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If I'm understanding correctly, Fico 8 doesn't count medical collections under $100 but the mortgage and some other scores do. Does this mean that I could be in one bucket for Fico 8 and another bucket for mortgage scores and the older credit card and auto scores? I guess what I'm asking is if a person can be in different buckets depending on the score model rather than the bucketing being based on the profile as a whole. I hope that makes sense.
Yes, score models are independent.
The number and categories of buckets are different with each score model. To the extent much is known about them at all, you likely are in different ones with each score model.
Yes. You are right. Each model has its own way of grouping people into scorecards. Even if the number of scorecards was identical in each model (not true, some models I am told have a few more scorecards than others) they might well have slightly different criteria for membership in the scorecard.
As far as FICO 8 and medical collections under $100, my understanding is that FICO 8 ignores all paid collections under $100 (whether medical or not). And also that FICO 8 does not distinguish medical from non-medical debt in its model (but FICO 9 does).
I recently posted about SCORECARDS/BUCKETS not so much to do Auto,Mortgages etc... but in general for Fico 8.
Thomas-Thumb posted up a amazing Table for Fico 8.
Here's the link...
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/SCORECARDS/m-p/4359411
@Anonymous wrote:Yes. You are right. Each model has its own way of grouping people into scorecards. Even if the number of scorecards was identical in each model (not true, some models I am told have a few more scorecards than others) they might well have slightly different criteria for membership in the scorecard.
As far as FICO 8 and medical collections under $100, my understanding is that FICO 8 ignores all paid collections under $100 (whether medical or not). And also that FICO 8 does not distinguish medical from non-medical debt in its model (but FICO 9 does).
FYI - From TransUnion https://www.transunion.com/docs/financialServices/FS_ScoresOverview.pdf
1) Fico 9 Classic has 13 scorecards (interestingly, so does VantageScore 3.0. The older VS models 2.0 & 1.0 have 15 scorecards)
2) Fico 8 Classic has 12 scorecards (as do the industry option versions)
3) Fico 4 Classic has 10 scorecards (industry option versions have 12)
4)) Fico 98 Classic has 10 scorecards (industry option versions have 12)
@Thomas_Thumb wrote:
@Anonymous wrote:Yes. You are right. Each model has its own way of grouping people into scorecards. Even if the number of scorecards was identical in each model (not true, some models I am told have a few more scorecards than others) they might well have slightly different criteria for membership in the scorecard.
As far as FICO 8 and medical collections under $100, my understanding is that FICO 8 ignores all paid collections under $100 (whether medical or not). And also that FICO 8 does not distinguish medical from non-medical debt in its model (but FICO 9 does).
FYI - From TransUnion https://www.transunion.com/docs/financialServices/FS_ScoresOverview.pdf
1) Fico 9 Classic has 13 scorecards (interestingly, so does VantageScore 3.0. The older VS models 2.0 & 1.0 have 15 scorecards)
2) Fico 8 Classic has 12 scorecards (as do the industry option versions)
3) Fico 4 Classic has 10 scorecards (industry option versions have 12)
4)) Fico 98 Classic has 10 scorecards (industry option versions have 12)
What usually happens when one is moved up from a lower scorecard?
Changing scorecards may or may not create a trigger event. Regardless, once a trigger event happens, your score will be computed based on factor weighting associated with the scorecard your profile is now associated with. Generally, scores go up if you go from dirty to clean due to the large affect of the negative(s) dropping off.
However, going from one clean scorecard to another clean scorecard could shift score either up or down.
For example, aggregate utilization may get more weight relative to individual card utilization on a different scorecard. If your AG UT was 3% to 5%, perhaps your score would go up. If it was 15% to 20%, perhaps your score would go down instead.
Unfortunately, associated scorecards are not identified as part of a score summary report.
+1 to everything TT just said. He closes by saying:
"Unfortunately, associated scorecards are not identified as part of a score summary report."
That is unfortunate! And not only are we not able to know which scorecard a particular person is in at a point in time (for a particular model) we don't even know for sure what those scorecards are and how they are determined. People have some guesses (and TT's seem better than most) but even he'll tell you that he can't tell you for sure what the 8 clean scorecards are in FICO 8 (what factors go into determining them and what the breakpoints are for each factor).
The folks on the forum have made a lot of progress in figuring out how the various models work. E.g. CC balances, etc. But we really don't know what the scorecards are, and I wish we did.
@Thomas_Thumb wrote:Changing scorecards may or may not create a trigger event. Regardless, once a trigger event happens, your score will be computed based on factor weighting associated with the scorecard your profile is now associated with. Generally, scores go up if you go from dirty to clean due to the large affect of the negative(s) dropping off.
However, going from one clean scorecard to another clean scorecard could shift score either up or down.
For example, aggregate utilization may get more weight relative to individual card utilization on a different scorecard. If your AG UT was 3% to 5%, perhaps your score would go up. If it was 15% to 20%, perhaps your score would go down instead.
Unfortunately, associated scorecards are not identified as part of a score summary report.
Thanks for the info Thomas.
2 of my scores which have been basically flatlined for 10 months just shot up to new highs, 25 and 33 points up. Does that sound to you like I just got moved up a bucket?