FICO 09 score available

[EW800]

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@Hokies2379 wrote:

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@EW800 wrote:

I hope FICO 9 catches on with lenders before too long.  

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I sure don't.

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Hokies,  

What do you believe has pulled down your FICO 9 scores by so much?  Is there a recent baddie or high balances that it may be giving more weight to?  Just curious.  

Very sorry to hear that your FICO 9 scores are so much lower.  

[Hokies2379]

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@EW800 wrote:

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@Hokies2379 wrote:

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@EW800 wrote:

I hope FICO 9 catches on with lenders before too long.  

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I sure don't.

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Hokies,  

What do you believe has pulled down your FICO 9 scores by so much?  Is there a recent baddie or high balances that it may be giving more weight to?  Just curious.  

Very sorry to hear that your FICO 9 scores are so much lower.  

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Nope. I have one collection (non medical) on all 3 reports now, the collection is 4 years old.  I have a utilization of 14%.  As of this week, all three of my 08s are in the upper 600s. So, you can imagine how disheartening it was to see such low 09s.

[EW800]

I assume the collection is unpaid? If so, perhaps that is why the difference. I am no expert, but that sure sounds like quite a slap for being four years old. It would be interesting to see what FICO 9 would do if the collection turned to paid status (not saying that is the right or wrong thing to do, as I know there are a lot of factors as far as if a collection should be paid or not).

As far as Util, I know most people say under 10% is best, but 14% sure doesn't seem like you should be whacked too much.

[JagerBombs89]

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@EW800 wrote:

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@JagerBombs89 wrote:

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Impressive, I don't think any other version of FICO grants scores that high for major derogs!  Seems FICO9 is a little more forgiving than previous models.

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Jager,  

I agree.  This is the highest I have seen of any model on the 300-850 models.  I was absolutely shocked when I saw as high as 793.  From all that we are reading about FICO 9, it sounds like my CC settlement is being disregarded, however I am sure that my foreclosure is still being counted.  It does not seem like it is being counted with a lot of weight, however.  I wonder what my FICO 9 scores would be without the foreclosure??

I know you and I have a similarity or two in our profiles.  It will be interesting to see what your FICO 9's are the next time you pull a 3B.  

Just throwing out my 2-cents in regard to FICO 9, I think it is great that medical collections do not hold quite as much weight, given how complex medical billing is, coupled with most medical procedures generating a bill from several people/places, and the co-pay/deductible aspects.  I am also glad that paid and unpaid collections no longer hold the same weight, as I have always felt that a paid collection should not be quite as painful as an unpaid.  The aspect of FICO 9 that truly surprises me is that it appears that paid collections are pretty much disregarded.  I am surprised that they don't at least carry some weight.  Not complaining, but a bit surprised.  

I wonder how the lenders feel about the FICO 9 model?  In my case, it does seem like a major derog is carrying less weight.  Lenders light like the aspect that perhaps carrying balances on revolving accounts carries more weight.  I may be given a lot of credit for having basically no CC debt (other than the one account that I have show just a few bucks).  

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I'm going to pull a 3B report once my foreclosure hits 1 year old.  Then probably again probably yearly just to see.

ETA:
Found this piece of information interesting, per FICO9:

"All paid collection agency accounts will now be excluded from the score calculation.  Note: These specific FICO Score 9 enhancements do not apply to 1st part collection accounts." - 2nd to last page

Seems to me one would be better off letting a lender sell the debt, then pay/settle it with the 3rd party collection agency to get it excluded from scoring.

[kuku4koco]

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@Anonymous wrote:

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@Anonymous wrote:

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@Rebuilding69 wrote:

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@Anonymous wrote:

Where are you seeing the FICO9 scores? I've looked all over myFICO3B and don't see it anywhere.

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I just bought the 3B report & scores for $60 & it shows them on there.

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So you have to buy new reports to get the FICO9 scores? Why doesn't it show up like all the other versions? That makes no sense. Why is someone always in my pocket???

I read another thread about this and the new version seems to lessen the impact of medical baddies along with a few new ways of accounting the score.

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If you have the 3B monitoring product, you should get a new 3B report every three months.  When was the last time you pulled a new 3B report?  (That's different from pulling up the old one.)  If you pulled a new report yesterday, the FICO 9 scores should be on there.  If your last report was pulled earlier than that, you may need to wait another 90 days for your next quarterly report.

http://www.myfico.com/Products/Products.aspx

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You have to subscribe to the ULTIMATE 3B Credit Monitoring service... Regular 3B will not pull your reports 'Quarterly'....

[Anonymous]

Not seeing your Fico 9 scores?

My understandin is that you may have an old version of 3B subscription.  You can cancel by phone and then renew online to see your Fico 9 scores.  You'll get a fresh 3B report too.

[Anonymous]

congrats on your numbers!, you have come along way since 2012

[Anonymous]

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Jager,  

I agree.  This is the highest I have seen of any model on the 300-850 models.  I was absolutely shocked when I saw as high as 793.  From all that we are reading about FICO 9, it sounds like my CC settlement is being disregarded, however I am sure that my foreclosure is still being counted.  It does not seem like it is being counted with a lot of weight, however.  I wonder what my FICO 9 scores would be without the foreclosure??

