Current Status and Future of FICO 9

[Anonymous]

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@Revelate wrote:

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@EW800 wrote:

I assume none of us know the exact answer to this, however I am just wondering based on the info that we have thus far, if there is any sign of FICO 9 becoming a tool used by lending institutions.  Would it be safe to say that most are likely at least testing the model?  I know it can take years for a new scoring model to be seen much out in the wild, and if I am not mistaken, FICO 9 has been out a couple of years, however I am wondering if we see any sign of this model coming to life.  

Any signs of how lending institutions feel about FICO 9?  As mentioned above, would it be safe to say that most are probably at least testing the model?

Is there any chance that FICO 9 may never really catch-on, or do all models eventually become more widely used?  Have models in the past ever been flat out rejected by most lending institutions?  

Thanks for any thoughts!  

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Marcus 

NFCU

LMFCU (I think this was the CU that was mentioned in another thread)

3 known lenders using already, all 3 fairly recent adoptions.  3ish years seems about right on schedule anecdotally from the FICO 8 adoption rate.

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Is NFCU using FICO 9 for credit decisions?

[Anonymous]

All my FICO 9's are at least 30 points higher than my 8's that are in my signature.

And I have NO baddies

[Anonymous]

Score Most Widely Used is FICO 8 - Yes 800 is a great goal. Most generally the best loan rates come at 760 and above.

FICO 9 - Not sure about this yet, My FICO 9 is 13 points higher that my FICO 8.

Bear in mind, once your scores get really high and you are closely managing your credit utilization, number of accounts and paying on time, pretty much the only thing that will budge the score is time. Average age of accounts counts for a lot. Don't open new accounts if you need more credit, ask for an increase in your limit. This could lower your credit utilization and up your score. Just by getting older, your scores will go up! I am over 55. If you are in your 20s, 30s or 40s, you have time. As I said 760 will get you great rates.

FICO 8 based on Experian Data is 837.

FICO 9 is 850.

[seattlecredit08]

Has PenFed also switched to using FICO 9?

Thanks!

[Anonymous]

Apparently PenFed uses NextGen, yes, yet another scoring model. FICO is always trying to offer customized solutions to all sorts of institutions. You can drive yourself crazy with this stuff. Pay on time, let your accounts age, keep a low credit Utilization, one or two installment purchase/loan instruments and scores over time will climb. If you want more credit, request a limit increase, don't apply for a new card!!!

You can be sure if it is FICO 8, FICO 9 or NextGen, if you have good habits, you will get the best rates.