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@bdhu2001 wrote:
@Anonymous wrote:With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated. The scoring model values metrics which are no longer relevant to today's credit market. I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior. When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.
FICO is still the most widely used and have adapted the model which is why there are so many versions. I believe the most current version is version 9. Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.
No lender I've used in at least the last 5 years has used FICO. Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend. While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).
@Anonymous wrote:
@bdhu2001 wrote:
@Anonymous wrote:With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated. The scoring model values metrics which are no longer relevant to today's credit market. I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior. When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.
FICO is still the most widely used and have adapted the model which is why there are so many versions. I believe the most current version is version 9. Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.
No lender I've used in at least the last 5 years has used FICO. Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend. While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).
Curious
What lenders have you used that didn't pull Fico in some capacity be it an older model or new?
@Anonymous wrote:
@bdhu2001 wrote:
@Anonymous wrote:With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated. The scoring model values metrics which are no longer relevant to today's credit market. I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior. When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.
FICO is still the most widely used and have adapted the model which is why there are so many versions. I believe the most current version is version 9. Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.
No lender I've used in at least the last 5 years has used FICO. Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend. While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).
No lender I used, didn't pull FICO score. Were you denied by these lenders or were they personal lenders? If you weren't denied, they don't advise you of your score or what they used. Did you look on report to see if they made an inquiry with CBAs?
How do you know that they don't or didn't use FICO? I'm also curious as to who the lenders were.
Current CK EQ 537, MyFICO EQ 638. (shrug)
Mint - 798
Credit Karma:
TU - 791
EQ - 800
Mint - 798
Credit Karma:
TU - 791
EQ - 800
@Anonymous wrote:
@bdhu2001 wrote:
@Anonymous wrote:With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated. The scoring model values metrics which are no longer relevant to today's credit market. I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior. When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.
FICO is still the most widely used and have adapted the model which is why there are so many versions. I believe the most current version is version 9. Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.
No lender I've used in at least the last 5 years has used FICO. Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend. While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).
Well I know that no lender I have used in the last 5 years has used Vantage. I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.
@TiggerDat wrote:
@Anonymous wrote:
@bdhu2001 wrote:
@Anonymous wrote:With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated. The scoring model values metrics which are no longer relevant to today's credit market. I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior. When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.
FICO is still the most widely used and have adapted the model which is why there are so many versions. I believe the most current version is version 9. Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.
No lender I've used in at least the last 5 years has used FICO. Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend. While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).
Well I know that no lender I have used in the last 5 years has used Vantage. I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.
More lenders using them -more marketing. Everyone I deal in uses various versions of FICO.
CK is a joke! I have seen it go BOTh ways.
Currently my CK scores are:
TU 622
EQ 621
MyFico scores as of right now are:
TU 729
EX 715
EQ 684
Ok, I do realize that the score is "for educational purposes only", and is not a TRUE score. But, still.. a 107 point difference on TU?
and 63 on EQ? Seems as if it should at lease be a little closer.. LOL!!
if citi is stating an equifax fico bankcard 8 score of 747, is that a fico 8 of 705? (747/900*850)