What date will FICO 08 take effect

[Anonymous]

Thinking about pulling my FICO"s to see where I stand score wise last pull was 1 year ago also is there a particular time the bureaus update CRA files so that anyone could wait until latest update to his or her files. I was reading in the forum that the new FICO 08 would be giving some more points, in certain areas and some less points in certain areas .Anyone with information relating to this let me know. I am hoping to see increases across the board time will tell. Thanks guys and gals Credit 08 

[Anonymous]

No one knows-

IMO- They will be released with the current scoring models (EX first then TU) in the next few months.  I expect the big lenders to use both sets of scores until they are comfortable with them.

EQ and FICO still have a lawsuit going- so they are not on board yet-

I guess sometime in the next 3 to 5 years

[Anonymous]

Thanks for the quick reply great information gotta question I see that you stated the lawsuit between EQ and FICO  I recently pulled my EQ FICO score was 791 is this really a true FICO score seeing  the two are at odds with each other. If the score is authentic what would ones score be now if they do, not adopt the new FICO 08 they should just kiss and makeup.

[Anonymous]

My question is when EX and TU adopt FICO 08 but EQ does not, how are the lenders going to compare apples (EX and TU) with oranges (EQ) when running all 3 for a mtg loan app?

And when determining whether or not to approve a cc app and at what rate and terms, different scoring systems will give different results.   It also sounds as the scores could be meaningfully different.

Imagine you have 700 with all 3 now.   EX and TU go FICO 08 and your score rises to 715-720 on each but stays at 700 for EQ.  The lender's underwriters require 711+ for a certain rate or for even the approval/denial threshold.    Then it will be more important than ever to know who will pull.

[Anonymous]

Exactly my point that raises a totally new set of questions and possibly problems for almost everyone being that my highest FICO score is from EQ and they may not adopt to the new 08 program this could mean that my score could indeed decrease. Back to the old "saying if something ain"t broke don"t fix it" very well could be the case in "point". WTH as usual we will have to wait and see. Thanks for insight.

[haulingthescoreup]

credit08, your EQ score is a legit FICO score, and congratulations on it!

The thing to remember about FICO 08 is that even when it is made available, it will be up to each lender to decide when and if to use it. The newest version of TransUnion's formula is 4 years old, and only now are half of the lenders choosing to go with it over the old one. There are at least 4 different EQ classic (i.e., mortgage) formulas floating around, and we're not even talking about the auto loan formulas and the bankcard formulas. Who knows how long it will take all the lenders to decide to switch again to FICO 08?

I'm thinking that it will be a slow, gradual creep, rather than some scoring revolution.

[Anonymous]

Excellent point and I agree with you thanks for the commendation as well for now we all will have to give it the ol" test of time biz". I have a INQ less than a week away from it's first birthday any wagers on how many points coming my way from the celebration hopefully the OL' FICO will show me some birthday luv LOL. Thanks again

[haulingthescoreup]

I think that I got 2 points for the inq, but another 4-5 points for the CC that resulted from the inq hitting its birthday as well. Interestingly, I got the bump for the card's birthday on the first of that month, but the inq bump happened on the actual day of the month. go figure!

[Anonymous]

Hmmmm...Interesting thanks