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Currently awaiting FICO 8 score updates after paying down balances on CCs.
Was wondering if score increases come through on FICO 8, does that mean my Auto Scores will also increase?
And will MyFico show the update on all scores?
Generally, yes. When FICO 8 scores improve, the FICO derivatives (bankcard score, auto score, etc) usually do as well. MyFICO will update all scores, but if some scores don't change, it doesn't necessarily mean it hasn't been updated - just that the score remained the same. I hope that made sense.
Perfect. Thanks for the clarification. I just wasn' t sure if I needed to purchase an extra update or something to be able to see if the FICO derivatives also updated. Thank you so much!
Both Fico 8 industry enhanced versions (Auto and Bankcard) are based off the standard, Classic Fico 8 model. The "enhancements" adjust the magnitude and weighting of scoring factors - not the direction. If Classic Fico 8 score increases due to reduced UT%, both Bankcard and Auto versions will increase as well - with Bankcard seeing the greatest score change. Same holds true with # cards reporting balances.
A bit off topic but of potential interest: The Auto enhanced version of Fico 8 is looking specifically for an open Auto loan and awards "bonus points"even if there are other types of open loans on file. The Bankcard enhanced and Classic versions do not differentiate for Auto loans relative to other installment loans. For all 3 versions there is evidence mortgages might be looked at differently, but that is debated.
Very helpful info...thank you!