Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
@My2cents wrote:Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
that's very interesting. Unfortunately that news makes me want to ignore my goal of not pulling again until 3/15/09 and pull right this second.
I must be strong and resist the urge!
@Anonymous wrote:
@My2cents wrote:Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
that's very interesting. Unfortunately that news makes me want to ignore my goal of not pulling again until 3/15/09 and pull right this second.
I must be strong and resist the urge!
I know thats right... I want to pull mines also.. I got a few collections under 100 dollars.
@My2cents wrote:Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.
Thanks
I think that your score will increase without a PFD, however it looks better to the human eye that you dont have several collections so a PFD is the best way, then fico 08 is the second best way, then the old classic fico.
Fellow forumer My2cents
@My2cents wrote:I think that your score will increase without a PFD, however it looks better to the human eye that you dont have several collections so a PFD is the best way, then fico 08 is the second best way, then the old classic fico.
Fellow forumer My2cents
My2cents
I want to pull those scores so badly!!! (lol.. pulling hand away from mouse) Thanks for the info..
Strong
@strong_lady wrote:
@My2cents wrote:Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.
Thanks
If you can do a PFD the collection will be removed and your score will not be hurt at all. I think the new scoring is just not doing costing quite as many points as before. I'm pretty sure some are taken off for having them. It's better to have a clean report anyway, so if you can knock those out, I would.
@Anonymous wrote:
@strong_lady wrote:
@My2cents wrote:Hello fellow forumers I noticed today when I pulled my scores that fico 08 is in effect, because it weights your credit card usage more heavily, my score saw a nice increase with 2% utilization, Sounds familiar (pfico), anyway the new formula doesn't ding you as hard with collections less than 100 dollars. DW has 2 collections: 1. 14$ 2. 38$ old fico formula 656, the fico08 formula score 700. I nearly fell out of my seat. Fico 08 seems to be used by TU and EX. My collection 1. 39$ and 2. 35$ old score 639, fico 08 score 678. 700s here I come.
Well enough from me My2cents
I have a question... I want to pay my collection accounts anyway that are under $100.. since it seems like from what I have been hearing that the collections will not have such a big impact on the score.. will doing a PFD increase the score more.. or does it even matter since the new fico will not be paying any attention to it.
Thanks
If you can do a PFD the collection will be removed and your score will not be hurt at all. I think the new scoring is just not doing costing quite as many points as before. I'm pretty sure some are taken off for having them. It's better to have a clean report anyway, so if you can knock those out, I would.
You are right... I was just curious though ... My scores could use a big lift .. lol.. they will get there in time though
I read an article about 3 days ago on MSN about the new scoring formula that clearly stated that the new formula will penalize you less for collections no more than 100.00 which DW and I have, and we both saw a jump in today's pull. So I compared the old report with the new report, the information was identical and the only logical explanation is that the collections are counting less. Another point we did not see a jump in our EQ and guess what, we don't have a collection on our EQ, so I put 2 and 2 together.
Well actually I put 1 and 1 together and just gave you My2cents