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Need help understanding FICO 5 scoring...

wvasweetness
New Contributor

Need help understanding FICO 5 scoring...

My FICO 5 score is 70 points less than my 8.  Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc).  Thanks!

Message 1 of 6
5 REPLIES 5
AllZero
Super Contributor

Re: Need help understanding FICO 5 scoring...


@wvasweetness wrote:

My FICO 5 score is 70 points less than my 8.  Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc).  Thanks!


I'm not sure if we know all there is that goes into the secret recipe for EQ5 scoring.

https://www.myfico.com/credit-education/credit-scores/fico-score-versions

 

How does your profile look like?

 

Are you at AZEO now?

 

How is your reported individual and aggregate utilization?

 

What MMS are you trying to achieve?

 

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

Message 2 of 6
SouthJamaica
Super Contributor

Re: Need help understanding FICO 5 scoring...


@wvasweetness wrote:

My FICO 5 score is 70 points less than my 8.  Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc).  Thanks!


My feeling is that it loves zero balances, and abhors new inquiries and accounts

Message 3 of 6
BrutalBodyShots
Super Contributor

Re: Need help understanding FICO 5 scoring...

Will need to hear back from the OP with profile details in order to provide solid recommendations.

Message 4 of 6
tooleman694
Valued Contributor

Re: Need help understanding FICO 5 scoring...

From my own personal experience because I am buying a house. I have noticed the old fico scores will crush you if you have new accounts and INQs. While rebuilding my scores, my Fico 8 has been pretty steady, while the old fico goes wild. I have noticed that if I just do nothing and let it age, the old scores love it.

I got 19 points this morning on my EX 02 from going from 49 to 48 util and losing an INQ, my Fico 8 didnt move. Id bet real money, my old ficos are about to be higher then my fico 8 here shortly as I get my util down.

Message 5 of 6
hdporter
New Contributor

Re: Need help understanding FICO 5 scoring...


@SouthJamaica wrote:

@wvasweetness wrote:

My FICO 5 score is 70 points less than my 8.  Can someone point me to info on how 5 is scored and/or general information on maximizing my score (ie: use AZEO, etc).  Thanks!


My feeling is that it loves zero balances, and abhors new inquiries and accounts


I'll add to that by saying that mortgage scores start losing their s**t when aggregate revolving balances top $10k, and really suffer over $20k.

Mortgage scores also more strongly prefer fewer accounts with reporting balances.

 

My FICO 8's have run 800+ consistently for 4+ years now.  My mortgage scores run 720-760.  When I'm next in the market for a mortgage, I'll payoff my revolvers to a $5k cap, and position myself as inquiry free for no less than 6mo (pref 1 year).

Message 6 of 6
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