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Some have reporting their 8 is higher than NG and others such as yourself have reported lower than 8.
@Anonymous wrote:
Anyone know which scoring system is usually higher? Next Gen 2 or Fico Score 8. I checked both my credit scores in November, one with PenFed that uses Next Gen 2 and one with myFICO using Fico Score 8. PenFed Next Gen 2 at the time was showing my score is 577. Fico Score 8 was showing 627 at the time. Do keep in mind I checked both of these with Equifax. My question is I just paid off about 12k in balances and my Fico Score 8 credit went from 627 to 710, and Next Gen 2 with PenFed hasn't updated and I'm guessing since Next Gen 2 was showing 577 it won't go past 700, is that about right? I'm surprised the 50 point gap between the two scoring systems.
It depends on where your profile falls on the curve. Next Gen 2 has a lower low end (150) and higher upper end (950) than does Fico 8 [300 to 850]. If your Fico 8 is below 675, Fico NextGen 2 will likely be lower [than your Fico 8], If Fico 8 is above 725, Fico NextGen 2 will likely be higher [than your Fico 8].
Here is a link to score ranges for the various credit scoring models.
See graph below for model score by percentile (based on Experian published data).
Quite likely - But I have read PenFed only updates Fico NextGen 2 score quarterly. Therefore, you may not see the change for a long time.
@Thomas_Thumb wrote:Quite likely - But I have read PenFed only updates Fico NextGen 2 score quarterly. Therefore, you may not see the change for a long time.
Correct. In early April they will post the February 28th score.
My own FICO NG2 score (EQ) on Penfed is 690 as of 2/28, and was what they used in approving my used-car loan. Interestingly, though, my most current FICO 8 EQ from creditchecktotal as of yesterday is 659, a 31-point differential in favor of NG2 which seems to run counter to what should be the more usual result (that is, NG2 lower than 8). I think the lower and more recent FICO 8 score is the result of both the auto loan approval and the HP/approval on my new Discover It. So the next NG2 check should be around the end of May, meaning that my score won't update on Penfed until probably early July.
PenFed did an AR on 5/30/17. While my FICO scores are all near 700 my Equifax Next Gen score w Pen Fed is 596. Ouch. My utilization is a bit high right now so I'm guessing that's what's keeping me in the basement.
What are Next Gen 2 scores and what is their relevance? When and where are they used? I know nothing about them, so if someone could school me that would be welcomed.
@Anonymous wrote:What are Next Gen 2 scores and what is their relevance? When and where are they used? I know nothing about them, so if someone could school me that would be welcomed.
Semi-experiment from 2001 (Gen 1) and 2003 (Gen 2). Penfed is the only lender known to use it currently.
They have a tremendous number of more reason codes than in any other FICO algorithm released; differentiate store / bank card, differiate various installment loans which none of the classic scores do (couple industry options do), and a slew of other random crap which doesn't appear to be anywhere in the classic algorithms we all know and love.
Generally speaking: ignore it... I put it on par with Vantage frankly.