plays with my interest rate based on my FICO score of the moment. Each minute fluctuation seems to result in a 0.5-1.0% increase or decrease, depending on whether my score increases or decreases.

I point this out because the Fair Isaac Corporation, CRAs, and these lenders are clearly in reciprocal relationships designed to profit maximally on the backs of struggling borrowers. Playing with the scoring formula provides the justification to jack up the interest from a "risk" perspective. I put risk in quotes because we all know many of their scoring tactics to lower scores and jack up rates are complete nonsense (Ex: I pay off all my debt, including my house, thus making my DTI incredible and my record of repayment gold, and my FICO scores crater because my risk to a lender INCREASES? Derp...)

Now, to most of the MyFICO crew on these boards, those interest rates mean nothing because many of us pay balances off and are in it for rewards. But to the people owing a portion of the outstanding $1.3 trillion in credit card debt, CCCs and their buddies who manipulate FICO scoring conjuring up reasons to hammer them for even MORE money is incredibly poor form.

[JoeRockhead]

Some of the assumptions here about Fico 10 are incorrect.  Fico 10 is not based on trending data, that would be Fico 10T. 

• Fico 10 is a general scoring model, based on a current snapshot and traditional data much like Fico 8 and 9. Revolving UT has no memory.
• Fico 10T uses trended data based on the past 24 months of credit usage. 

While 10T will allow revolving UT to have a "memory",  AZE1 will remain a relevant way for someone to have influence over their scores based on a longer (24 month) history of reported usage.  One could still manipulate revolving utilization scoring by playing more of the long game when practicing AZE1 in order to reflect it's full influence on 10T.