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Wells Fargo moving to FICO 9? Will others follow soon??

New Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??

Seems no matter what accounts, FICO 9 is what WF offers now.  I guess the only question considering accounts, if its bankard 9 or just 9.  Thanks for the feedback as I've learned so much since joining the Community just a few months ago.  Wish I joined earlier but I was able to repair from what I was able to gather outside of this site.  CK was beneficial in that as I found they had the most information to offer other than scores.  Even if I achieve a good, very good or excellent score I realize I'm still learning.  Particulary since I've paid down my debt, now only concerned about being 0% on credit cards or eventually paying down by auto loan.  My only remaining debt (not able to pay to $0) my mortgage and the car I recently purchased.  Unfortunately my goal of being debt free seems not beneficial to scores.  But I dont like debt so I'm not searching for new loans.


FICO 8 as of 09/10/18 :
EQ-793 | TU-777 | EX-794
FICO 9 as of 08/09/18:
EQ-842 | TU-839 | EX-827
Message 11 of 16
Established Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??


@BrutalBodyShots wrote:

Someone else recently posted that they received an EQ FICO 09 score from WF.  Either they were mistaken, or perhaps WF provides different scores (using different bureau data) depending on the product?  I don't recall the product for sure that this other poster referenced, but I thought it was a credit card.


Historically, WF has provided scores from different CRAs, using different models, and on different schedules to various customers (likely based on the products they have or have had open...)

 

It does look like WF is moving towards a more standard approach, displaying just FICO 9, but it now has an "educational purposes" disclaimer attached - "Is the FICO® Score I’m seeing the same score Wells Fargo uses when I apply for a new account? No. This score is for educational purposes. When you apply for credit at Wells Fargo, a score specifically for that product will be run. That score may or may not be same type/bureau as this FICO® Score 9."

 


@sgonz261 wrote:

My FICO9 is about 30 points higher, it feels like credit requirements are getting a little loose reminds me of pre 2008 crash..


 For what it's worth, I've generally seen lower FICO 9 scores, compared to FICO 8, for my personal reports - I've not yet gone over 845 on FICO 9 Classic. Same with the industry options - FICO 8 Auto 887 max, vs FICO 9 Auto 863 max, and FICO 8 Bankcard 885 max vs FICO 9 Bankcard 852 max.  (Not that those differences matter... but there certainly isn't an across-the-board curve/skew to higher scores. Individual reports/scores will vary.)

 

 

 

EQ8:850 TU8:850 EX8:850 EQ9:846 TU9:844 EX9:846 EQ5:802 TU4:765 EX2:826 - 2018-08-08
Message 12 of 16
Valued Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??

FWIW - Fico 8 industry enhanced Bankcard scores go to 900. Fico 9 Bankcard versions do not (at least for TU and EX). I suspect EQ does not either but, I have not seen data on that one. See below.

 

Fico Credit Score Description

Fico Model Version

Real World

Fico Model

***

***

Score Range

Score Range

TU Fico score 9 Bankcard

Fico 09 BC

253 - 893

250 - 900

EX Fico score 9 Bankcard

Fico 09 BC

250 - 894

250 - 900

TU Fico score 8 Bankcard

Fico 08 BC

265 - 900

250 - 900

EX Fico score 8 Bankcard

Fico 08 BC

264 - 900

250 - 900

 

Like IV, my Industry enhanced Fico 9 scores are universally lower than their Fico 8 counterparts. However, Classic scores are the same for both F9 and F9. Interestingly, when my TU Classic Fico 8 dipped a few times, TU Classic Fico 9 did not change. This suggests Classic Fico 9 has a substantial buffer.

 

Scoring ModelEQ maxTU maxEX max
Auto Fico 8887897897
Auto Fico 9885880887
Difference21710
    
Bankcard Fico 8892900900
Bankcard Fico 9877879878
Difference152122
Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 804 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 886 TU 899 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 13 of 16
Community Leader
Valued Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??

My now closed Wells Fargo retail card provided the Equifax mortgage FICO. It'd be interesting to see which score it provides now.

Message 14 of 16
Highlighted
New Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??

@Thomas_Thumb

Yes, I noticed the range later.  The previous score offered said bankcard 2 where the now 9 does not and only goes to 850, indicating it's not the bankcard.  I too have slightly lower industry FICO 9 scores.  I read somewhere that it is possible 9 does not count closed accounts in AAoA.

 

From Doctor of Credit by William Charles:

"This makes sense, because one of the reasons AAoA is looked at is because it shows how long you’ve displayed good or bad behavior. For example, if my AAoA is 15 years and I have no late payments then the chances of me making a late payment is extremely small. If my AAoA is 2 months and I have no late payments, then it’s much more likely that I’ll make a late payment as there isn’t a lot of history of me paying on time. By including closed accounts the FICO score increases your AAoA artificially. There is no chance you can make a late payment on a closed account, therefore it shouldn’t be included as it’s not a good gauge of calculating risk."


FICO 8 as of 09/10/18 :
EQ-793 | TU-777 | EX-794
FICO 9 as of 08/09/18:
EQ-842 | TU-839 | EX-827
Message 15 of 16
Valued Contributor

Re: Wells Fargo moving to FICO 9? Will others follow soon??

I understand reasoning behind the DoC comment but, believe it is ill founded. If I had 5 cards with 15 years of perfect on time payment history, closed them and opened 5 new ones would my risk be higher than if I just maintained the original 5 accounts? Perhaps to a degree but, that's accounted for by the new accounts scoring factor. The fact that I closed/replaced the accounts should not negate the solid payment history. Undoubtedly historical data has a stronger correlation to risk when closed accounts are included in AAoA vs not being included, thus Fico's inclusion.

 

There is no published information I have seen indicating Fico 9 does not include closed accounts in AAoA. Not sure what holds my industry enhanced F9 scores down but, I think F9 puts more weight toward credit mix and QTY of open/closed accounts.

 

I am far below the norm for accounts on file with 6 open CCs, 1 open installment loan and 2 closed CCs (total 9 accounts). My 2 prior mortgages, 1 auto loan and various CCs have all aged off my CRA reports.

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 804 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 886 TU 899 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 16 of 16