Fico 5

[Anonymous]

My husband and I have been gradually improving our credit since we will be moving and need to purchase a new home and mortgage. We have raised our scores in the past 6 months from a 520 to 640 and were quite proud. However, our Fico 5 score is sitting at 580 and hasnt changed. Even with score watch, our Fico 8 changes and has been increasing 1-2 pts... but Fico 5 seems to be stuck and hasnt moved as other scores increased.. is their scoring different for Fico 5? How do we raise this particular version?

[Anonymous]

The other scores do not update on here without a new purchase of a report. I am thinking that you mean that the monitoring is showing your Fico 8 score updating and not the others. 

[Anonymous]

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@Anonymous wrote:

My husband and I have been gradually improving our credit since we will be moving and need to purchase a new home and mortgage. We have raised our scores in the past 6 months from a 520 to 640 and were quite proud. However, our Fico 5 score is sitting at 580 and hasnt changed. Even with score watch, our Fico 8 changes and has been increasing 1-2 pts... but Fico 5 seems to be stuck and hasnt moved as other scores increased.. is their scoring different for Fico 5? How do we raise this particular version?

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Gotta buy the scores all over to get updated mortgage scores. That's how they get you lol.

[Anonymous]

Well crud, I thought with score watch all the versions updated. That's really disappointing. Well at least if the 8 version is increasing 5 should be too right? Even if I can't see it.

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@Anonymous wrote:

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@Anonymous wrote:

My husband and I have been gradually improving our credit since we will be moving and need to purchase a new home and mortgage. We have raised our scores in the past 6 months from a 520 to 640 and were quite proud. However, our Fico 5 score is sitting at 580 and hasnt changed. Even with score watch, our Fico 8 changes and has been increasing 1-2 pts... but Fico 5 seems to be stuck and hasnt moved as other scores increased.. is their scoring different for Fico 5? How do we raise this particular version?

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Gotta buy the scores all over to get updated mortgage scores. That's how they get you lol.

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[Anonymous]

Yes score watch is updating and increasing version 8 but viewing other scores shows fico  5 the same. Didn't know they don't update that one. Good to know. Atleasr if version 8 is increasing 5 should be too right? Even if I don't see it. 

[Revelate]

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@Anonymous wrote:

Yes score watch is updating and increasing version 8 but viewing other scores shows fico  5 the same. Didn't know they don't update that one. Good to know. Atleasr if version 8 is increasing 5 should be too right? Even if I don't see it. 

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Likely but not guarunteed, and not at the same rate.  Put as much lipstick on the pig as possible and repull is really the only option; I think Equifax Scorewatch is still on Beacon 5.0 (aka FICO 5 in the 3B report) if you want to switch, but still stuck pulling the 3B for the other two on the mortgage trifecta.

[takeshi74]

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@Anonymous wrote:

Well crud, I thought with score watch all the versions updated. That's really disappointing

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Definitely make sure you understand what you're buying.  The Compare Our Products page has info on access to the additional FICO scoring models for the different myFICO products.

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

1B seems to have monthly access to 9 FICO models but I'm not sure which specific models and it only covers EQ.

Also make sure you're aware that myFICO monitoring is trigger based.  Updates only occur when there is trigger activity.  Not all activity with a scoring impact is a trigger so your scores can change even if myFICO doesn't update and you cannot rely solely on the updates to determine the cause(s) of a scoring change.

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

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@Anonymous wrote:

Well at least if the 8 version is increasing 5 should be too right? Even if I can't see it. 

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Different models evaluate report data differently and can even have different score ranges. As stated above, you can't assume that is improving at the same rate or with a fixed offset. If your reports are improving your scores should improve but we can't tell you what would be going on with your FICO 5's.

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@Anonymous wrote:

Even with score watch, our Fico 8 changes and has been increasing 1-2 pts... 

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If you're fixating on the numbers 1-2 points is negligible difference.  Set a higher threshold for score changes.  I'd recommend at least 20 points.  Your scores can fluctuate to a degree just from changes such as balance reporting.