@Anonymous wrote:
Who's using the new FICO 9 scores? Is everyone going to convert or is it a select few that use the FICO 9? I ask because my scores are great with the FICO 9 in comparison to 8 or any other scores.
Lenders are trialing it now apparently, but I don't think we've seen any lender give a FICO 9 out on an application... I would've thought we'd have seen some given the disparity in many people's files for paid collections and possibly paid tax liens. My EQ FICO 9 is stupidly high compared to the rest of my FICO scores (FICO 9 industry options notwithstanding).
There's probably some smaller lenders which are using it, but none of the gorillas as of yet.
Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
@Sema-J wrote:Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
UPDATE: Alliant CU - which I have been a member of for a number of years, and who I must say always tries to go the extra mile - just flat out refused to reconsider the application based SOLEY on the TU CR. Wow. I'm a little miffed about this.
What's worse, the TU CR they pulled had several items back ON the report, which had not been a factor on previous reports - namely 3 student loans which had been placed for collection in 2011, but had since fallen off on the FICO 8. Crazy what a new scoring system can do.
Good luck to everyone else!!
@Sema-J wrote:
@Sema-J wrote:Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
UPDATE: Alliant CU - which I have been a member of for a number of years, and who I must say always tries to go the extra mile - just flat out refused to reconsider the application based SOLEY on the TU CR. Wow. I'm a little miffed about this.
What's worse, the TU CR they pulled had several items back ON the report, which had not been a factor on previous reports - namely 3 student loans which had been placed for collection in 2011, but had since fallen off on the FICO 8. Crazy what a new scoring system can do.
Good luck to everyone else!!
FICO isn't a credit reporting agency. Are you saying the student loans were no longer factoring into the scoring or that they were completely off of your credit report?
@medicgrrl wrote:
@Sema-J wrote:
@Sema-J wrote:Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
UPDATE: Alliant CU - which I have been a member of for a number of years, and who I must say always tries to go the extra mile - just flat out refused to reconsider the application based SOLEY on the TU CR. Wow. I'm a little miffed about this.
What's worse, the TU CR they pulled had several items back ON the report, which had not been a factor on previous reports - namely 3 student loans which had been placed for collection in 2011, but had since fallen off on the FICO 8. Crazy what a new scoring system can do.
Good luck to everyone else!!FICO isn't a credit reporting agency. Are you saying the student loans were no longer factoring into the scoring or that they were completely off of your credit report?
Sorry, I should have been more clear:
The Student Loans placed for collection have been showing as $0 balances on all of my CRs since last year (and they still do), and they were no longer factoring into the scoring - unfortunately, when the underwriter and I were comparing notes, these same 3 loans are now a factor when using the TU FICO 9 - really unfortuante considering they were paid, and they are over 6 years old. I guess I'll just wait until 2018 when they fall off to see any positive changes with the FICO 9.
@Sema-J wrote:Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
Thanks for the datapoint! I had gotten a pre-approval for that card in an email, which seems unlikely if they're looking at my TU which is not a great FICO 9 score but maybe they're still looking at my EQ which is absurdly high heh.
Did it explicitly say FICO on the letter?
@Revelate wrote:
@Sema-J wrote:Just applied for a Visa Signature card with Alliant CU - they use FICO 9 (TU) - which for me was 40 points!!!! lower than FICO 8. At time of application TU FICO 8 - 649; TU FICO 9 609. Ouch!!
Obviously I was denied - so I am going to Recon today. I'll be sure to update the post with results, and I'll also be sure to let them know that FICO 9 has a large discrepancy.
Thanks for the datapoint! I had gotten a pre-approval for that card in an email, which seems unlikely if they're looking at my TU which is not a great FICO 9 score but maybe they're still looking at my EQ which is absurdly high heh.
Did it explicitly say FICO on the letter?
Happy to provide info, Revelate.
Does not say FICO on the letter - Just TU. However, I confirmed with the underwriter and the CSR that they were looking at my TU FICO 9 score - also, the 609 they provided in the letter matched my TU FICO 9. 40 points is a HUGE hit!
I also found out that they stopped using EQ and now only pull TU. I had asked them to pull EX, but they refused, saying that they couldn't do that, and I had to wait 30 days. Pretty rough treatment for a CU that I hold in the highest regard. I have been with them for a while, so it was a little surprising - and actually hurtful! :-(
Let me know how it goes for you. 3% cash back is an AWESOME deal.