New Fico 2008

[CreditBob]

Here is what I am going to do in reference to teh new Fico Scoring System that is supposed to come out around March. I will pull a report & score through MYFICO in Jan, Feb, March, & April. Through personal experience I will let all my co-mmebers on thsi forum know when something changes. Thsi si the only way to do it because Fair Isaac aka MYFICO.COM will not tell anyone. I will probably chose Experian. So if anyone pulls their report a few times a year with the score this would be the way to go that way we all know were we will stand when the new fico 2008 comes out.

[Anonymous]

I will assume that myFICO will not start providing FICO08 scores until XX% of lenders are using it.

This is why myFICO is still using the 04 version of the TU score.

Now you are right about EX being early adopters-

Given the limited information I have heard about FICO08 - I expect my scores to go up.

[CreditBob]

The only thing that will change is the way fico does the scoring. They will not have to wait for the creditors. 90% of the lenders are using it.

[haulingthescoreup]

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@CreditBob wrote:
90% of the lenders are using it.

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Says who?

[Anonymous]

CreditBob- you are correct that at least 90% of lenders use FICO- (BTW- I would like a list of the ones that do not use FICO)

They do have a choice to what version they use to some extent-

I think of it like what Operating System you have on your computer-

Some people are early adoperters (Vista) some use what is established and proven (XP) then again about half of TU users use the 04 version (windows 2000)

Then some use FAKO's (linux) not that their is anything wrong with it, not everyones using it as it has not been deployed as much as FICO and has not been proven or compatible.

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CreditBob wrote:

The only thing that will change is the way fico does the scoring. They will not have to wait for the creditors. 90% of the lenders are using it.

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[haulingthescoreup]

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@haulingthescoreup wrote:

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@CreditBob wrote:
90% of the lenders are using it.

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Says who?

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Sorry, I misunderstood. I thought that you were saying that 90% of lenders are using FICO 08. My bad!

[Anonymous]

It was my understanding that no one will use the new 08 because they have to buy it.....the new rule for AU never went into affect either. Or not as far as I know.

You can read up on it under  in the news.

Maybe im wrong but that is what I have read so far.

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&thread.id=862

Message Edited by HappyDays on 12-30-2007 02:35 PM