New FICO Formula Start August 18 Says FICO CEO

Anonymous · ‎08-17-2009

http://www.foxbusiness.com/search-results/m/25938682/fico-ceo-on-credit-scores-new-ticker.htm

marty56 · ‎08-17-2009

IMHO, if they role out FICO08 tomorrow, I guess it will be quite some time till we see any changes here. MyFICO still isnt using the newer TU forumula. So now I guess we will have 3 TU and 2 EQ scores to deal with.

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎08-17-2009

Mark Greene has oh so little to say about this change.

Message Edited by creditwherecreditisdue on 08-17-2009 09:13 PM

llecs · ‎08-17-2009

IMO, it'll be years before you'd ever see or have the ability to pull FICO08 via myFICO.com. TU launched it last year for TU08. EQ launched it earlier this year for Beacon 9.0. Now EX is jumping in. It'll also be years before you see any mainstream use of FICO08 by lenders.

Anonymous · ‎08-17-2009

The interesting thing that Mark Greene did do in that segment was stress once again that the gulf between the credit haves and the credit have nots is widening. I am not at all sure this is a very good thing for our economy or society.

Anonymous · ‎08-18-2009

@llecs wrote:
TU launched it last year for TU08.

Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

haulingthescoreup · ‎08-18-2009

bigtim wrote:

@llecs wrote:
TU launched it last year for TU08.
Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

I'm not llecs, but the TU score from transunioncs is also ~~TU04~~ TU98. No idea why TransUnion doesn't make the shift, either here or on their own site.

Note: for anyone reading in a hurry, bigtim is talking about www.transunioncs.com, not the straight TransUnion site, which will happily sell you FAKO scores.

edit: whoops! thanks for the catch, everyone. I have got to stop posting before coffee.

So transunioncs is neither FICO 08 nor TU 04. It's plain old TU 98, as on the myFICO site. sorrysorrysorrysorry....

Message Edited by haulingthescoreup on 08-18-2009 02:47 PM

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎08-18-2009

@haulingthescoreup wrote:

I'm not llecs, but the TU score from transunioncs is also TU04. No idea why TransUnion doesn't make the shift, either here or on their own site.

Thanks for the scoring info hauling - see, I'm smartening up already - asking questions before I make another dumb maneuver...

Also, thanks for clarifying the "I'm not llecs" thing. I've always been suspicious of you having multiple identities & personalities - playing good cop, bad cop, etc. with other identities. Now my mind is at ease knowing you are the one and only even-keeled, always helpful hauling....

Anonymous · ‎08-18-2009

@haulingthescoreup wrote:
@Anonymous wrote:
@llecs wrote:
TU launched it last year for TU08.
Which brings a question for you llecs, if you might be so kind to answer if you can:

Is the FICO score from transunioncs the same score found here, or is it derived from TU08?

Thanks.

I'm not llecs, but the TU score from transunioncs is also TU04. No idea why TransUnion doesn't make the shift, either here or on their own site.

Note: for anyone reading in a hurry, bigtim is talking about www.transunioncs.com, not the straight TransUnion site, which will happily sell you FAKO scores.

I assume you meant to type that the TU score at transunioncs.com is also TU'98, same as MyFico ...

rom828 · ‎08-18-2009

I watched the clip.........

But what does all this really mean?!?! I know there were a lot of posts about 08 that addressed the issue of AUs, but I'm not sure I really understand the rest and I didnt hear Mr. Green give a lot of scoring and changes specifics.

If I recall, old baddies werent to have as much weight, but does this make AAoA any less important??

And are you saying TU already uses the 08 version? My TU score is a good bit higher than EQ basically same info, so maybe it's because TU is using 08?!

I'm grateful for any insight!

Edited: just read another thread on TU and also reread the above posts and see I really am confused....and/or I don't pay attention to what I'm reading!!

So right now the FICO we get for TU is 98 although some lenders use the TU04, which generally provides a lower score(??) When will TU use the 08 version?? Is the 'launch' just for EQ??

Message Edited by rom828 on 08-18-2009 12:34 PM

FICOS: TU 732(05-16-16) EQ '08 739( 05-16-16) EX 737 (08-17-16)