@Anonymous wrote:
Go to Yahoo.com, there is a link to a CNN report (I can't get the vid link sorry).
Basically it says they are going to start giving more weight to:
Mixed forms of credit (revolve, auto, etc.)
Recent good payments
Consistent bad items
Recent Bad Items
and less to:
Older negative scores
'isolated' bad credit, i.e. if you have several good accounts but just one or two iwth bads
Which is good I'm thinking for a lot of us, since we've (hopefully) managed to get most of our baddies off. I'm hoping this really bumps my Equifax up since I have a 6 1/2 year old Cap1 CO and a Paid Collection but several good accounts.
I wonder how this is going to work with buckets?
This is a pretty good summary of FICO 08. Those of us who are AU's have focussed so much on losing that history that many have lost sight of all the other changes. It is meant to be more forgiving of those with relatively few baddies, and those who have been pretty clean within the last two years.
I find it very interesting how many similarities it shares with the Vantage score, which is threatening FICO's market!
As to the buckets, I read that two are being added, both negative, but what they are, I have no clue. Probably one for someone like me, with a scattering of 30-days over multiple accounts.
I keep hearing this May for FICO 08. Keep in mind, though, that lenders will have to adopt FICO 08 for it to have any meaning. I'm expecting an extended period of mass confusion...
@haulingthescoreup wrote:
@Anonymous wrote:
Go to Yahoo.com, there is a link to a CNN report (I can't get the vid link sorry).
Basically it says they are going to start giving more weight to:
Mixed forms of credit (revolve, auto, etc.)
Recent good payments
Consistent bad items
Recent Bad Items
and less to:
Older negative scores
'isolated' bad credit, i.e. if you have several good accounts but just one or two iwth bads
Which is good I'm thinking for a lot of us, since we've (hopefully) managed to get most of our baddies off. I'm hoping this really bumps my Equifax up since I have a 6 1/2 year old Cap1 CO and a Paid Collection but several good accounts.
I wonder how this is going to work with buckets?
This is a pretty good summary of FICO 08. Those of us who are AU's have focussed so much on losing that history that many have lost sight of all the other changes. It is meant to be more forgiving of those with relatively few baddies, and those who have been pretty clean within the last two years.
I find it very interesting how many similarities it shares with the Vantage score, which is threatening FICO's market!
As to the buckets, I read that two are being added, both negative, but what they are, I have no clue. Probably one for someone like me, with a scattering of 30-days over multiple accounts.
I keep hearing this May for FICO 08. Keep in mind, though, that lenders will have to adopt FICO 08 for it to have any meaning. I'm expecting an extended period of mass confusion...
First of all they didn't mention "'08" or the fact that Authorized Users would not be getting benefit anymore (which would be critical news) so I don't think this is *the* Fico '08. Second if it IS and they are releasing it, I guarantee you they did not include the AU modifications.
nyccc2 wrote:
First of all they didn't mention "'08" or the fact that Authorized Users would not be getting benefit anymore (which would be critical news) so I don't think this is *the* Fico '08. Second if it IS and they are releasing it, I guarantee you they did not include the AU modifications.
Just because they did not mention "08" does not mean this is not what we understand to be the changes associated with "08". Most in the general public have no idea what "08" is, so why would they tag it as such.
Also, although the AU change is significant, it is not surprising that it may not be mentioned in a news story about the general scoring changes. There are several changes associated with the new scorong model that will effect consumers.
If I were guessing, the article IS about the FiCO08 changes, which INCLUDES but are not limited to removing the AU benefit, as well as the other important things you cited from the article.
The net is, let's not lose site of the various changes we anticipate in FiCO08.
