What is FICO 04 ??

[Anonymous]

I pulled my myFICO EXP FICOs... results are:

642 FICO 8

635 FICO 2 (said used in mortgage lending)

650 FICO 3 (said used mainly in credit card lending, loans, etc)

Whcih of these is a FICO 04?  Im told Capital One pulls FICO 04, and I want to app for one of their cards in the next month or so.  Thank you FICO KINGS!!!  :-)

[Thomas_Thumb]

Fico 04 is a scoring model as are Fico 08 and Fico 98.

The Fico 04 model is referred to by different names depending on the credit bureau.

For Experian: ......EX Fico score 8 = Fico 08, EX Fico score 3 = Fico 04, EX Fico 2 = Fico 98

For Equifax: ........EQ Fico score 8 = Fico 08, EQ Fico score 5 = Fico 04

For TransUnion: ..TU Fico score 8 = Fico 08, TU Fico score 4 = Fico 04

I am not sure what lenders use Fico 04 from EX

THe mortgage score used by lenders are: Fico 04 from EQ, Fico 04 from TU and Fico 98 from EX.

[Anonymous]

So then according to my post, my FICO 04 should be 650 ??  with EXPERIAN ?  

If so, this is excelelnt news!!!  I was at 576 not long ago at all.  Massive paydowns and collection removals will do that I guess 

[Thomas_Thumb]

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@Anonymous wrote:

So then according to my post, my FICO 04 should be 650 ??  with EXPERIAN ?  

If so, this is excelelnt news!!!  I was at 576 not long ago at all.  Massive paydowns and collection removals will do that I guess 

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That would be correct - But most credit card companies look at Fico 08 (even if Experian says otherwise) and mortgage lenders look at Fico 98 (from Experian).

For more details on scores, refer to the summary table near the end of the Many flavors of Fico thread (message 107).

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/m-p/4223225#M99015

[Anonymous]

Thomas - my CU uses FICO 04 / FICO 3 EXPERIAN, which is who I'm looking to refinance my car through.  so if they pull me today hypothetically for a CC or car loan, theyd see 650!  Their minimum is 550 for approval Tier 1, 580 Tier 2, 620 Tier 3, 660 Tier 4 and 700+ Highest!  

[Thomas_Thumb]

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Joeyzoom416 wrote:

Thomas - my CU uses FICO 04 / FICO 3 EXPERIAN, which is who I'm looking to refinance my car through.  so if they pull me today hypothetically for a CC or car loan, theyd see 650!  Their minimum is 550 for approval Tier 1, 580 Tier 2, 620 Tier 3, 660 Tier 4 and 700+ Highest!  

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Ok - So it looks like 10 points to go for tier 4 (660 points).

Not sure where you are at with # credit cards and aggregate utilization %. However, you can maximixe score by having only one credit card report a non zero balance and having the reported "sum of balances" be less than 9% of the "sum of credit card limits". Note: You will lose points if all cards report a zero balance.

If you plan to get a car loan, do that before applying for any new credit cards. Inquiries associated with new credit card applications typically drop credit score - and the impact lasts for 1` year.

Good luck on your re-financing!

[Anonymous]

My overall UTIL is 38% but will be more like 28% soon when reporting occurs. I am already at Tier 3 FYI as that starts at 620.

I also want to apply for a few new cards so I want to do it all on one day so lenders don't see all the INQs at once. Capital one venture one, Quicksilver, and BofA Bankamericard looking to add! Will wait until my FICO 8 goes up because as it does the FICO 4 goes up even more