Making sense of Fico 08

[lhcole77]

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@rom828 wrote:

I'm confused about the change, also.  DH received upgrade email and got a 40 point bump to 740. I havent received an email although I've been Scorewatch subscriber since 2005 (DH 2007).  Will everyone one  be upgraded or is there some criteria being used to dtermine who upgrades?Of course, I'm hoping an upgrade doesnt mean a lowering of my current score, but I think I understand that it doesnt matter what happens with any change the 08 edition causes  if lenders are going to be pulling 04.  From the various threads I've read, sounds like only the '08 version is going to be available on MyFico so I would think all Scorewatch subscribers would be upgraded, but since I havent received upgrade notice, I'm confused..

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I called in and they converted me over while I was on the phone =)

[HiLine]

I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

[Involver]

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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You can still get your EQ04 from Equifax's website.  You can purchase individual scores or Score Watch just like they use here.

[HiLine]

I knew that. But to get the number of scores I used to get with Score Watch I'd have to pay 100 bucks a month that way.

[lhcole77]

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

[HiLine]

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@lhcole77 wrote:

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

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Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

[Revelate]

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@HiLine wrote:

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@lhcole77 wrote:

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

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Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

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That's true for the mortgage market only to be clear.  Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull... unfortunately it appears may have neglected which would be the most *useful* pull.

Maybe they know something I don't and the GSE's are going to be switching to FICO 8 in the near future, and if that's the case all of the "sins" people are posting about should be forgiven.  That's not something they could tell us, and there were "other reasons" which weren't released to the community at large nor the moderators in their explanation of the process.

[HiLine]

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@Revelate wrote:

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@HiLine wrote:

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@lhcole77 wrote:

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

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Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

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That's true for the mortgage market only to be clear.  Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull... 

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Do you have the link where FICO claims that? I'm curious what else they say. 

[Revelate]

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@HiLine wrote:

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@Revelate wrote:

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@HiLine wrote:

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@lhcole77 wrote:

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

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Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

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That's true for the mortgage market only to be clear.  Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull... 

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Do you have the link where FICO claims that? I'm curious what else they say. 

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In the announcement re: upgrade - http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-8-Announcement/m-p/2996572

[HiLine]

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@Revelate wrote:

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@HiLine wrote:

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@Revelate wrote:

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@HiLine wrote:

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@lhcole77 wrote:

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@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.

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Out of curiosity....why?

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Because most mortgage lenders use the 04 scores, making them the most valuable of all FICO scores. The 08 scores, on the other hand, are used by almost no one.

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That's true for the mortgage market only to be clear.  Everything else that's not the case: FICO suggested (and their quest to upgrade the scores here as a result, sigh) that FICO 8 was the most common pull... 

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Do you have the link where FICO claims that? I'm curious what else they say. 

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In the announcement re: upgrade - http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-8-Announcement/m-p/2996572

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OK, so it's a forum announcement, not a company announcement. If FICO 8 is really that popular I would expect the FICO website to declare it being so. Any chance there may be a more official source out there for this crucial information?