daudi81,
You correctly described FICO scores as "incredibly confusing."
The confusion is due largely to the many different score editions, versions, and subversions released over the years.
This is similar to the problem Microsoft faces with the many different Windows versions that have been released. Because people continue using old Windows versions for a long time, it creates a big headache for Microsoft and software vendors trying to provide customer support. If all lenders would upgrade quickly to the most recent FICO version, there would less confusion.
The confusion about FICO scores is also partly due to the various and inconsistent names that FICO and the credit bureaus have used for their score versions.
Fortunately, the new naming scheme FICO has introduced promises to reduce the confusion somewhat.
Starting with the 2008 edition, FICO has begun naming its editions with simple, consecutive numbers. The 2008 edition is named FICO Score 8, the 2014 edition is named FICO Score 9, and the next edition will be FICO Score 10.
In addtion, instead of allowing each credit bureau to use a customized name that only serves to confuse users, credit bureaus will now use a simple name that clearly indicates the edition.
Here are the old and new names for the FICO 8 edition:
old name new name
Transunion FICO 8 Risk Score Transunion FICO Score 8
Equifax Beacon 09 Equifax FICO Score 8
Experian FICO Risk Model v8 Experian FICO Score 8
This improved naming scheme does not fully apply to the older FICO editions (1998 and 2004). But eventually those older editions will stop being used, and the new naming scheme will make it easier for people to identify and understand the different score versions.
Of course, these new names do not address another confusing aspect of credit scores: the numerous non-FICO credit scores available to the public. Many people don't understand the difference between FICO and FAKO scores (such as the Vantage score available free on Credit Karma). The fact that some FAKO scores use a range different from the 300 to 850 FICO range creates even more confusion. For example, Vantage Score 2.0 has a range of 501 to 990, so the scores are not comparable to FICO scores. Credit Karma recently changed to Vantage edition 3.0 which has range 300 to 850.
EQ-04 FICO__804__(from DCU)__inquiries = 0
EQ-08 FICO__826__(from MyFICO)__inquiries = 0
EX-98 FICO__837__(from PSECU)__inquiries = 0
EX-08 FICO__813__(from MyFICO)__inquiries = 0
TU-08 FICO__820__(from MyFICO)__inquiries = 0
Oldest account 36 yrs / Newest account 2 years / Average age 12 yrs / Total accounts 10 / Accounts reporting balance = 2 / Util = 3%
or envy either way it works
