My Fico Upgrade notice via email

[ktl72455]

My son got a email with a notice of  a upgraded Version of his Fico score plus free credit report. His Fico before as of 5/9/14 was 613 and as of the updgrade is now 637.

I am waiting for my email now!!   Its supposed to be closer to what lenders see when they pull our scores.

[toi34]

I just got the email and I've lost 28 points!!!! I feel like all of my hard work over the past year was all for naught!!! I'm mad as heck!!!

[BigRay5264]

I just went down 42 points

[toi34]

I'm sorry Big Ray! I just don't understand what has happened??? I read the link that explains what this model weights and my profile should have supported an increase, not a significant decrease. I don't have any recent late payments, last late payment was 3 years ago which was a 60 day late, nor are the 4 cards that show balances are near the limts. This has ruined my Sunday afternoon...all my hard wrok just went down the drain. I officially give up.

[BigRay5264]

I can relate to how you feel...6 months of work and raising myself over the 600 mark and poof...gone

[Anonymous]

Mine was up to 698 with 3 years of hardwork and now it's 662! The only debt we have is one car and student loans. No lates in over 3 years, pay off the credit card every month, no new accounts other than the credit card to rebuild 2 years ago. We just started the homebuying process and now I have no idea what's going to happen. It sucks that because they decided to change their scoring model, we're being punished. I am SO angry.

[ktl72455]

Mine was up to 698 with 3 years of hardwork and now it's 662! The only debt we have is one car and student loans. No lates in over 3 years,

pay off the credit card every month, no new accounts other than the credit card to rebuild 2 years ago. Do you only have 1 credit card? If you only have one and pay it off in full it will lower your score. Fico likes to see 1-9% balance showing. And its easier with at least 2 cards. Only let 1 report a small balance. You have time to bring your score right back up pretty easy and quickly. 

We just started the homebuying process and now I have no idea what's going to happen. How far are you into the home buying process? Just looking or?

It sucks that because they decided to change their scoring model, we're being punished. I am SO angry.

I have not got my update yet, now I am worried lol!!

[Anonymous]

The same thing happened to me!  My score went from 686 to 665!  I also have been working very hard over the past two year to improve my credit.  This is barely higher than when I started!  Also, they don't even tell you why you dropped.  It is NOT closer to other models.  My other two scores are 694 and 705!

[Anonymous]

I completely agree!

[Anonymous]

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@ktl72455 wrote:

Mine was up to 698 with 3 years of hardwork and now it's 662! The only debt we have is one car and student loans. No lates in over 3 years,

pay off the credit card every month, no new accounts other than the credit card to rebuild 2 years ago. Do you only have 1 credit card? If you only have one and pay it off in full it will lower your score. Fico likes to see 1-9% balance showing. And its easier with at least 2 cards. Only let 1 report a small balance. You have time to bring your score right back up pretty easy and quickly. 

We have two cards, both of which we pay off every month. This has been bringing our score up steadily since we started. The only thing that changed to cause our score drop is they changed their scoring model.

We just started the homebuying process and now I have no idea what's going to happen. How far are you into the home buying process? Just looking or?

It sucks that because they decided to change their scoring model, we're being punished. I am SO angry.

We are pre-approved and expect to be making an offer/applying for a loan in the next week. Not enough time to bring our score up. However, it appears this is not an issue for us because the new score isn't anywhere near what our mortgage lender got when they pulled our credit. However, I know they will pull our credit at least one more time before we close on a home so...now I'm scared everything will fall through at the last minute. 

I have not got my update yet, now I am worried lol!!

Seems like it's been good for some people, and bad for others. All I can think is they are weighing student loans heavier than they were before. Outside of one auto loan, that is the only debt we carry. Hope you're one of the lucky ones that gets a big boost!

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