I can understand your frustrations and not to downplay your concerns, but, the short answer and simple truth is Fico 10 is trend based, much like Vantage Scores. As such they're going to be more volatile. Also like Vantage Scores, you should (for your sanity) largely ignore them as they're used very little. If keeping your scores up are a priority, I'd suggest continued focus on your Fico 8s.... everything else will follow in due time.
As for how Fico 10s work, I can't answer that but others here have an exellent understanding of different scoring models so maybe they'll chime in with their thoughts and experience.
FICO Score 10 will pull in more data about a consumer’s total amount of debt and the frequency and pace at which they pay down that debt and integrate that into the final credit score calculation. FICO Score 10 T will also include trended data on how a consumer has used their credit cards over a 24-month period. This is meant to show the historical trend of how that person used their credit and paid off credit debt over time. They say over 100 mil people will see a possible 20 pt rise or fall if it became standard. Heck not everybody uses 9 now as it is.
Couple changes in catagories. 10 has inq's for 10% New Credit is gone in 10. This is just what I found from graphs. I always say I hope it doesnt see the light of day. My 10's are like I just filed BK again.
@ts06099 wrote:I'm just completely and utterly confused about this FICO 10 suite. My FICO 8 and 9 continue to improve, however my FICO 10 dropped 10-15 points in only the past month. I have a single mark (90-day) from Jan 2022 (from a criminal enterprise known as Navient - student loan). Prior to that, mid-2019 was the absolute LAST bad mark. All past collections were paid in 2021. I keep credit card utilization around 10% (8-11%). I have about 75K in student loans with ED.gov (the Navient loans were paid-off in March 2023) and I haven't applied for any new credit in the past 7 or 8 months. My FICO 8 and 9 continue to rise, but FICO 10 dropped 10-15 points this past month - and I don't have the first clue as to why that is. There is NO reason why my FICO 8 should be 724, but my FICO 10 is 638. I understand the 'trend' analysis it claims to do, but what bad 'trends' does this nonsense think I'm doing?
FICO 10 is extremely punishing, and you have a severe derog in the last 2 years
If FICO 8 was kind of forgiving and FICO 9 is extremely forgiving, FICO 10 gives you detention for even thinking about chewing gum.
I personally have a ~70 point gap in my EQ 9 and EQ 10 scores and a ~40 point gap between FICO 8 and FICO 10.
until your file is clean, FICO 10 is going to be rough, that's really all there is to it.
On my dirty profile (roughly 6yr old BK7) and my last card opened just over 3 months ago, my FICO 10 scores are the lowest (8-15pts below my FICO 8 and 10-30pts below my FICO 9). My 10T scores are also currently lower to a lesser degree (3-10pts lower than FICO 8 and 5-24pts lower than FICO 9). I've also noticed that FICO 10T seems to have a significantly higher ceiling on a dirty profile than FICO 10, particularly if you're at ultra low utilization. Back in March after 3 straight months of 3% or less individual on one card and 1% aggregate, my 10T scores were EQ 720 TU 711 EX 707. That was my highest trio of scores since jumping back into the world of credit. On profiles that don't have high CLs 10T makes it tough to maximize because it requires a level of micromanagement that's time consuming, doesn't necessarily help you grow your CLs with some lenders, and for me is no longer worth the effort. I'm happy to let 2/5 cards report. Luckily as others have noted we don't have to worry about 10 or 10T yet. Hopefully not anytime soon for 10, but 10T is on the horizon as one of the two approved models (the other being VantageScore 4.0) to replace the EX FICO 5 ('04 model), TU FICO 4 ('04 model) and EX 2 ('98 model) used in mortgages. currently.
