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

[GregB]

The fact that the article calls the new FICO by the name FICO 08 indicates they are clueless - it is FICO 8. Unfortunately, you have writers on those sites with very little knowledge simply looking for advertisers and readers.

The EQ FICO on this site is Beacon 5.0, which is the version used for virtually all mortgages. The new EQ FICO is Beacon 09. We have seen some scores reported that would indicate it is being used. How much? Probably not much at all, yet.

[Anonymous]

Thanks for your insight. 

Basically, I am just concerned that lenders (not all) could potentially use adjusted models that are differernt than what myFICO.com uses.  Therefore, your myFICO.com scores have the "possibility" of being lower or higher based on the model the lender used.  I guess going forward, I will ask the lender what model they will use before I decide to pull the trigger and apply for a loan (mtg or auto).  It looks like I will only use the lenders that use myFICO.com scoring models.  A potential 0 to +/-50 point move is a substantial difference for anybody. 

As far as I know, myFICO.com uses....

TU - TU98

EQ - Beacon 5

[llecs]

---

@Anonymous wrote:

Thanks for your insight. 

Basically, I am just concerned that lenders (not all) could potentially use adjusted models that are differernt than what myFICO.com uses.  Therefore, your myFICO.com scores have the "possibility" of being lower or higher based on the model the lender used.  I guess going forward, I will ask the lender what model they will use before I decide to pull the trigger and apply for a loan (mtg or auto).  It looks like I will only use the lenders that use myFICO.com scoring models.  A potential 0 to +/-50 point move is a substantial difference for anybody. 

As far as I know, myFICO.com uses....

TU - TU98

EQ - Beacon 5

---

Without reading the prev. page of posts, I bet it has been touched upon that most all mortgage lenders use Beacon 5.0. It'll very likely match. Some lenders use TU98, but more than likely your scores won't match if they use TU04. IME, my TU04 was 10 points lower compared to TU98 on the same day. DW's TU04 was 30 points higher than her TU98 when pulled the same day. As we say....YMMV. I can't recall any specific posts where a poster said their TU04 was +/- 50 points when pulled the exact same day with TU98. However, I've seen a few at +/- 30 so I guess it is possible.

If you app with an auto dealer, then the odds are high that none of the scores will match because they tend to use an auto-enhanced FICO. If you app with a bank or CU, then the odds are higher they'll use a classic version of FICO like found on here.

[Anonymous]

Pretty much all mortgage lenders use versions of FICO Classic 04 because of the structural support for this scoring.  Of course, FICO Classic 04 is known under different names by the different CRAs:

Equifax Beacon 5.0

Experian/Fair Issac Risk Model V3

TransUnion FICO Risk Score Classic 04

[GregB]

---

@Anonymous wrote:

Pretty much all mortgage lenders use versions of FICO Classic 04 because of the structural support for this scoring.  Of course, FICO Classic 04 is known under different names by the different CRAs:

Equifax Beacon 5.0

Experian/Fair Issac Risk Model V3

TransUnion FICO Risk Score Classic 04

---

Replace v3 with v2, actually normally called EX Fair Issac Risk Model II.

V3 is the newer EX FICO based upon FICO 8.

[jello77]

The FICO scoring model has many different versions and variations. The names of the different versions can be confusing, especially since both FICO and the credit agencies have been inconsistent with how they refer to the various versions. 

A few months ago, I posted the following item attempting to summarize the various FICO versions.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...