I know you and I have a similarity or two in our profiles.  It will be interesting to see what your FICO 9's are the next time you pull a 3B.  

Just throwing out my 2-cents in regard to FICO 9, I think it is great that medical collections do not hold quite as much weight, given how complex medical billing is, coupled with most medical procedures generating a bill from several people/places, and the co-pay/deductible aspects.  I am also glad that paid and unpaid collections no longer hold the same weight, as I have always felt that a paid collection should not be quite as painful as an unpaid.  The aspect of FICO 9 that truly surprises me is that it appears that paid collections are pretty much disregarded.  I am surprised that they don't at least carry some weight.  Not complaining, but a bit surprised.  

I wonder how the lenders feel about the FICO 9 model?  In my case, it does seem like a major derog is carrying less weight.  Lenders light like the aspect that perhaps carrying balances on revolving accounts carries more weight.  I may be given a lot of credit for having basically no CC debt (other than the one account that I have show just a few bucks).  

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I'm going to pull a 3B report once my foreclosure hits 1 year old.  Then probably again probably yearly just to see.

ETA:
Found this piece of information interesting, per FICO9:

"All paid collection agency accounts will now be excluded from the score calculation.  Note: These specific FICO Score 9 enhancements do not apply to 1st part collection accounts." - 2nd to last page

Seems to me one would be better off letting a lender sell the debt, then pay/settle it with the 3rd party collection agency to get it excluded from scoring.

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Here's my guess as to why FICO 9 excludes all paid collections.  There's really three categories of people, you might say, with respect to getting into such trouble that they cannot or will not pay a big debt:

(a)  People who have never done that (or if they did, the event happened over 7 years ago and is not longer on the report)

(b)  People who have done that, but later made amends and paid it off

(c)  People who have done that and never paid it off

All that a model needs is to be able to distinguish the three groups and assign them different levels of risk.  FICO 9 is able to do that.  At first it sounds like it can't distinguish A from B, but it can.  Group B typically has a Charge Off in it.  My guess is that a chargeoff is a serious mark against you in FICO 9.  So group B is still getting spanked.  And group C has both a chargeoff and an unpaid collection.

So if you are having debt problems but the original creditor has not yet turned it over to a CA and charged it off, there is still a scoring incentive to work with the OC.  If you can work out a payment plan, at least it won't be listed as a chargeoff.  

What I am most curious to discover is what scoring models lenders are considering transitioning to for mortgages, especially if the Credit Score Competition Act of 2015 (now a bill) becomes law.  Vantage would be an option for the first time (Fannie and Freddie will have to include it) but I am curious what model FICO is positioning.  The existing models that are used are ancient and doubtless do a bad job compared to 8 or 9 at assessing risk.  Will there be a mortgage flavor for 9?  For 8?

[iv]

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@Anonymous wrote:

What I am most curious to discover is what scoring models lenders are considering transitioning to for mortgages, especially if the Credit Score Competition Act of 2015 (now a bill) becomes law.  Vantage would be an option for the first time (Fannie and Freddie will have to include it) 

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I'm not convinced about the "will have to include" bit... HR 4211 only requires that the score model selection process  be publicly documented - it's not impossible that the GSEs will just "validate and approve" the existing models when and if the bill passes. 

It will, of couse (if passed) set the framework for a future score model change - and all-in-all, I'd prefer that approach (giving the GSEs the freedom to evaluate models), rather than legislating a specific score model.

You'll notice that it will also be possible for Freddie and Fannie to select different models?  (Unlikely, but that would have some ...interesting side effects in the market.)

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@Anonymous wrote:

 but I am curious what model FICO is positioning.  The existing models that are used are ancient and doubtless do a bad job compared to 8 or 9 at assessing risk.  Will there be a mortgage flavor for 9?  For 8?

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Even though lenders haven't been generally able to use them for direct approvals, it appears that the mortgage industry options for each FICO version have been being developed and maintained anyway. (Used for mortgage portfolio evaluation, perhaps?)

For example: Equifax BEACON 09 Mortgage Industry Option (based on FICO 8).

(Notice the time period used to develop that one, though? April 2006 - April 2008.  Ouch.)

[Anonymous]

I don't care what it takes.

Please, let Fico 9 be used soon.

I bought my TU tonight. I'm a 700.  690 680 Auto.

New Scoring Model.👍👍

The new simulator is quite enjoyable as well.  I enjoy the option of "let it ride" and age your reports.  Apparently that's my best option 

Stats:

08:  680 / Auto 659 / Bankcard 683

09:  693 / Auto 681 / Bankcard 700

AAoA 1yr 7mths

Total 11yr 8mths

1 PIF Collection placed Oct 2014

1 30 day late Auto June 2014

1 60 day late Auto July 2014

1% Utl

10 Accounts currently paid as agreed