Hi 👋🏻
Question: Can someone explain the difference between FICO 8, FICO 9, and FICO 9 Bankcard score? I monitor my credit through here, My FICO, and I noticed the different versions.
I'm curious what banks use what scoring system for applications. I've been rebuilding my credit for quite sometime. <1% utilization, FICO 8: high 600s. FICO 9: 700+. I'm in the middle of closing on a mortgage and will not be applying for anything right now. Just wanted some education on the differences. I do keep getting targeted for prime bank cards.
Thanks for the help
You should ask the moderators to move this post to "Understanding FICO Scoring".
@mannamay wrote:Hi 👋🏻
Question: Can someone explain the difference between FICO 8, FICO 9, and FICO 9 Bankcard score? I monitor my credit through here, My FICO, and I noticed the different versions.
I'm curious what banks use what scoring system for applications. I've been rebuilding my credit for quite sometime. <1% utilization, FICO 8: high 600s. FICO 9: 700+. I'm in the middle of closing on a mortgage and will not be applying for anything right now. Just wanted some education on the differences. I do keep getting targeted for prime bank cards.
Thanks for the help
There are probably many differences, and we are not privy to the internal workings of these algorithms. Generally speaking, the 3 scoring models you have selected appear to be the ones most commonly used for credit card applications. Possible differences between FICO 9 & FICO 8:
-paid collections not counted in 9
-unpaid collections given more weight in 9
-medical collections given less weight in 9
-rental history counted in 9
-recent inquiries given less weight in 9
-average age of accounts given less weight in 9
-no. of accts reporting balance given more weight in 9
-premium for open as opposed to closed installment loans reduced in 9
-installment loan utilization percentage given more weight in 9
-9 more sensitive to revolving utilization
-9 has a separate clean scorecard for people with high revolving utilization
-9 may be more sensitive to multiple late payments
@SouthJamaica wrote:
There are probably many differences, and we are not privy to the internal workings of these algorithms. Generally speaking, the 3 scoring models you have selected appear to be the ones most commonly used for credit card applications. Possible differences between FICO 9 & FICO 8:
-paid collections not counted in 9
-unpaid collections given more weight in 9
-medical collections given less weight in 9
-rental history counted in 9
-recent inquiries given less weight in 9
-average age of accounts given less weight in 9
-no. of accts reporting balance given more weight in 9
-premium for open as opposed to closed installment loans reduced in 9
-installment loan utilization percentage given more weight in 9
-9 more sensitive to revolving utilization
-9 has a separate clean scorecard for people with high revolving utilization
-9 may be more sensitive to multiple late payments
@SouthJamaica, Thanks for the "Understanding" of 9
This is a first for Me on EQ F9
Thank you so much for the detailed info! 🙌🏻