@HiLine wrote:
@Revelate wrote:
@HiLine wrote:
@Revelate wrote:
@HiLine wrote:
@lhcole77 wrote:
@HiLine wrote:
I wish they had ignored me in the conversion. I would much rather know my 04 score than my 08 score.Out of curiosity....why?
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.
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...
Do you have the link where FICO claims that? I'm curious what else they say.
In the announcement re: upgrade - http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/FICO-8-Announcement/m-p/2996572
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?
Kelsey is a FICO employee and I can pretty much guaruntee you that annoucement was vetted by FICO Consumer, Legal, and possibly their scoring experts too among others in this instance (it was labelled as an official response by FICO in the moderator forum when we were discussing it). Virtually every non-trivial thing that the FICO employees publish on this forum is handled in such a fashion as it is a highly regulated industry, and this one was a big deal.
As far as I'm concerned it is reference level, especially as that's what the FICO internal people treated it as.
I did not mean to doubt the accuracy of the information. What I was surprised at was that the information was not more public like a host of other information that the MyFICO website provides. If the website dedicates a whole page to introducing the FICO 8, why not state the simple fact that it is the most commonly used?
@HiLine wrote:I did not mean to doubt the accuracy of the information. What I was surprised at was that the information was not more public like a host of other information that the MyFICO website provides. If the website dedicates a whole page to introducing the FICO 8, why not state the simple fact that it is the most commonly used?
My guess? Because the FICO 8 algorithm was introduced in 2008: nobody was using it when it was first introduced, and virtually nobody goes back and updates old content.
Plus every single thing which gets published has to be vetted in an expensive, time-consuming process, so why duplicate the effort? The announcement was made, doesn't make much business sense to keep pushing that, and to what point? Doesn't serve any real marketing or other purpose.
@Anonymous wrote:You mean on this site?
EX has been 08 for some time, and TU changed to 08 a few days ago.
I called the CSR yesterday. He pushed my EQ 08 through & told me that since I have TU quarterly monitoring, in August, when I get my next report it will be an 08 score.
If someone just purchases a TU score today they will get 08.