fico 08, HUH??

[momof2]

Ok i have a read a few posts about this FICO "08", but their is no explaination as to what it is. Can someone explain to me what this is and what the purpose of it, is for?

[Anonymous]

The way I understand it, FICO 08 is a new scoring model. So, it will be a new way to calculate our credit scores.

I could be wrong, this is just what I've gathered. I do know that when FICO 08 takes effect that accounts you are AU on will not be figured into your score.

[guiness56]

That and other things.  Google it.  I have read many articles on it and find some of the changes may help, others will lower my score.

[momof2]

If this thing happens then I think my score will drop, I have these on my report

 EX i have 8 accounts in good standing, 6 with a $0balance and closed, i have 7 accounts are neg  3 with a $0 balance and closed and 1 falls off this month

EQ 4 accounts are neg, 1 gets deleted mext month other 3, 2 of them have $0 balance and closed, 7 good accounts 5 have $0 balance and closed

TU 5 good accounts 3 w/ $0 balance and closed, 5 neg's 3 w/ $0 balance and closed.

So, for the FICO  experts out their, how bad will this hurt me? I have sent GW's to each of the negative accounts creditors that have $0 balance hope they will delete.

[momof2]

also i am not a Au on any accounts, and same for my DH, only thins is he is joint on my car laon. So doe this really affect me at all?

[Anonymous]

momof2,

It's really impossible to even estimate how badly FICO 08 will affect someone's score, since all we know about it is a few of the changes that will be implemented, but not how many points different items will be worth.

It is said that FICO 08 will make it more difficult to have a higher score with several derogs, but at the same time, just having one derog won't hurt as much as it does now as long as there are other accounts in good standing.

We're all sort of playing the waiting game to see how it plays out.

[momof2]

ok i read 2 different websites about this, one said that it will take affect in middle of 2008 on another site it said starting in sept and on another it said early spring, anyone know which of these months are correct?

[Anonymous]

No one really knows. Think of it as the Second Coming, only for credit scoring...

I'm sure we'll know when we all wake up one day and our scores have gone even further into the dumps for no apparent reason...

[Anonymous]

---

momof2 wrote:

ok i read 2 different websites about this, one said that it will take affect in middle of 2008 on another site it said starting in sept and on another it said early spring, anyone know which of these months are correct?

---

It was originally scheduled to begin in Sept 2007, but was postponed due to some legal issues and other discussions with the CRAs.  Then it was supposed to be first quarter 2008.

The most recent word I am aware of is several articles that quote FI spokesman Craig Watts as saying May of this year.  Whether it will actually happen on that schedule is anyone's guess.

Even once implementation begins, though, it will be quite a while before it is adopted by the majority of lenders.

[dragnldy]

But don't the lenders basically just buy the FICO score unless you're apping for a mortgage or something big like that?  So wouldn't it be almost automatic in most cases?