Wells Fargo changes FICO score program to FICO score version 9

[Anonymous]

Logged into my Wells Fargo account to view FICO score and received notice that effective April 25, 2018 they are now moving to Experian Fico version 9, previous version was Experian Bankcard 2.

[AverageJoesCredit]

Sweet

[Anonymous]

Good move...it used to be credit account holders received Bankcard 2 while their other account holders (checking, saving, etc) received Fico 9.

Good to see them normalize on Fico 9.

[LionLaw]

Nice catch!

Just logged in and got my new score as of today.  807!  My first time in the 800 club!

[Anonymous]

Yes I’m so confused by this. I’ve been working hard to increase my credit score.
The second week in April Wellsfargo reported my score 660 then with the new way they are now reporting my score is showing 596!!!! Ughhh I haven’t done anything to get a lower score. Wellsfargo even gave me a increase credit limit in March as Kohls and Target. But I’ve uses very little and paid off right away. I never carry high limits and my bills are all paid on time. So why is this new reporting score system have my score so **bleep** low??? And is the a REAL score. Creditkarma and Creditseseme have it as 610. In the past Wellsfargo was always a higher score than these two. Like by 40-50 points. Help. Trying to understand.

[sarge12]

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@Anonymous wrote:
Yes I’m so confused by this. I’ve been working hard to increase my credit score.
The second week in April Wellsfargo reported my score 660 then with the new way they are now reporting my score is showing 596!!!! Ughhh I haven’t done anything to get a lower score. Wellsfargo even gave me a increase credit limit in March as Kohls and Target. But I’ve uses very little and paid off right away. I never carry high limits and my bills are all paid on time. So why is this new reporting score system have my score so **bleep** low??? And is the a REAL score. Creditkarma and Creditseseme have it as 610. In the past Wellsfargo was always a higher score than these two. Like by 40-50 points. Help. Trying to understand.

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The credit score you had did not likely change at all...all that changed was which score is now being reported. Your fico 09 score was likely very close to the same score for you last month, but unless you did an EX fico 09 score pull, you were just unaware of what that score was. Fico 09 is the latest fico score model, and many lenders are in the process of changing their pulls to that model from fico 08. Fico 08 is still the most widely used model for now, but that will change soon, as lenders are currently testing the new model. The truth is there is no one REAL score as such...the score that matters is whichever score the creditor pulls to help with their lending decision. That varies widely between creditors, and all of the fico scores are REAL to some creditor. I know of no lender that uses Vantage 3.0, but there might be some, and someone has reported that it is often used by the real estate rental industry. For lending and credit cards the Vantage 3.0 is fairly worthless.

[Anonymous]

Sarge is exactly right above, Pink88.  The scores you are comparing are from two different scoring models, so it's a case of comparing apples to oranges.  Your score(s) didn't drop as long as your profile didn't get worse.

[Anonymous]

Thank you for explaining, my Credit profile hasn’t gotten any worse, I’ve been learning & working hard to increase my score, actually the past few months I’ve kept my cc spending to 10-20%. And paid off another debt. So that’s why I was concerned when i saw that low score on the Wellsfargo app

[Anonymous]

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@AnonymousI’ve been learning & working hard to increase my score, actually the past few months I’ve kept my cc spending to 10-20%.

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Can you clarify what you mean by the above statement?  Do you mean that you've spent 10-20% of your credit limits for the past few months?  If so, it's not really the spend that matters here; what matters is your spend relative to your payment.  If you're paying equal to or greater than your spend, you're acting in a healthy manner generally speaking.