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FICO 9: What You Need To Know About The Latest Credit Score

The last post in this topic was posted 1233 days ago. 

 

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https://www.forbes.com/sites/robertberger/2016/08/28/fico-9-what-you-need-to-know-about-the-latest-credit-score/#526de2b26de2

 

And...

 

http://www.myfico.com/credit-education/credit-score-versions/

 

FICO® Score 9—the newest FICO Score version—is the most predictive FICO Score to date

 

Many lenders have already upgraded to, or are in the process of upgrading to, FICO® Score 9. It’s our newest FICO® Score version, and it has a few important updates that make it the most predictive FICO Score yet.

 

  • Third-party collections that have been paid off no longer have a negative impact.
  • Medical collections are treated differently than other types of debt. Unpaid medical collections will have less of a negative impact on FICO Score 9.
  • Rental history, when it's reported, factors into the score—this may be especially beneficial for people with a limited credit history.

 

 

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It will be interesting to see how widely or quickly FICO 9 is adopted by the industry, so far it's been understandably slow. However we are currently operating in a credit world where even FICO 98 is still very relevant.

 

My concern is that all of these valid FICO models will only contribute to the utter confusion of the average consumer and may actually be detrimental to their best interests.

 

For example, consumer pays off all collections due to third-party CA's at great expense and with money they can not really afford, however they do this in an effort to "improve their FICO Scores" since they need to finance a car, move, or whatever. Consumer pays these debts based upon the new FICO 9 model they just read about and how paying these debts will help their credit. Only problem is...nobody the consumer applies to is using the FICO 9 scoring model and his scores (non-FICO 9) may now be worse due to paying all the CA's and some of this debt may even be out of SOL.

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My concern is that all of these valid FICO models will only contribute to the utter confusion of the average consumer and may actually be detrimental to their best interests.

 

 

I agree!

Edited by funkiehouse

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Recently I was approved for a 5/3 card and a letter was also sent and stated my Fico 9 on T/U was 708. A couple of days prior my Fico 8 was 681 on T/U. In my case none of the changes apply and I assume there is more to the equation than stated.

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Recently I was approved for a 5/3 card and a letter was also sent and stated my Fico 9 on T/U was 708. A couple of days prior my Fico 8 was 681 on T/U. In my case none of the changes apply and I assume there is more to the equation than stated.

Who is the issuer of this card now using FICO 9? Are you referring to the Alliant CU VISA Signature?

 

All new FICO versions contain a lot of subtle "tweaks" to the scoring algorithm, so you are correct here. Typically FICO only publicizes the major changes that the average consumer can comprehend and relate to their personal credit. This FICO spin is primarily for marketing purposes to promote the brand.

Edited by Rogue

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Recently I was approved for a 5/3 card and a letter was also sent and stated my Fico 9 on T/U was 708. A couple of days prior my Fico 8 was 681 on T/U. In my case none of the changes apply and I assume there is more to the equation than stated.

Who is the issuer of this card now using FICO 9? Are you referring to the Alliant CU VISA Signature?All new FICO versions contain a lot of subtle "tweaks" to the scoring algorithm, so you are correct here. Typically FICO only publicizes the major changes that the average consumer can comprehend and relate to their personal credit. This FICO spin is primarily for marketing purposes to promote the brand.

Fifth Third Bank is the issuer. I have a 2 year Bk with the associated IIB's accounts as my negatives so maybe the IIB's accounts are not treated as harshly.

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Thanks for the data point, we are all still learning about FICO 9....

 

Plus One... This is going to be fun.

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NFCU offers monthly EQ FICO 9 score to members who have a Loan or CC

 

Thanks!

 

 

You're welcome. I noticed the free FICO option last month and just checked it this morning for the monthly update. Still haven't gotten the updated score for this month :cry2:

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TU FICO 08 has 12 scorecards. TU FICO 09 has 13 scorecards. A high utilization scorecard was added (no details).

 

Thin credit files will be scored more harshly.

 

IIRC, there could be a point spread of 20 to 30 (or less), and can go either direction.

 

myFICO's score simulator is still using FICO 08. I'm hoping they will change the simulator to FICO 09 eventually... the sooner, the better.

 

I'm sleepy.

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I'm looking at a 65 point spread on EQ in May.

 

FICO-09 NFCU = 751

FICO-08 CCT = 686

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