Fico O8 in effect 06/01/08????

[Anonymous]

I just checked my Experian score.  05/01/08 it was 675.  On 06/01/08 it is 664. The only change is a note in the understanding your score section which indicates that I have a finance company account and simply by having this finance company account my score was lowered.  This note was not in the 05/01/08 report.

Any other comments?

[Anonymous]

It is not FICO08 -

Look for account Birthdays

[RobertEG]

FICO 08 does not have an "effective date."  Releasing it for sale does not make it mandatory for any customer to either purchase or use it.  To date, I dont believe any of the CRAs are using it, and certainly not the one CRA who is currently in litigation with FairIsaac.  Old shoes are usually the most comfortable, as long as they wear well.

FICO 08 is just an alternate product developed by FairIsaac. When it is put on the market is not the issue.  Creditors/lendors are the market for the product, and they will choose whether or not to purchase and use it. Not FairIsaac.

FairIsaac has released no plan to discontinue sale of its current FICO versions, for obvious business reasons.  They previously released an "improved" FICO model in the late 1990's, called NextGen FICO, that was routinely ignored by lendors, and did not supplant classic FICO.

I would disregard any rumors of an "effective date" for implementation of FICO 08.  That is a creditor decison, and not a FICO decision.

[smallfry]

So the scores we pull here will be the Classic scores?

[haulingthescoreup]

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@smallfry wrote:

So the scores we pull here will be the Classic scores?

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That's what it looks like, although I'm desperately curious to see what mine would be.

myFICO displays whatever mortgage score formula is in use by the majority of lenders. Once a newer formula adoption rate hits 50%, it will be used here. That's why the myFICO TU score is the older (98?) version, instead of the "new" '04 version, which is just now reaching 50% use nationally.

And the fact that we're calling a 2004 formula new tells you a lot about how long it takes the industry to adopt the latest thing! That's why I'm not in a dither about FICO '08 like I used to be.

[MidnightVoice]

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@haulingthescoreup wrote:

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@smallfry wrote:

So the scores we pull here will be the Classic scores?

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That's what it looks like, although I'm desperately curious to see what mine would be.

myFICO displays whatever mortgage score formula is in use by the majority of lenders. Once a newer formula adoption rate hits 50%, it will be used here. That's why the myFICO TU score is the older (98?) version, instead of the "new" '04 version, which is just now reaching 50% use nationally.

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According to Barry:

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@Barry wrote:

While I agree that it would be great to be able to see what our scores would be with FICO 08 ASAP, it's just not possible due to the fact that all FICO scores, in all cases, are calculated at the bureaus.  Hopefully we'll be able to get them from the bureaus one of these days.

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This means that the scores we get are the FICO scores the CRAs are calculating, using whichever version they have currently purchased (I think)

[Junejer]

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@MidnightVoice wrote:

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@haulingthescoreup wrote:

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@smallfry wrote:

So the scores we pull here will be the Classic scores?

---

That's what it looks like, although I'm desperately curious to see what mine would be.

myFICO displays whatever mortgage score formula is in use by the majority of lenders. Once a newer formula adoption rate hits 50%, it will be used here. That's why the myFICO TU score is the older (98?) version, instead of the "new" '04 version, which is just now reaching 50% use nationally.

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According to Barry:

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@Barry wrote:

While I agree that it would be great to be able to see what our scores would be with FICO 08 ASAP, it's just not possible due to the fact that all FICO scores, in all cases, are calculated at the bureaus.  Hopefully we'll be able to get them from the bureaus one of these days.

---

This means that the scores we get are the FICO scores the CRAs are calculating, using whichever version they have currently purchased (I think)

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Huh?  Who's they?  MyFICO is using the models that the majority of the lenders are using--which in TU's case, is still Classic '98.

[MidnightVoice]

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@Junejer wrote:

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@MidnightVoice wrote:

According to Barry:

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@Barry wrote:

While I agree that it would be great to be able to see what our scores would be with FICO 08 ASAP, it's just not possible due to the fact that all FICO scores, in all cases, are calculated at the bureaus.  Hopefully we'll be able to get them from the bureaus one of these days.

---

This means that the scores we get are the FICO scores the CRAs are calculating, using whichever version they have currently purchased (I think)

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Huh?  Who's they?  MyFICO is using the models that the majority of the lenders are using--which in TU's case, is still Classic '98.

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They is the CRAs.  And the way I read Barry's post, MyFICO is not calculating the scores at all, the CRAs are calculating the scores that myfICO sells to us.

[haulingthescoreup]

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@MidnightVoice wrote:

They is the CRAs.  And the way I read Barry's post, MyFICO is not calculating the scores at all, the CRAs are calculating the scores that myfICO sells to us.

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If it's the same post I read back in the day, I agree, and it really turned my thinking upside down.

I always thought that FICO score pulls came to FICO for crunching, but apparently they're done at each CRA. And if you think about it, this makes sense. The commissioned the formulas, they own them, and they're making money off of them. This is why myFICO can't sell an affordable 3-in-1 FICO monitoring system: they have to pay the CRA's for every pull. They have a business deal with EQ for SW, which is why it's halfway doable, but even so, we've all lamented that it doesn't run our EQ scores often enough for our insatiable appetites.

[Junejer]

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@MidnightVoice wrote:

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@Junejer wrote:

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@MidnightVoice wrote:

According to Barry:

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@Barry wrote:

While I agree that it would be great to be able to see what our scores would be with FICO 08 ASAP, it's just not possible due to the fact that all FICO scores, in all cases, are calculated at the bureaus.  Hopefully we'll be able to get them from the bureaus one of these days.

---

This means that the scores we get are the FICO scores the CRAs are calculating, using whichever version they have currently purchased (I think)

---

Huh?  Who's they?  MyFICO is using the models that the majority of the lenders are using--which in TU's case, is still Classic '98.

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They is the CRAs.  And the way I read Barry's post, MyFICO is not calculating the scores at all, the CRAs are calculating the scores that myfICO sells to us.

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What was throwing me is the whatever version they have currently purchased part. TU has currently purchased Classic '04 (for about four years now, if my calculations are correct), yet we still get Classic '98 from myfico until over 50% of lenders use '04.