Fico 8 vs Fico 2 Scores

Anonymous · ‎05-20-2015

Hello! My Fico 8 score is 704. My Fico 2 (used by my lender) is 635. A 69 point difference! Yikes! I fooled around with the simulator which stated if I paid off my credit card debt, my Fico 8 score would go up to 794, a 90 point increase. Would my Fico 2 score also go up 90 points?? Anyone else have experience with their Fico 2 score increasing at the same rate as their Fico 8? Thanks!

Scupra · ‎05-20-2015

@Anonymous wrote:
Hello! My Fico 8 score is 704. My Fico 2 (used by my lender) is 635. A 69 point difference! Yikes! I fooled around with the simulator which stated if I paid off my credit card debt, my Fico 8 score would go up to 794, a 90 point increase. Would my Fico 2 score also go up 90 points?? Anyone else have experience with their Fico 2 score increasing at the same rate as their Fico 8? Thanks!

Hello and welcome to myFICO! Remember that the simulator is just an estimate. Paying off revolving debt, depending on util, can make a HUGE difference to your score.

Anonymous · ‎05-20-2015

Thanks, Scrupa! I know the simulator is just an estimation. I've seen in the past how much my scores go up when I'm utliziing a lower percentage of my available credit. My main concern is whether my Fico 2 score will increse at the same rate as my Fico 8 score. Even if my Fico 8 only goes up 20 points, will my Fico 2 score go up 20 points as well or are the increases not of the same scale? I want to refinance my primary residence and an investment property, but don't even want to get the process going until I know if my scores are high enough. Hoping to hear from some folks that have been tracking the increase in their Fico 2 scores as compared to their Fico 8 scores. Thanks again!

Revelate · ‎05-20-2015

@Anonymous wrote:
Thanks, Scrupa! I know the simulator is just an estimation. I've seen in the past how much my scores go up when I'm utliziing a lower percentage of my available credit. My main concern is whether my Fico 2 score will increse at the same rate as my Fico 8 score. Even if my Fico 8 only goes up 20 points, will my Fico 2 score go up 20 points as well or are the increases not of the same scale? I want to refinance my primary residence and an investment property, but don't even want to get the process going until I know if my scores are high enough. Hoping to hear from some folks that have been tracking the increase in their Fico 2 scores as compared to their Fico 8 scores. Thanks again!

They are not, FICO 2 is generally a EQ 96 or EX/TU 98 algorithm as I understand it, and they do not scale anywhere close to the same; likely smaller increase would be my guess but paying down one's revolving utilization is nothing but goodness anyway.