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FICO 9 score goes up dramatically -- does this mean as much as FICO 8 scores

phillip1
Contributor

FICO 9 score goes up dramatically -- does this mean as much as FICO 8 scores

Hello,

 

I have a wells fargo account which gives me monthly Experian FICO 9 scores.

 

In October I had a score of 665. Now it is 778.

 

Does this help me as much as improvement on FICO 8.

 

I have been led to believe that FICO 8 is the one to REALLY care about.

 

I am interested in anyone's thoughts on this.

 

Thanks.

3 REPLIES 3
AllThingsInTime
Established Contributor

Re: FICO 9 score goes up dramatically -- does this mean as much as FICO 8 scores

@phillip1 -

 

Super Congrats on your FICO 9 scores!

113 points in two months is quite the boost! Smiley Very Happy

 

The short answer to your question is Yes.

FICO 9 scores matter just as much as FICO 8's.

So the key now is to identify and work with lenders

who routinely use FICO 9 for their lending decisions. Smiley Very Happy

 

Two (2) institutions come to mind: Navy Federal

Credit Union (Navy Fed) and Pentagon Federal CU

(PenFed). PenFed uses Equifax FICO 9. More to the

point, PenFed requires an EQ9 650 or better for their

Promise Visa (most popular card), and an EQ9 680

or better for premium cards like the 2% Power Cash

Rewards and the Amex Pathfinder. Smiley Very Happy

 

It's been a while since I applied for Navy Fed products.

So I'll have to defer to someone else for more details.

However, Navy Fed does use FICO 9 for lending decisions. Smiley Very Happy

 

P.S. No, you don't need any military affiliation for PenFed.

Anyone can join by making a small contribution. Navy Fed,

on the other hand, requires some sort of military, government

civilian, or government contractor affiliation for membership.

 

Both PenFed and Navy Fed are conservative in nature, but they

are known to be extremely generous with SLs and CLIs. Of the

two, I'd recommend giving PenFed a call. Hope this helps. Smiley Very Happy

Message 2 of 4
phillip1
Contributor

Re: FICO 9 score goes up dramatically -- does this mean as much as FICO 8 scores

Thanks AllThingsInTime

 

I am already a member of NFCU.

 

I just want to raise my FICO 8 scores.

 

I have been a lifetime -- habitual -- late payer. Just a bad trait.

 

I began my attempts to boost by FICO scores in September.

 

I had three collection notices -- two have been removed. I am told that the third one should be taken off soon. If not the seven year period ends in 2019.

 

Why would my FICO 9 score be significantly higher than FICO 8 -- which is now 711.

 

Thanks,

 

Message 3 of 4
sjt
Senior Contributor

Re: FICO 9 score goes up dramatically -- does this mean as much as FICO 8 scores

There could be a number of reasons. One is that FICO 9 does not factor in paid collections and FICO 8 does. FICO 9 doesnt penalize you as much for "too many new accounts", generous when your balances are close to zero, etc.

American Express: Platinum Charge, Optima, Business Gold, Delta Business Platinum, Business Cash
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (3.04.21) EX: 838 / EQ: 850 / TU: 848
Message 4 of 4
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