FICO 9: When will it be utilized and what is weighted diffrently?

[Anonymous]

I viewed my FICO 9 and it made my stomach turn. All 3 of my scores are about 80 points lower. What is FICO 9 weighing different? Also, any insight on when lenders will begin using? Its genuinely freaking me out. Thanks!

[Pikaboo-icu]

That is surprising to me..

My Fico 9 scores are all higher than my Fico 8.

I know there are people here that can explain it, in depth.

Some LIs already use Fico 9 when making credit decisions.. If you have a specific LI in mind, you can inquire on the applications board or just search for and likely get a fairly informed answer. 

[Anonymous]

Do you have a small unpaid collection?  (I.e. under $99)  FICO 8 ignores those but in FICO 9 you'd have a sharp penalty.

Bear in mind that many lenders might never use FICO 9.  They could easily jump from FICO 8 to FICO 10.  Wells Fargo, for example, used FICO 98 for many years -- a model released in 1998 -- until finally switching to FICO 9 in the last year.  That means they stayed with FICO 98 through two major releases of new FICO models (FICO 04 and FICO 08).  Lenders using FICO 8 now might well stick with it until FICO 10.

[Anonymous]

Hi CreditGuyInDixie , Thank you for your response. I have 2 collections and both are under 100. Both collections are medical. I thought I had read somewhere that Medical was not weighted as high. I would really like to understand so I can improve it. One of my biggest issues with there being a new scoring model every other year being adopted is we as consumers not having any knowledge. I also believe there should be transparency. What lender pulls what score. I am just frustrated seeing that dip. Thanks again I appreciate your input.

[Anonymous]

Sounds like you should do what you can to get those medical collections removed.

[Anonymous]

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@Anonymous wrote:

Sounds like you should do what you can to get those medical collections removed.

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Or just pay them.  FICO 9 ignores all paid collections and FICO 8 is already ignoring them.

[Anonymous]

But if paid, aren't they still visible on one's CR?  In terms of scoring I get not caring if they are still there (paid) but from a MR perspective, any collection paid or unpaid, small or large IMO is never a favorable look.  If a phone call or letter could chance eliminating it all together, I feel it's [minimal] time well spent.

[Anonymous]

That's true as well.

[Anonymous]

Thank you both, I will reach out to them both to see if they will delete for pay. If they wont and I pay them will I see a score increase with FICO 8? I haven't paid them because I was afraid that once it updated as paid it would be a more recent reporting and would take more points away. I have one for 48.00 that has been on there since June of 2016 and the other is 81.00 from 12/2017. I have tried to dispute the one from 2017 as I am sure I paid it but cannot find proof. My fault of course. I was under the impression that the longer they are on there the less damage they do. I was afraid to pay and renew the report date. I appreciate your guidance and knowledge. Trying to learn all I can. Take care.