Does FICO9 really matter

[PrinceCorwin]

NFCU recently started giving members access to their Eq FICO9 score. Is this score relevant?

[SouthJamaica]

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@PrinceCorwin wrote:

NFCU recently started giving members access to their Eq FICO9 score. Is this score relevant?

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Yes it is. Lenders are starting to roll it out. I recently had my TU Bankcard 9 pulled by Lake Michigan Credit Union, Marcus (the installment loan lender operated by Goldman Sachs) uses FICO 9 Classic on all applications it appears. Redstone FCU uses Classic 9 too.  Someone reported the auto dealer he works for pulling the Auto 9 score.

[Anonymous]

From what I understand, FICO 09 scores generally aren't that far off from FICO 08 scores for most people.  So, even if a lender goes off of FICO 08 scores, your FICO 09 scores should still be of some use to you.

[Revelate]

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@Anonymous wrote:

From what I understand, FICO 09 scores generally aren't that far off from FICO 08 scores for most people.  So, even if a lender goes off of FICO 08 scores, your FICO 09 scores should still be of some use to you.

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Think it's night and day for people with old derogatories TBH .  730 vs 780 isn't trivial and there are a bunch of us that seemingly have that distribution on old derogs like tax liens.

[pizza1]

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@Revelate wrote:

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@Anonymous wrote:

From what I understand, FICO 09 scores generally aren't that far off from FICO 08 scores for most people.  So, even if a lender goes off of FICO 08 scores, your FICO 09 scores should still be of some use to you.

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Think it's night and day for people with old derogatories TBH .  730 vs 780 isn't trivial and there are a bunch of us that seemingly have that distribution on old derogs like tax liens.

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You are spot on Rev.

For me, at least, the difference is very much night and day. My FICO 08 EQ was/is 669, and NFCU has my EQ FICO 09 at......717! Huge difference! I like 09!! LOL

[Anonymous]

Same here! My FICO 8 scores are FAIR and range from mid to high 600's. While my FICO 9 scores are all GOOD and range low to mid 700s. I am happy to hear some banks are starting to use it. 

Now...if only my FICO 9 score was the only thing considered when applying for credit...

[Anonymous]

You guys are referencing 30-50 point differences between FICO 08 and FICO 09 scores and that's on the high end of the variances.  Naturally, there are many people with closer 08 and 09 scores.  While 30-50 points may be a big difference, I don't consider it "huge" the way some other FICO scores can be 100 points or more off from FICO 08s.

I agree with what Rev said above regarding negative items, though.

[Anonymous]

Does anyone know for certain how FICO 9 handles small unpaid collections?  (Less than $100.)

In FICO 8 they are ignored.

FICO 9 ignores all paid collections of any size.

I am curious what kinds of things would make a person score significantly better on FICO 8 than FICO 9.  (The small collection thing would be one way.)  Most people who report a significant difference talk about how their scores are better with 9, rather than the other way around.

[Thomas_Thumb]

A point of possible interest to some:

Fico 8 industry enhanced versions top out at 900.

Some, possibly all, Fico 9 industry enhanced versions top out below 900.

Examples: TU Fico Bankcard 9 = 893, EX Fico Bankcard 9 = 894.

BTW - I don't expect Fico 9 to gain much traction as the "advantages" over Fico 8 are not major. Perhaps a TBD version that includes trended data analysis will be heir apparent to Fico 8 and hopefully the archaic Classic Ficos used for mortgages.

[Anonymous]

I would love to see trended data taken into consideration.  I think in time it would create quite a change to consumer spending/payment patterns... and put to rest some of the argument that FICO scores are all about profit and such.