Jump to content

Sign in to follow this  
StantheMan

Fico 8 vs 9

Recommended Posts

Curious as to why my TU & EX (Equifax clean) scores are only approx. 700 according to Fico 8 while on 9 they are 740. 4 year old BK and all IIB's credit cards. THX

Share this post


Link to post
Share on other sites

Simple...different models assign different weights to certain events.  If each model was identical, then Fair Isaac would have no need to release new and revised models into the wild...

Share this post


Link to post
Share on other sites
Posted (edited)
1 hour ago, centex said:

Simple...different models assign different weights to certain events.  If each model was identical, then Fair Isaac would have no need to release new and revised models into the wild...

That’s what I figured however I thought the major difference was that 9 didn’t account for past due rents and medical accounts etc of which I have none.

Edited by StantheMan

Share this post


Link to post
Share on other sites

FICO 9 is less sensitive to even tiny balances that show up on all my CC account. FICO 8 really hated that. Other than that they seem pretty similar but my file is pretty generic with no negs.

Share this post


Link to post
Share on other sites

FICO 9 excludes PAID charge-offs as negative items, however ALL other FICO versions still hit you hard for paid  charge-offs as negative items.  FICO 9 also mitigates the damage from medical collections, however they are still negative items, but less so than all the other FICO versions.

Share this post


Link to post
Share on other sites
1 hour ago, Rogue said:

FICO 9 excludes PAID charge-offs as negative items, however ALL other FICO versions still hit you hard for paid  charge-offs as negative items.  FICO 9 also mitigates the damage from medical collections, however they are still negative items, but less so than all the other FICO versions.

Are you sure? IIRC, this only applies to CAs, not OCs, and OC charge offs, zero balance or not, continue to ding.

Share this post


Link to post
Share on other sites
Posted (edited)
3 hours ago, cashnocredit said:

Are you sure? IIRC, this only applies to CAs, not OCs, and OC charge offs, zero balance or not, continue to ding.

I think your clarification is correct, however I am not completely sure, hopefully someone else can answer.  And if we are confused, just imagine the average American out there trying to figure out all this crap!

Edited by Rogue

Share this post


Link to post
Share on other sites
4 hours ago, Rogue said:

And if we are confused, just imagine the average American out there trying to figure out all this crap!

You’re giving the average American too much credit. The average person doesn’t know that there are different FICO scoring models. They don’t even know that there’s a difference between FICO and Vantage. 

If I polled everyone that I know (friends, family, employees) and asked if they knew their credit score, I’m sure close to half would say they don’t know. Almost all of the rest would either check Credit Karma, reference what they see on a CC statement, or repeat what they were told the last time they applied for a loan. The percentage that would respond with “Which CRA and scoring model?” would probably be 1% or less. 

Share this post


Link to post
Share on other sites
6 hours ago, DPB said:

You’re giving the average American too much credit. The average person doesn’t know that there are different FICO scoring models. They don’t even know that there’s a difference between FICO and Vantage. 

If I polled everyone that I know (friends, family, employees) and asked if they knew their credit score, I’m sure close to half would say they don’t know. Almost all of the rest would either check Credit Karma, reference what they see on a CC statement, or repeat what they were told the last time they applied for a loan. The percentage that would respond with “Which CRA and scoring model?” would probably be 1% or less. 

Agree.  We (regular members here) sometimes tend to forget that we are in the minority when it comes to knowledge around credit related topics.  Most Americans have the basic minimum knowledge of credit scoring or less.  Even those who work in a field where credit scores are a part of the job (bankers, mortgage brokers, auto F&I people) don't have a full understanding of how they work.

 

Perfect example, I was speaking to a mortgage broker a couple of months ago, and asked him which FICO model their system used.  His first response was we pull all three.  I then proceeded to inform him there are multiple version of the scoring model for each bureau, and that is was likely he used 5/4/2 (mortgage models), and could he find out if that is the case.  He emailed me back and said I was right, and I was the first person in all the years he has been doing this to ask that question.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    1. renken70
      renken70
      Age: 47
    2. punkin49
      punkin49
      Age: 57
  • Member Statistics

    • Total Members
      177,095
    • Most Online
      1,528

    Newest Member
    Kiomie
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines