New Equifax Scoring Model at MyFICO?

[Involver]

FWIW you can call CS and ask them to expedite your transition to 08 if you are using SW here and it hasn't switched over.  

[-NewGuy-]

This all explains the 20 point bump I got today for doing absolutely nothing. FWIW, the reasons stated were 'new credit account' and 'short credit history' affecting my score less.

[creditlady]

Mine still has not changed. They are factoring in AU accounts that I am on. My TU08 is 60 points higher than myfico EQ and they both have the exact same accounts and balances

[Revelate]

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@creditlady wrote:

Mine still has not changed. They are factoring in AU accounts that I am on. My TU08 is 60 points higher than myfico EQ and they both have the exact same accounts and balances

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myFICO was slowing rolling out the upgrade to the consumers: at the beginning of this week they were only at 5% completion; however, they are ramping up the conversions as the pilot phase has gone well.  One of the other moderators was just updated yesterday so the process is continuing.

[Lechte]

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@Involver wrote:

FWIW you can call CS and ask them to expedite your transition to 08 if you are using SW here and it hasn't switched over.  

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Correct.   I called earlier today/yesterday and received a text/email alert that I was upgraded while I was still on the phone.

[meehan22]

blah. took a nice hit this weekend with the conversion. 

682-637

The new model must put more weight on new tradelines. I added a few new accounts in March and April and 682 was after the damage of them new accounts. It was sorta nice to see another copy of my EQ report for free, looked it over scared thinking I had a collection or something appear and nothing new. 

EDIT: ADDED SCREEN SHOT.

To protect lenders and honest consumers, the FICO 8 formula substantially reduces any benefit of so-called tradeline renting. That's a credit repair practice that entices consumers into being added to a stranger's credit account in order to misrepresent their credit risk to lenders.

I think I found my answer. Dang, those AU's really helped my score, how much I didn't realize. Getting to the point that I should've filed Banko 7 years ago and i'd be in a muchhh better spot by now. 

[EW800]

Wholly Smokes....  I just called Customer Serivce and had them upgrade my account to FICO 8.  My Equifax score went from 675 to 710.  I was not expecting that big of a difference.  I would love to know what the new scoring liked so much better than the old....  

[Anonymous]

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@EW800 wrote:

Wholly Smokes....  I just called Customer Serivce and had them upgrade my account to FICO 8.  My Equifax score went from 675 to 710.  I was not expecting that big of a difference.  I would love to know what the new scoring liked so much better than the old....  

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http://www.myfico.com/crediteducation/questions/fico8.aspx

[mongstradamus]

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@meehan22 wrote:

blah. took a nice hit this weekend with the conversion. 

682-637

The new model must put more weight on new tradelines. I added a few new accounts in March and April and 682 was after the damage of them new accounts. It was sorta nice to see another copy of my EQ report for free, looked it over scared thinking I had a collection or something appear and nothing new. 

EDIT: ADDED SCREEN SHOT.

To protect lenders and honest consumers, the FICO 8 formula substantially reduces any benefit of so-called tradeline renting. That's a credit repair practice that entices consumers into being added to a stranger's credit account in order to misrepresent their credit risk to lenders.

I think I found my answer. Dang, those AU's really helped my score, how much I didn't realize. Getting to the point that I should've filed Banko 7 years ago and i'd be in a muchhh better spot by now. 

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I think i may ask for them to try and switch me i am afraid very afrid to see the results, but in the end i think it will be good to see what i can do to fix results. 

update: So i called them and asked them to switch me over to eq08 , is it instant after they say its complete. I got a new report showing up , but funny thing is my score didn't budge one way or another. Pretty odd. 

[EW800]

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@Anonymous wrote:

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@EW800 wrote:

Wholly Smokes....  I just called Customer Serivce and had them upgrade my account to FICO 8.  My Equifax score went from 675 to 710.  I was not expecting that big of a difference.  I would love to know what the new scoring liked so much better than the old....  

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http://www.myfico.com/crediteducation/questions/fico8.aspx

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Thank you, 5387!  The linked document helped explain why I had such a large jump (+35).    I believe I was given more creidt for having very low balances, as well as the fact that it appears that one late is looked at as an isolated incident.  I have one 30-day late from about 11 months ago that I am fighting, so I assume that recent baddie is not scoring as heavily.  Thank you!