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New Equifax Scoring Model at MyFICO?

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Imperfectfuture
Super Contributor

Re: New Equifax Scoring Model at MyFICO?


@AzaleaB wrote:

Thanks Revelate and Lechte for the explanations. I buy my credit reports here (often, maybe too often) just to check the effects of decisions I make (new credit, utilization increase/decrease, new inqs and TLs, etc.) I pay more attention to the trend then the actual score but EQ has always been a bit different from EX and TU - significantly lower and sometimes trending in the opposite direction. Recently, my EQ score dropped 10 pts when the last TL from a mini app spree reported which dropped my AAoA from 5 years to 4 years. Then it immediately increased 11 pts with no other changes. I have a clean record so maybe in the new EQ model, that 5yr-4yr boundary is no longer a major hit for my credit profile.


Me hoping too.  I don't see the fancy 08 stuff yet, and eq has the least baddies, but a lower score than the one with the most baddies (go figure).  Just subscribed earlier in March to SW.  (wondering why everyone feels the need to use acronyms in this forum, took me awhile to figure out AU, because I've never had the benefit, and AU can stand for other credit related words).  Smiley Happy

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Message 21 of 61
Lechte
Frequent Contributor

Re: New Equifax Scoring Model at MyFICO?


@AzaleaB wrote:

Thanks Revelate and Lechte for the explanations. I buy my credit reports here (often, maybe too often) just to check the effects of decisions I make (new credit, utilization increase/decrease, new inqs and TLs, etc.) I pay more attention to the trend then the actual score but EQ has always been a bit different from EX and TU - significantly lower and sometimes trending in the opposite direction. Recently, my EQ score dropped 10 pts when the last TL from a mini app spree reported which dropped my AAoA from 5 years to 4 years. Then it immediately increased 11 pts with no other changes. I have a clean record so maybe in the new EQ model, that 5yr-4yr boundary is no longer a major hit for my credit profile.


I'm just guessing, but from what I have gotten out of all my score changes and CR activities over the last 4 to 5 months....TU98 seems to be more favorable in terms of Negatives and EX the least favorable.   I do have an 8.5 year old BK on my report, so the 08 model may not be as kind to that as 98 or even 04 models...which is why I'm wondering if myfico EQ really switched to 08 or not...because myfico's EQ has been pretty generous to my scores.   I'm tempted to subscribe to EQ's SW to see if there is a difference.   ....wondering also if EQ's Score Power? also uses beacon 5.0.

(EX08 - 654) --- (TU08 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


Message 22 of 61
lhcole77
Valued Contributor

Re: New Equifax Scoring Model at MyFICO?

YAY! I just recovered those 27 points! LOL

 

3 of my 5 cards are now reporting a $0 balance

Message 23 of 61
Kelsey_H
Former myFICO Employee

Re: New Equifax Scoring Model at MyFICO?

Hi all,

 

I apologize for the delay. An official response like this has to go through an approval process that takes some time. I will let you know as soon as possible if I am able to provide more details. 

 

In March 16th, FICO migrated all newly ordered myFICO solutions based on Equifax data to the most recent version of the FICO used by lenders (sometimes referenced as FICO 8).  myFICO is simply making sure myFICO customers are getting access to same version of the FICO score that is currently being pulled the majority of the time by lenders.   Existing FICO Score Watch customers (as of the March 16th date) will be migrated to the upgraded version over the next several months. Note, it’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer.   

Message 24 of 61
BluePoodle
Valued Contributor

Re: New Equifax Scoring Model at MyFICO?


@Kelsey_H wrote:

Hi all,

 

I apologize for the delay. An official response like this has to go through an approval process that takes some time. I will let you know as soon as possible if I am able to provide more details. 

