@Egaffne2 wrote:
Just got my fico 9 for EX and it's 45 points lower. It's 610. So looks like I won't be getting a card with my bank for a little while. Really sucks that PNC decided to start using 9 instead of 8.
Very sorry to hear that. I know it's discouraging but hang in there... your time for PNC will come.
@Shooting-For-800 wrote:Mine 9s are lower than my 8s and bounce up and down 40 points while my 8s go up and down like 5.
Bizarro world.
I suspect new accounts and / or inquiries will do that.
@Egaffne2 wrote:
Just got my fico 9 for EX and it's 45 points lower. It's 610. So looks like I won't be getting a card with my bank for a little while. Really sucks that PNC decided to start using 9 instead of 8.
I'm sorry the results aren't what you wanted. But hopefully this helps with understanding the differences with how scores differ and what affects them. That's part of the battle and the game. This thread has provided some of the differences with score models that will hopefully help you going forward. Gardeinng (a bit of patience in the rebuild process) may help. Good luck!
@Egaffne2 wrote:
And I thought fico 8 was a tough scoring system. I've been putting in serious work on my scores since last winter. Didn't join the forums til March tho. Its been such a slow process of a couple points here and there just to find out the new score fico 9 is even more unforgiving. March to now may feel like a long time but it's not. Sometimes it's just slow and steady. Even better than a score is the new good financial habits you'll pick up along the way as you rebuild and score watch. What kills me is I haven't had a late payment in four and a half years. Owell, they can't stay on my report forever!
Fico 9 hasn't completely caught on with most lenders...yet... and many lenders still use difference scores. But it may be gaining traction. Time will help you with the things that hurt your score as you continue to show you're more credit worthy to lenders than your lates may indicate to some. Your serious work to not miss a payment matters. But Fico is looking for NO missed payments. I often hear people state they haven't been later for X # of years and they're always referencing less than 7. That's the magic # that matters because it can be removed from your report per statutes and although lenders grant credit with lates, the score algorithm is looking for 0 always and many lenders reward 0 lates. Not every lender rely on scores only.
Any late is a red flag or at least a question mark regardless of how long its been. It is said the older certain lates are the less it impacts your score. I agree and it's profile specific. There are numerous testimonies here stating the impact of a single 30D late at 6yrs+ after it's removed. Again profile specific. After the removal of a single 30D late (only late on credit report) I personally gained 50 with TU, removed 11 months early for some reason, 37 with EQ removed 4 months early and 27 with EX removed 2 months early (early = before reaching 7 yrs). The goal is to have it removed, no longer appear on your credit report but aging can reduce the impact it has on your score if its still on yor report. Patience is what many have to endure. Its part of the process for the mistakes we make.
There are many efforts that can be made to speed up the process but not guaranteed. Good will campaigns, PFD, etc to remove negative info early. You should absolutely try as it may make a difference as many can attest. But as all of those who were successful removing negative information early will say, YEMV. It's not a given because they don't have to remove it if it actually happened.
Hang in there. Keep doing the positive things you're doing. It's positive you haven't missed a payment for 4+ yrs. Celebrate that. But as I'm sure you know you should never miss a payment, not just for a stretch of years. After all its the highest % of the pie that impacts Fico scores. Time and "consistent good behaviour" will eventually be rewarded.
My fico 9 is 112 points higher than my fico 8. I had some pretty big baddies that were all PIF. On my fico 8, I am at 668. Fico 9 is 780. This gives me "fair" credit by one, and excellent by the other. In my opinion, because of my hard work repaying everything, keeping uti low, etc. I should have a slightly higher Fico 8 score. but there is NO WAY that I should have the EXCELLENT rating that I have through Fico 9.
You stated it yourself: you paid your baddies Vicky.
FICO risk analysis calculates the probability of default. I think it is unarguable that someone who actually paid their collections is less likely to allow accounts to get to that point again statistically and that likely showed up in their data analysis.
Same thing happened to me with my tour through the derogatory scorecards: I had a bunch of positive recent history and old negatives and a few extraneous lates on a single tradeline. FICO 9 was always markedly higher.
What I did note though was FICO 9 was more sensitive to recent changes in credit like inquiries and maybe new accounts too. My inference from that is that FICO 9 weighs recent history more... which might be appropriate as a bunch of people had issues during the mortgage crisis and FICO 9 was released well into the recovery years after 2010... a lot of people got into trouble and might not be a risk for the future according to the data.
Wouldn’t worry about it, it’s much like my absurd TU FICO 4, but to be fair it isn’t necessarily wrong: I am not a risk to default but I have in the past slow paid.
FICO risk analysis calculates the probability of default. I think it is unarguable that someone who actually paid their collections is less likely to allow accounts to get to that point again statistically and that likely showed up in their data analysis.
Same thing happened to me with my tour through the derogatory scorecards: I had a bunch of positive recent history and old negatives and a few extraneous lates on a single tradeline. FICO 9 was always markedly higher.
What I did note though was FICO 9 was more sensitive to recent changes in credit like inquiries and maybe new accounts too. My inference from that is that FICO 9 weighs recent history more... which might be appropriate as a bunch of people had issues during the mortgage crisis and FICO 9 was released well into the recovery years after 2010... a lot of people got into trouble and might not be a risk for the future according to the data.
Wouldn’t worry about it, it’s much like my absurd TU FICO 4, but to be fair it isn’t necessarily wrong: I am not a risk to default but I have in the past slow paid.
