Now Wells Fargo offer FREE FICO 9 from EX!

[Anonymous]

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@Anonymous wrote:

Was that FICO score available to the OP because he had a credit account?  I was just speaking to a source inside Wells Fargo tonight and he said that WF will be offering FICO scores to people who only having savings/checking.  (Previously you needed a credit account.)  It would be pleasant to see that this has already started.

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The score is available on my checking account.

[Thomas_Thumb]

Same here. I have checking and savings accounts with WF - no credit card or loans though. Never received a Fico score from WF before. Went on-line and after seeing the OP's post and yes! -WF now is providing me with an EX Classic Fico 9 updated monthly.

OP - Thanks for the heads up

Now receive 4 flavors of Fico scores, 3 VantageScores and the odd EX National Equivalency for free to compare monthly:

1) EX Classic Fico 9 (WF)

2) EX Classic Fico 8 (AMEX & Discover scorecard)

3) TU Classic Fico 8 (Discover)

4) EQ Bankcard Fico 8 (Citi)

5) EX VS 3.0 (Credit Sesame & Credit.com)

6) TU VS 3.0 (CK)

7) EQ VS 3.0 (CK)

8) EX NE (Credit.com)

Looking forward to getting some score data on VS 4.0

[Sandman771]

TT can you shed any light as to why my 09 score is lower than my 08 score if paid collections factor less in 09? Thanks Obi Wan! 

[Anonymous]

Hey Sandman.  You will likely need to tell TT a lot more about your profile before he can hazard a reasonable guess.

For example, I am guessing you do not have a small unpaid collection.  But if you did, that would harm your FICO 9 but not your FICO 8.  That's just one example.

[Sandman771]

Yes I have one paid collection and two unpaid chargeoffs. The two unpaid ones are big but I've entered into repayment plans with both. I am assuming that unpaid C/O's factor more heavily in 09 than in 08? 

It is about a 25 point swing, but then the flip side once those chargeoffs are PIF then they won't hurt me as badly, correct? 

[Thomas_Thumb]

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@Sandman771 wrote:

TT can you shed any light as to why my 09 score is lower than my 08 score if paid collections factor less in 09? Thanks Obi Wan! 

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As CGID mentions, details regarding your credit profile would be helpful with analysis. At this point it is mostly speculation.

Edit add: I was pulled away for an hour while writing this post and see you responded to CGID during the interim. It looks like you have unpaid charge offs and that's a probable cause for the lower Fico 9 score.

If your paid collections are under $100 they won't impact Fico 8 or Fico 9. If they are over $100 they may negatively impact Fico 8 but not Fico 9. Do you have any unpaid collections? Unpaid hurt score quite a bit more in Fico 9. Collections aside there are other differences between Fico 8 and 9 such as rental history and utility bill payments possibly impacting Fico 9.

Small unpaid collections are ignored in Fico 8. However, it appears that a small unpaid collection may hurt your Fico 9 score depending on classification. A primary driving force behind Fico 9 is motivating debtors to pay up - regardless of how Fico wants to spin it. Thus, the reason for ALL PAID collections to be ignored in Fico 9 and increasing the penalty for all non medical unpaid collections. I don't believe Fico 9 ignores small unpaid collections - after all small creditors want their money just as much as large creditors!

[If a collection is small $$$ it is ignored in Fico 8 whether paid or unpaid. If the small $$$ collection is unpaid but non medical it hurts Fico 9 score. If it is medical and unpaid it should not impact Fico 9 score - assuming correct coding]

Check out the below links. I have included an excerpt from each.

All You Need to Know About FICO 9

September 9th, 2014 by Alice Bryant

http://www.creditnet.com/blog/all-you-need-know-about-fico-9

The new FICO 9 credit score formula plans to improve the scores of consumers with medical debts or consumers who have paid off other debts. However, consumers with unpaid debts on their report which are not healthcare related will witness a drop in their credit scores. This will make it more difficult to obtain a credit card or personal loan. In some cases, this will raise interest rates for millions of consumers. 

Facts You Need to Know About the New FICO Score 9

https://www.businesscreditreports.com/info-center/blog/may-2015/facts-you-need-to-know-about-the-new...