 

In March 16th, FICO migrated all newly ordered myFICO solutions based on Equifax data to the most recent version of the FICO used by lenders (sometimes referenced as FICO 8).  myFICO is simply making sure myFICO customers are getting access to same version of the FICO score that is currently being pulled the majority of the time by lenders.   Existing FICO Score Watch customers (as of the March 16th date) will be migrated to the upgraded version over the next several months. Note, it’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer.   


This is where I get confused. Is there a post that kind of addresses which lenders (morgage, CC, etc) and what they use? I try and follow...but these score version names get confused in my head!  It would be nice to see stickies with the most recently known info, it that is remotely possible.

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Message 25 of 61
09Lexie
Moderator Emerita

Re: New Equifax Scoring Model at MyFICO?


@BluePoodle wrote:

@Kelsey_H wrote:

Hi all,

 

I apologize for the delay. An official response like this has to go through an approval process that takes some time. I will let you know as soon as possible if I am able to provide more details. 

 

In March 16th, FICO migrated all newly ordered myFICO solutions based on Equifax data to the most recent version of the FICO used by lenders (sometimes referenced as FICO 8).  myFICO is simply making sure myFICO customers are getting access to same version of the FICO score that is currently being pulled the majority of the time by lenders.   Existing FICO Score Watch customers (as of the March 16th date) will be migrated to the upgraded version over the next several months. Note, it’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer.   


This is where I get confused. Is there a post that kind of addresses which lenders (morgage, CC, etc) and what they use? I try and follow...but these score version names get confused in my head!  It would be nice to see stickies with the most recently known info, it that is remotely possible.


Last year, a user compiled a chart.  However, lenders can change the models they use and the bureaus pulled.  I would suggest asking before applying. 
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Which-of-the-49-FICO-scores-actually-matt...

 

Message 26 of 61
Kelsey_H
Former myFICO Employee

Re: New Equifax Scoring Model at MyFICO?


@BluePoodle wrote:

@Kelsey_H wrote:

Hi all,

 

I apologize for the delay. An official response like this has to go through an approval process that takes some time. I will let you know as soon as possible if I am able to provide more details. 

 

In March 16th, FICO migrated all newly ordered myFICO solutions based on Equifax data to the most recent version of the FICO used by lenders (sometimes referenced as FICO 8).  myFICO is simply making sure myFICO customers are getting access to same version of the FICO score that is currently being pulled the majority of the time by lenders.   Existing FICO Score Watch customers (as of the March 16th date) will be migrated to the upgraded version over the next several months. Note, it’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer.   


This is where I get confused. Is there a post that kind of addresses which lenders (morgage, CC, etc) and what they use? I try and follow...but these score version names get confused in my head!  It would be nice to see stickies with the most recently known info, it that is remotely possible.


I agree with Lexie that your best bet is simply asking the lender. As the decision is ultimately up to the lender, we don't have a public list. Regardless, I'll forward this request on and see if there's any additional info we can provide. 

Message 27 of 61
fused
Moderator Emeritus

Re: New Equifax Scoring Model at MyFICO?

Thanks for the info, Kelsey. My EX FICO and EQ FICO reports are identical and so are my scores. FICO 08 has been VERY kind to me.

Message 28 of 61
Anonymous
Not applicable

Re: New Equifax Scoring Model at MyFICO?

Can someone please confirm if the current myfico scores are pulling using the 08 version. When did this version start? Is it for all three bureaus? Thank you in advance Smiley Happy

Message 29 of 61
Anonymous
Not applicable

Re: New Equifax Scoring Model at MyFICO?

Hello All,

 

I am trying to find out which version of the Transunion Fico is currently (as of April 2014) being used by myfico.com. I am not sure if TU98 is being used TU04 or TU08 is being used by myfico.

 

Getting ready to apply for a mortgage and I want to know so I can ask lenders upfront before applying because I am right at a 640 score and for the program I am using I must have a 640, no exceptions.

 

What version is currently being used for Equifax Beacon 5.0 or Beacon 09?

 

Thanks in advanceSmiley Happy

Message 30 of 61
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