FICO 9 score is 100 points higher then FICO 8 across all three CRA

[sjt]

Going over my friend's 3B report and his FICO 9 scores are about 100 points higher then his FICO 8 score across all three CRA. He has one paid collection from 6 years ago. I know that paid collections do not count on FICO 9 but that should make 100 point scoring impact.

Any insights you all can share?

[Anonymous]

A collection on FICO 8 can cost you 90-120 points depending on age.  It puts you in a dirty scorecard with a ceiling of about 760 FICO 8.

Paid collections on FICO 9 may keep you out of the dirty scorecard.

[Thomas_Thumb]

Paid collections are ignored on Fico 9 and therefore do not influence scorecard assignment.

The collection must be $100 or more to impact Fico 8 and Fico 8 does not differentiate between paid and unpaid.  Thus, the profile will be assigned a derogatory scorecard on Fico 8 (and the older Fico mortgage models). The old collection itself likely is dropping score 50 to 80 points. My guess is other factors may account for the additional offset in score between Fico 8 and Fico 9.

[sjt]

Thanks for your replies!

My friend's collection was from 2011 and paid in 2014. In addition, he has several charge off's from 2011 that were all paid between 2014 and 2015. These charge off's were still owned by the original creditors and were reporting monthly until they were paid. His utilization is around 1% on his credit cards (6).

[Revelate]

FICO 9 appears to be a lot more forgiving on some older negatives, and more heavily penalizes recent information.

I wasn't 100 points different but I was around 790 on FICO 9 models when I was around 740 FICO 8 with a tax lien but a CO might also be treated non-trivially differently; out of curiosity what are the raw scores?

[sjt]

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@Revelate wrote:

FICO 9 appears to be a lot more forgiving on some older negatives, and more heavily penalizes recent information.

I wasn't 100 points different but I was around 790 on FICO 9 models when I was around 740 FICO 8 with a tax lien but a CO might also be treated non-trivially differently; out of curiosity what are the raw scores?

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FICO 8: EX: 652  EQ: 665  TU: 658

FICO 9: EX: 749  EQ: 768  TU: 755

The earlier versions of FICO are in the 685-708 range.

Interesting to note that the Vantage 3.0 scores are in the same range as the FICO 9

As Revelate mentioned it does seem that FICO 9 is more forgiving of past issues over a certain time period. It also probably weighs more heavely on utilization as well.

[expatCanuck]

FICO 9 is definitely more forgiving of older transgressions and, as far as I can tell, INQs and/or new accounts.

My TU lacks the 30-day late on my EQ & EX reports; my 9 scores are up across the board.  It's not immediately apparent to me, tho', why FICO 9 boosts by TU score a little more than my EQ score.

[Edit - Actually, yeah, it is.  Because I've disputed their reporting ('cause it's wrong), EQ is now reporting of one of my CC accounts as a loan (because EQ is, IMHO, staffed by too many folks who just haven't got a clue).]

Version | EQ | EX | TU

Score8 | 751 | 723 | 789

Score9 | 774 | 775  | 813

[Anonymous]

Off topic here, but is there any source for a free FICO 09 score?

[Anonymous]

Wells Fargo checking free FICO 09

[Anonymous]

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@Anonymous wrote:
Wells Fargo checking free FICO 09

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Interesting and good to know.  I assume a monthly update?  Which bureau do they use?