Unpaid Non-medical collections will now have a greater impact on the score. Combine this with the fact that a paid collection will no longer be factored, consumers will have a greater incentive to pay past due collections to raise their score. This will change the long used premise that the older the collection item, the less impact it has on your score. Also, the old adage of “don’t pay back that five-year-old collection item and just let it age because activity on a collection item could make it appear more recent” is no longer true. Their score will benefit more if they pay it. This change removes all ambiguity. If you pay back your collection items, your score will benefit.

[Anonymous]

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@Thomas_Thumb wrote:

Same here. I have checking and savings accounts with WF - no credit card or loans though. Never received a Fico score from WF before. Went on-line and after seeing the OP's post and yes! -WF now is providing me with an EX Classic Fico 9 updated monthly.

OP - Thanks for the heads up

Now receive 4 flavors of Fico scores, 3 VantageScores and the odd EX National Equivalency for free to compare monthly:

1) EX Classic Fico 9 (WF)

2) EX Classic Fico 8 (AMEX & Discover scorecard)

3) TU Classic Fico 8 (Discover)

4) EQ Bankcard Fico 8 (Citi)

5) EX VS 3.0 (Credit Sesame & Credit.com)

6) TU VS 3.0 (CK)

7) EQ VS 3.0 (CK)

8) EX NE (Credit.com)

Looking forward to getting some score data on VS 4.0

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YW. Correct! It is available on my online banking for checking and saving account. I do not have credit with WF. I'm very happy they offer free FICO9 version instead of FICO8. I'm eyeing on one of PenFed Credit cards now, since they using FICO9 EQ to determine the approval, so I have an idea for the application in the near future with them. I hate wasting a HP for denial

[mitchblue]

I get myFico 9 with with my Mortgage nothing else with WF so that's good..

[Anonymous]

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@Thomas_Thumb wrote:

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@Sandman771 wrote:

TT can you shed any light as to why my 09 score is lower than my 08 score if paid collections factor less in 09? Thanks Obi Wan! 

[If a collection is small $$$ it is ignored in Fico 8 whether paid or unpaid. If the small $$$ collection is unpaid but non medical it hurts Fico 9 score. If it is medical and unpaid it should not impact Fico 9 score - assuming correct coding]

https://www.businesscreditreports.com/info-center/blog/may-2015/facts-you-need-to-know-about-the-new...

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I have a $44.00 unpaid medical collection on my report. It does not appear to be impacting my Fico 8 but is impacting my Fico 9, as it's 25 points lower than Fico 8.

I never dealt with the collection becaue I knew it wasn't impacting my Fico 8 and didn't want it updated as a paid collection as it might affect my other Fico scores because of a recent date. I guess I need to pay it to get my Fico 9 up as some creditors seem to be switching to Fico 9.

[Anonymous]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

Same here. I have checking and savings accounts with WF - no credit card or loans though. Never received a Fico score from WF before. Went on-line and after seeing the OP's post and yes! -WF now is providing me with an EX Classic Fico 9 updated monthly.

OP - Thanks for the heads up

Now receive 4 flavors of Fico scores, 3 VantageScores and the odd EX National Equivalency for free to compare monthly:

1) EX Classic Fico 9 (WF)

2) EX Classic Fico 8 (AMEX & Discover scorecard)

3) TU Classic Fico 8 (Discover)

4) EQ Bankcard Fico 8 (Citi)

5) EX VS 3.0 (Credit Sesame & Credit.com)

6) TU VS 3.0 (CK)

7) EQ VS 3.0 (CK)

8) EX NE (Credit.com)

Looking forward to getting some score data on VS 4.0

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YW. Correct! It is available on my online banking for checking and saving account. I do not have credit with WF. I'm very happy they offer free FICO9 version instead of FICO8. I'm eyeing on one of PenFed Credit cards now, since they using FICO9 EQ to determine the approval, so I have an idea for the application in the near future with them. I hate wasting a HP for denial

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But isn't the WF score drawn on EX?  The difference between two bureaus (drawn on the same model) can sometimes be far more than the difference between two models (drawn on the same bureau).

Of course if your FICO 8's are usually almost the same (EQ vs. EX) due to the two reports having identical data then your EX FICO 9 will probably be very close to your EQ.