Fico 9 Score 599 - Fico 8 Score 710 - What gives!?!?

[Anonymous]

My TU FICO 8 Score is 710 according to MyFICO - My TU Lender pulled FICO 9 score is 599

I'm trying to refinance my student loans, and they use FICO 9 - any insight into what pulling it down would be appreciated

1 unpaid baddie - medical collection - $270 - 5 years old

2 paid baddies - speeding ticket and untility - 3 and 6 years old

Mortgage - 3 months old - $627

Car - paid in full 2 years ago - 2, 30 day lates 3 years and 5 years ago

Credit cards - 3 cards, 10k limit between all 3, only report a balance on 1, other 2 report at 0 but are used. Utilization is 2 - 3%, 5% on card reporting balance. No lates

Student Loans - 48 reporting accounts (some paid and closed) no lates

My debt to income with all payments is around 28%

Any insight as why such major score difference would be great

[MarineVietVet]

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@Anonymous wrote:

My TU FICO 8 Score is 710 according to MyFICO - My TU Lender pulled FICO 9 score is 599

I'm trying to refinance my student loans, and they use FICO 9 - any insight into what pulling it down would be appreciated

1 unpaid baddie - medical collection - $270 - 5 years old

2 paid baddies - speeding ticket and untility - 3 and 6 years old

Mortgage - 3 months old - $627

Car - paid in full 2 years ago - 2, 30 day lates 3 years and 5 years ago

Credit cards - 3 cards, 10k limit between all 3, only report a balance on 1, other 2 report at 0 but are used. Utilization is 2 - 3%, 5% on card reporting balance. No lates

Student Loans - 48 reporting accounts (some paid and closed) no lates

My debt to income with all payments is around 28%

Any insight as why such major score difference would be great

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This is the first time I've seen a reference to a lender using the new FICO 9 model. I very well could have missed others.

Which lender is it?

[Anonymous]

It's Darien Rowayton Bank

They're similar to SoFi refinance - slightly better rates and terms

[EW800]

Wow, that is one heck of a difference. I was thinking that FICO 9 was supposed to be a bit more forgiving, but I guess not in all areas.

I am really hoping that MyFICO might starting offering FICO 9 scores for us one of these days. To my knowledge, we know very little about this model as of yet.

[Anonymous]

yea - it's annoying. The only thing I can think of is that maybe it's because the mortgage is so new, along with one of the credit cards. The scoring model adjusts for new credit differently? And might rebound quickly? Was hoping someone might have more insight.

I'm refinancing with SoFi - the interest rate is 1.5% higher than with Darien Rowayton (DRB), but still 3% less than currently paying. They're still using FICO 8 so I qualified just fine  

I'll apply with DRB again in 6 - 8 months, once my mortgage has aged a bit more, if rates are still down, and see what my score is like then. With the market crash from people over extending themselves with high mortgages, I can see them weighing a new mortgage to pull a score down with the model to help prevent people getting over extended.

[Imperfectfuture]

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@Anonymous wrote:

yea - it's annoying. The only thing I can think of is that maybe it's because the mortgage is so new, along with one of the credit cards. The scoring model adjusts for new credit differently? And might rebound quickly? Was hoping someone might have more insight.

I'm refinancing with SoFi - the interest rate is 1.5% higher than with Darien Rowayton (DRB), but still 3% less than currently paying. They're still using FICO 8 so I qualified just fine  

I'll apply with DRB again in 6 - 8 months, once my mortgage has aged a bit more, if rates are still down, and see what my score is like then. With the market crash from people over extending themselves with high mortgages, I can see them weighing a new mortgage to pull a score down with the model to help prevent people getting over extended.

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Could be a mortgage enhanced score of fico 9.  Or, they might not have all the systems fully integrated to generate the appropriate score.  I would be interested in my fico 9 as well.

[Shawndoe79]

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@Anonymous wrote:

My TU FICO 8 Score is 710 according to MyFICO - My TU Lender pulled FICO 9 score is 599

I'm trying to refinance my student loans, and they use FICO 9 - any insight into what pulling it down would be appreciated

1 unpaid baddie - medical collection - $270 - 5 years old

2 paid baddies - speeding ticket and untility - 3 and 6 years old

Mortgage - 3 months old - $627

Car - paid in full 2 years ago - 2, 30 day lates 3 years and 5 years ago

Credit cards - 3 cards, 10k limit between all 3, only report a balance on 1, other 2 report at 0 but are used. Utilization is 2 - 3%, 5% on card reporting balance. No lates

Student Loans - 48 reporting accounts (some paid and closed) no lates

My debt to income with all payments is around 28%

Any insight as why such major score difference would be great

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This scares me as my lender is also using fico 9. I'm curious to know my fico 9 though without a hard pull

[Anonymous]

I talked to my mom about her score since she applied to co-sign the loan. There was only a 60 point difference between her Fico 8 and Fico 9. Fico 9 was still lower. She doesn't have any new credit like I do, but she has higher utilization - around 40%. Her Fico 8 is around 710 she said, and the Fico 9 from the loan app came back at 650 ish.

So it seems high credit utilization pulls harder too maybe? 

I wonder if low credit utilization gets a bigger boost than with older models.

Anyone with low credit utilization know have their Fico 9 score and see a difference?

[CreditDunce]

The way I read the press release was before all baddies were treated equally.   A medical charge off was the same as a car charge off, etc.  Now different baddies will be weighed differently.  Medical baddies will not hurt as much.  But other baddies will hurt more.  It wasn't that FICO 9 will be more forgiving.  It is that FICO 9 is supposed to more accurately predict who is going to default. 

Unfortunately, there wasn't much real info in the press release.   But if possible, I would pay all baddies off.  FICO 9 is supposed to not count paid baddies as much as unpaid baddies.  I would also try to do goodwill letters for any lates.  

Note, paying off baddies can hurt you in FICO 8 and earlier models (updating the most recent time of the record).  We also don't have any reports to know how much paying off all baddies will help you.   Please update us with any new information.  FICO 9 will be a big topic of interest in the next couple of years.

[Anonymous]

Could be a good thing they're not reporting 9 yet.  Doesn't sound so great.  That is a big difference!