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It's collections under $100.
dp246 wrote:
Is it true that late payments under $100 will not be counted as heavily as before under the new fico, 2008 scoring system?
It's out there, and supposedly EX is offering their version. No info on who, if anyone, is using it, though.
Has the new scoring system fico, 2008 been implemented, yet?
When lenders get over their well-known terror of anything new and decide to give it a try. Best estimate from those in the know is "years". The current scoring formulas are all over 5 years old.
If not when will it be used?
Only when 50% or more of all lenders start using that credit bureau's formula. That's when myFICO switches over, once they can get the CRA to agree.
Will the scores that are pulled on myfico.com be using the new fico, 2008 scoring system?
If mortgage lenders keep using FICO scores, and if they ever switch to FICO08 (it might not ever make it, who knows), then that's what they'll be looking at.
And finally, are these new scores, formulated under the fico 2008 ssoring system, the scores that the majority of mortgage lenders will be looking at?
I sure wouldn't hold my breath on FICO08 making any kind of impact on your life any time soon.
You're welcome! Sorry I couldn't be more encouraging.
Thanks for your time and help in answering these questions.
It's collections under $100.
dp246 wrote:
Is it true that late payments under $100 will not be counted as heavily as before under the new fico, 2008 scoring system?
It's out there, and supposedly EX is offering their version. No info on who, if anyone, is using it, though.
Has the new scoring system fico, 2008 been implemented, yet?
When lenders get over their well-known terror of anything new and decide to give it a try. Best estimate from those in the know is "years". The current scoring formulas are all over 5 years old.
If not when will it be used?
Only when 50% or more of all lenders start using that credit bureau's formula. That's when myFICO switches over, once they can get the CRA to agree.
Will the scores that are pulled on myfico.com be using the new fico, 2008 scoring system?
If mortgage lenders keep using FICO scores, and if they ever switch to FICO08 (it might not ever make it, who knows), then that's what they'll be looking at.
And finally, are these new scores, formulated under the fico 2008 ssoring system, the scores that the majority of mortgage lenders will be looking at?
I sure wouldn't hold my breath on FICO08 making any kind of impact on your life any time soon.
You're welcome! Sorry I couldn't be more encouraging.
Thanks for your time and help in answering these questions.
Do you know if it ever went to collections? Kind of hard to tell with that "charge-off/collections" designation.
It's not a great thing to have on your reports, but if that's the only thing, you're in decent shape. Since you're referring to a red flag, I assume that you're looking at screen 3. What do you have on screen 2, where it lists your positives and negatives?
And really, waiting for a new formula to be adapted... Remember where I said that myfico changes the formula here once half the nation's lenders adapt the new formula? Well, we are now all waiting for TU to provide FICO04, instead of FICO98 which is currently in use here. The 50% mark was hit not that long ago, and to give some perspective, the 98 and 04 refer to the years in which the formulas were released. So it took 5 years for half the nation's lenders that use TU to switch over (2004 --> 2009) And that's still only half.
Lenders are shy of any change, and in this day and age, there's probably a huge reluctance to be the guy who espouses a new scoring formula that no one in the company is familiar with.
If you've ever seen a church wrestle with the decision to change hymnbooks, this will seem familiar.
It's not a great thing to have on your reports, but if that's the only thing, you're in decent shape. Since you're referring to a red flag, I assume that you're looking at screen 3. What do you have on screen 2, where it lists your positives and negatives?
And really, waiting for a new formula to be adapted... Remember where I said that myfico changes the formula here once half the nation's lenders adapt the new formula? Well, we are now all waiting for TU to provide FICO04, instead of FICO98 which is currently in use here. The 50% mark was hit not that long ago, and to give some perspective, the 98 and 04 refer to the years in which the formulas were released. So it took 5 years for half the nation's lenders that use TU to switch over (2004 --> 2009) And that's still only half.
Lenders are shy of any change, and in this day and age, there's probably a huge reluctance to be the guy who espouses a new scoring formula that no one in the company is familiar with.
If you've ever seen a church wrestle with the decision to change hymnbooks, this will seem familiar.
Haulingthescoreup, on screen 2 it states: "Number of your accounts that were ever 60 days late or worse:
1 account." So, I guess this is probably being counted as a late payment. It mentioned "collections" in the account section (screen 5) under details. I really just started learning about fico scores on myfico.com a little over 1 year ago. And like you said, that one negative doesn't really hurt my score too bad, anymore. It damaged the score a lot more in the beginning of last year. That particular account is not being reported by equifax (which I'm happy about 
, of course). It is listed in the trans union report, and in part thanks to the great advice on this site, currently the score on my trans union report is 733. I brought down all of my balances to zero, except one which reporting at 6%.