FICO 08 - any news?

[nothopelessyet]

I can't seem to ever find any updates about the FICO 08 release date! Does anyone know why FI isn't releasing more updates about the new system? I can't wait!

Also, I just added someone to one of my tradelines as an authorized user. It didn't need his social, only his name. How does that get added to his report?

TU - 651

EQ - 674

EX - 648

[treski]

Do you know what the expected changes are supposed to be?  I just hope it doesn't slay my already pathetic scores.

):

[nothopelessyet]

I'm no expert, but I have heard a few things. Initially FICO 08 was supposed to drop all the effects of being an authorized user on someone else's card, but apparently that was deemed illegal according to the Fair Credit Reporting Act. So authorized users will still be reported, but it's rumored that there will be changes to help stop rampant piggybacking. I've also heard that while having just one negative account on your report will not have such a bad effect, having multiple bad accounts or very high utilization will have a more negative effect. Also something about a little more leniency regarding inquiries.

Keep in mind however, I learned all this through the Internet, and that's not the most reliable source in the world. What I would like to learn is when this system is actually being released. The plan was originally for September of last year, but I guess it's been pushed back multiple times.

I'd really like to have an official statement released from Fair Issac, but I don't think they'll do that just because I asked. : )

[Anonymous]

Here is what I know-

EX released FICO 08 a few months ago- but not for batch processing.

TU is in progress-

FICO and EQ settled their lawsuit- so EQ is working on it as well

It could be years before it is widely used-

I am still waitting on clarification on the AU thing- FICO has come up with a way to use AU's in scoring- but is doing something to validate they are valid.

[RobertEG]

Yeah, I think the key to FICO 08 has nothing to do with when FairIsaac "releases" it.  It has to do, from a consumer perspective, only with what CRA or creditor will decide to purchase and use it as their standard for credit evaluation.  I have seen no creditor clamor for this product.

I have also seen nothing from FairIsaac that states they will discontinue sale of their current flagship standard product, and thus force creditors or CRAs to adopt FICO 08.

FairIsaac released a revised version some years ago that was not purchased or used by the creditors, and this may also go the same doe-doe bird way to extinction. 

[Anonymous]

Right now I suspect there's so much turmoil in the world of credit and finance that FICO '08 isn't even on the radar anymore.

[Breakthecycle2]

My Ficos are effected by AU accounts as all my revolving accounts are just that...AU.

[jbh]

If I may, are you able to secure any bank cards being an au without other revolving accounts? My gf is in that boat. TY

[Anonymous]

FICO 08 was originally FICO 07. Every time someone tries to post an update they begin with I heard it'll be a few more months - or something along those lines.

If I were a betting man - I"d say fugghedaboutit.

[Anonymous]

Why not just rename it to FICO 09?