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FICO Score Stress Indicators/Indexes

joeyv1985
Frequent Contributor

Re: NEW Credit Scoring Index...?


@CassieCard wrote:

@Charmante wrote:

My local news just said FICO has created a new credit scoring index called the Resilliance Index -- in response to the Pandemic -- which scores borrowers on their Spending Habits and rates them from 1 to 99 -- lower being better...

 

Is this true? How's it work?

 

Any details are appreciated!!!

 

P.S.

 

I DON'T SPEND... 99% of ALL my transactions are through ACH via my Checking Account -- I doubt I spend $200 a month on Credit Cards -- how will this affect my rating?


Hi @Charmante . I think you'll do fine with this score, with that kind of low balance.

 

If you go back a few posts you'll see how 31 others ranked with it, and I can tell you everyone that did poorly on this score can get any card they want at any time.

 

Here's what FICO had to say about it: https://www.fico.com/blogs/fico-resilience-index-now-available-lenders-pilot

 

Pretty much every article on the net took their facts from that press release.


I agree with CassieCard. I'm one of the 31. IMHO keep your spending in check, pay your bills on time, don't open any new accounts unless you have to and you'll be fine. I'm gardening and hoping this will push my FICO 8 scores higher. 

Message 441 of 1,053
K-in-Boston
Moderator

Re: FICO Score Stress Indicators/Indexes


@Birdman7 wrote:

PSA: Please do not change the name of existing threads, it confuses people. 


That resulted from a new thread in Credit Cards being merged into this existing thread.

Message 442 of 1,053
Jrny
New Member

Re: FICO Score Stress Indicators/Indexes

Question here. 

 

My wife has a resilience index, but I do not. Is there a specific subscription that is needed. I just have the Equifax. My wife has that plus Transunion. 

 

Thanks in advance.

 

Message 443 of 1,053
joeyv1985
Frequent Contributor

Re: FICO Score Stress Indicators/Indexes


@Jrny wrote:

Question here. 

 

My wife has a resilience index, but I do not. Is there a specific subscription that is needed. I just have the Equifax. My wife has that plus Transunion. 

 

Thanks in advance.

 


Hello,

My  Resilience Index report came with my myFico subscription. If you have a FICO score, you're bound to have one. I guess it's a matter of paying for it. 

Message 444 of 1,053
fpembleton1
Member

RESILIENCE INDEX

Periodically I will susbscribe to the MY FICO Plan which provides all 3 bureau scores and credit reports to find out the real scores on my credit. Recently, I noticed that Equifax created another part of credit scoring called the Resilience Index. The scale is from 1-100 if I recall correctly. My score was 59. I asked for an explanation and this metric indicates that the lower the number, the better. Don't know if lenders are using this for lending decisions or not. I have not seen this mentioned so I wanted to mention this.

Message 445 of 1,053
JWD1980
Valued Member

Re: NEW Credit Scoring Index...?

33E63435-F0E2-4D0B-98CC-49EC7685E9EE.png

I'm resilient. Too bad my regular scores suck. 

Message 446 of 1,053
Tonya-E
Established Contributor

Re: FICO Resilience Index - a new nonsense number

So my 1 card with a balance reported today. It's under 5% so they removed " revolving balances too high. And they replaced it with "too many open credit cards" Smiley LOL 

 

65E1E929-7539-4F6D-B4AC-F198780530CB.jpeg

 

A5A14236-0FB6-4E50-88FE-54CBEF4360C9.jpeg

 

8F05FCAF-DF6C-464C-A934-5F4B38D1A773.jpeg

 

Wallet: Amex BCP-39k| Barclays Rewards MC-26.3k| Citi Thank You Preferred-27.5k| Citi Double Cash-14k| Target MC-11k| Walmart MC-7.5k| Chase Freedom Unlimited Signature-6k


Take the myFICO Fitness Challenge
Message 447 of 1,053
LaHossBoss
Valued Contributor

Re: NEW Credit Scoring Index...?


@JWD1980 wrote:

33E63435-F0E2-4D0B-98CC-49EC7685E9EE.png

I'm resilient. Too bad my regular scores suck. 


Congrats! That is a great resilience score!

 

I know the feeling. I am resilient, but have bad scores. I am sure as time goes on, my index score will keep increasing as my SLs become active again and more of my oldest accounts keep falling off (dropping my AAoA).




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 448 of 1,053
LaHossBoss
Valued Contributor

Re: FICO Score Stress Indicators/Indexes

@CassieCard 

 

Didn't think to look at SO's reasons for miderate index since it hadn't changed, but apparently the reasons did actually change.

 

Changed from "high installment loan amounts due" to "high installment loan balances"

 

And they removed "too many AU accounts" (lol 1) and replaced that with "missed payments", which is weird because last missed payment was 4 years ago (according to EQ) whereas the AU account is much newer. Strange.

 

They must just have a list of reason codes they cycle through, but these are the 2 flags they picked for July 2020. We will see if that changes on 8/17/20!

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 645] [EQ5 678] [VS3 630] | TU [F8 713] [F9 684] [TU4 721] [VS3 639] | EX [F8 640] [F9 651] [EX2 655] [VS3 625]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 655] [F9 620] [EQ5 677] [VS3 627] | TU [F8 685] [F9 658] [TU4 639] [VS3 625] [VS4 666] | EX [F8 691] [F9 684] [EX2 658] [VS3 642]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 449 of 1,053
sarge12
Valued Contributor

Re: NEW Credit Scoring Index...?


@CassieCard wrote:

@Charmante wrote:

My local news just said FICO has created a new credit scoring index called the Resilliance Index -- in response to the Pandemic -- which scores borrowers on their Spending Habits and rates them from 1 to 99 -- lower being better...

 

Is this true? How's it work?

 

Any details are appreciated!!!

 

P.S.

 

I DON'T SPEND... 99% of ALL my transactions are through ACH via my Checking Account -- I doubt I spend $200 a month on Credit Cards -- how will this affect my rating?


Hi @Charmante . I think you'll do fine with this score, with that kind of low balance.

 

If you go back a few posts you'll see how 31 others ranked with it, and I can tell you everyone that did poorly on this score can get any card they want at any time.

 

Here's what FICO had to say about it: https://www.fico.com/blogs/fico-resilience-index-now-available-lenders-pilot

 

Pretty much every article on the net took their facts from that press release.


I beg to differ...all my fico 08 scores are over 800 and I was declined in July for a Capital One Walmart mastercard. I am one of those ranked with a 59 resilience index score. I was rejected with too much recent credit as the reason. I think I had 2 accounts within a year. Before the pandemic, that might have been true, but right now, lenders are sweating bullets due to all the potential defaults. It likely did not help that I have a quicksilver card that I have never paid a cent in interest. They know I always PIF, which means little or no profit for the card issuer.

TU fico08=831 03/29/21
EX fico08=830 04/13/21
EQ fico09=840 04/01/21
EX fico09=828 04/03/21
EQ fico bankcard08=858 03/23/21
TU Fico Bankcard 08=862 03/29/21
EQ NG1 fico=802 01/21/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 450 of 1,053
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