The short answer is that FICO9 is a different algorithm from FICO8 so it will weigh the same profile information differently, which will result in a different score. For some people, their 9's will be higher, for others the 8's will. I don't know much about the differences between 8 and 9, but I believe that 9 weighs recent history more heavily, so if you have had lates or derogs in the last two years, that could be a reason. If you want to post a more complete picture of your profile we can help you look for data that 9 might be weighing differently, but to raise your scores the same general strategies that work for 8 also work for 9: avoiding late payments, keeping utilization low, and letting accounts gain age.
Assuming 12 of the 13 FICO9 scorecards are the same as 8's, I think you'd be on on dirty/PR/mature w/ 67% highest individual util, 55% agg util, 3/5 accounts w/ a bal, one unpaid CO, four collections, and some number of 3+ yr old lates of some severity. You don't have any installment loans, correct? Unfortunately, the only thing I know about 9 that's relevant to what you've listed here is that it doesn't count medical collections where 8 does, which would be a positive for you and doesn't help explain why your 9's are lower. The main negatives in your reports are ofc the PRs and relatively high util, as well as possibly the lates, so it could be that the 9 algo's take a dimmer view of one or more of those things, but I don't know for sure. If the CO is still updating, that might be making it a "recent" derog. @Anonymous and other score experts, does anything here stand out to anyone?
@Slabenstein I do have student loans, about 15K through MOHELA. All are 100% on time, and payments have been frozen by the Biden admin until at least September. See below for credit mix factors - I believe the Fico 9 has not updated as quickly as my Fico 8's - could that be the reason? I just paid down a few of my cards to 0, which made my Fico 8 jump about 30 points.
I feel pretty discouraged but any insight will help. I know time will just have to pass for some of the derogs, the car loan actually already came off TU last summer, with little increase to my score. So I'm not even sure thats having a huge effect because its almost been 7 years. The 5+ accounts showing late would include the collections, correct? That seems like it could definitely be dragging me down.
snapshot of current Fico 8 scores
@anik28 wrote:@Slabenstein I do have student loans, about 15K through MOHELA. All are 100% on time, and payments have been frozen by the Biden admin until at least September. See below for credit mix factors - I believe the Fico 9 has not updated as quickly as my Fico 8's - could that be the reason? I just paid down a few of my cards to 0, which made my Fico 8 jump about 30 points.
I feel pretty discouraged but any insight will help. I know time will just have to pass for some of the derogs, the car loan actually already came off TU last summer, with little increase to my score. So I'm not even sure thats having a huge effect because its almost been 7 years. The 5+ accounts showing late would include the collections, correct? That seems like it could definitely be dragging me down.
These are your score factors for FICO9, correct? For which bureau? If this is a screenshot from MyFICO, I don't know whether they would include collections in the "5 account(s) showing 30+ days late", but you can count your ever-been-late accounts yourself and see. Regardless, number of accounts showing any late payment is a scoring factor and has a negative impact if greater than 0. When you say FICO9 hasn't updated yet, do you mean that they haven't updated on MyFICO? If your MyFICO 9's are from an older pull than your 8's and you've had profile improvement between those dates, that could easily be behind part of your score differences between the two versions.
Maybe when the 2 collection accounts are removed, that will have a huge impact. It's showing my last late as 18+ months ago, which is in line of when the medical collection was added to my report. Here are the age of all my accounts as well:
Current & Active Accounts
MOHELA Student Loans - Opened 2017 & 2018 (Around 15K balance. All 100% payments)
Capital One QS - Opened Nov 2018.($240/500CL)
Credit One - Opened Nov 2019 (0 Balance/300CL)
Nordstrom - Opened December 2019 ($825/1500CL)
Indigo Card - Opened Feb 2020 ($200/300CL)
US Bank Secured - Opened April 2020 (0 Balance/300CL)
C/O Accounts
Santander Auto (Opened June 2014 / C/O Dec 2014) 9000$ owed
Citibank (Opened April 2015, C/0 April 2017) $344 owed
Collection Accounts
Grant Mercantile (Medical) - Opened Sept 2018 ($800 owed)
Cach LLC (Old Nordstrom) - Opened June 2014 (has been settled for deletion)
Credit One Bank (LVNV Funding) - Opened Nov 2017 (has been settled for deletion)
Santander Auto (Removed from TU in 2020. Removal from EQ & EX June 2021)
Closed Accounts
Discover Secured Card (Paid in full, 0$ balance) 1000$ CL - I closed this because they put me on a payment plan and locked my use of the card. Closed in 2018
