The "newest" FICO Scoring model (named FICO 08)

[Anonymous]

Does myFICO.com use the "new" FICO scoring model?

I recently came across a website, http://www.money-zine.com/Financial-Planning/Debt-Consolidation/Understanding-FICO-08/ , and discovered Fair Isaac changed the old scoring model (since 1980's).  The new model is now called FICO 08 which was created in 2008 - right at the collapse of the economy/housing.  It would be awesome if myFICO.com utilized this new adjusted model given that lenders utilize numerous variations of the standard model that the public (us) see.  I read that the score we see here can deviate 0-50 points higher/lower depending on the lender and loan type.  Specifically for mortgages, the myFICO.com score we see could be 0-50 points lower depending on the adjusted model the lender uses.  For auto loans, the model used by the lender usually yields a higher score than myFICO.com.  When I read this, I became very frustrated.  It's like lenders always have a way to make it harder to receive a loan or to make more money off the consumer.  Any thoughts or feedback would be nice.  Thx.

myFICO.com

TU - 771

EQ - 763

Based on my previous comments, my scores could show as 0-50 points lower for a mortgage depending on the lender and model used (big difference in interest and payment).

[cdtotten]

The TU score sold on this site is the TU-98 version, although most lenders use TU-04.

The EQ score sold on this site is Beacon 5.0, which is what almost all lenders use.

Additionally, auto loans typically use an auto-enhanced FICO score, which is never available to the general public. Same information used to derive your score, however more emphasis is placed on prior auto history.

I would agree that the TU score sold here is pretty useless, but the EQ should almost always match non-auto pulls. Almost everyone still uses Beacon 5.

There is absolutely no absolute correlation between FICO scores where some are 50 pts higher, some are 50 pts lower, etc. That is incorrect.

[golo]

I feel your pain,that's just the way it is...that's how the system is,try to learn to play their game with the hand you have,you know

[pizzadude]

The TU98 score sold here is still used by some lenders, including Navy Federal.

[Whereis750]

Hi Spanital - I know it's off topic, but did you mean to type EQ instead of EX when listing your scores from myFICO.com?  myFICO doesn't sell Experian scores.

Thanks!

[crunching_numbers]

Just for your comparison:

My TU98 FICO is 710 (the myFICO one)

My TU08 FICO is 756 (the latest version of FICO)

The new score in my case is higher by 46 points. If you have a Walmart credit card you can get the FICO08 for free every month.

[golo]

If I understand correctly,the FICO gods came out with a new version in 08,that nobody knows how many or what lenders use.I see people mentioning TU98 and TU08,but what about Equifax? Do they also have a new version? Thanks in advance.

[llecs]

---

@golo wrote:
If I understand correctly,the FICO gods came out with a new version in 08,that nobody knows how many or what lenders use.I see people mentioning TU98 and TU08,but what about Equifax? Do they also have a new version? Thanks in advance.

---

I haven't seen any remarks concretely saying that Beacon 9.0 was pulled.

[JenniferinFL]

If it makes you feel better, TU 08 can really go either way. My TU 08 is 62 points lower than my TU 98 score, but, my husbands lender pull for a mortgage had his TU score 35 points higher than the TU98..

Yeah, it does kind of suck. All you can do is pull your reports, make sure they're accurate and then insure optimal balance reporting a month or two before a major purchase.

[Anonymous]

Funny thing the newest FICO was released in 2008 hence the FICO 08 designation.  4 years later and still little acceptance and basically no acceptance in the mortgage market.  Shows how hard it is for the industry to change scoring models even if new scoring model is superior