What is in my Fico 2 Score

[Anonymous]

I have an credit monitoring service that give me FICO scores. My FICO 2 is 100+ points lower than all the others. When I click on that score to get more info all the service tells me about my FICO 2 Score Factors is Serious Delinquency, Short account history, Bad payment history, and loan balances. All of these are listed as negative factors, but in all my other FICO scores the opposite of these are listed as positive factors except account history because my oldest account is only 7 years old. So I guess my question is how can I improve my FICO 2 Score or see what the algorithm is basing my score on. Thank you.
Edit: Word

[expatCanuck]

It's an older Experian score model for mortgage lending.

(The comparable Equifax is Score 5, TU 4.)

[Anonymous]

The key thing here is that a credit score involves two things: (1) the computer program used to generate it and (2) the data that are fed into that computer program.

(1) is called the scoring algorithm.  (2) comes from one of three big credit bureaus (EX, TU, EQ).

The score you name has a specific (much older) scoring algorithm -- older by far than many others commonly used.  It also is generated on the data from a specific credit bureau (EX or Experian).

The first thing you should do, therefore, is pull all three credit reports (reports, not scores) and get familiar with them.  Although the scoring model itself might explain the difference, 100 points is still an awful lot.  Much more likely is that there is some important way your EX report is different from your EQ or TU report.  Make sure you learn how to read those reports and look for what could be different.

[Anonymous]

OP, serious delinquency and bad payment history are the factor(s) holding your score back significantly, regardless of scoring model.  I'm not sure what the severity of your negative items is, how many you have or what their ages are, but have you tried at all to get any of them removed?

[Anonymous]

I only have one possible negative account on my credit report across the board and it was a medical collections account for around $250 that I never received the bill for until the a.c. punt ment to collections. That account also doesn't show an amount owed and is paid off on all 3 reports for 4 plus years now.

[Thomas_Thumb]

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@Anonymouswrote:
I have an credit monitoring service that give me FICO scores. My FICO 2 is 100+ points lower than all the others. When I click on that score to get more info all the service tells me about my FICO 2 Score Factors is Serious Delinquency, Short account history, Bad payment history, and loan balances. All of these are listed as negative factors, but in all my other FICO scores the opposite of these are listed as positive factors except account history because my oldest account is only 7 years old. So I guess my question is how can I improve my FICO 2 Score or see what the algorithm is basing my score on. Thank you.
Edit: Word

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1. Fico score 2 is based on Experian data using the Classic Fico 98 model. This is one of the three so called "mortgage scores"

2. Fico score 3 is based on Experian data using the Classic Fico 04 model.

3. Fico score 4 is based on TransUnion data using the Classic Fico 04 model. This is another of the so called "mortgage scores".

4. Fico score 5 is based on Equifax data using the Classic Fico 04 model. This is another of the so called "mortgage models".

One scoring factor specific to Fico 98 (score 2) and its industry enhanced versions is charge card utilization which is based on (reported balance)/(high balance) for NPSL cards. So, if you have an AMEX charge card and time, put some significant charges on the card to increase the HB. In subsequent months, if you use the card for significant purchases, make a mid cycle payment so (statement balance)/(high balance) is less than 29%.

Beyond the above, score boosting strategy for Fico 98 (score 2) would be pretty much the same as Fico 04 and Fico 8

Note 1: Having an open loan, or loans, at a low aggregate balance to loan ratio may boost Fico 8 score by points by up to 30 points compared to no open loans on file. However, this tactic has minimal impact on the older Fico 04 and Fico 98 "mortgage models"

Note 2: There are Auto and Bankcard enhanced versions of the above models that lenders may use for Auto loans and other credit decisioning.