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Several of the FICO varieties are adapted to predict risk for a particular type of credit.  

 

Statistically someone is more likely to default on a credit card than a mortgage, for example.  So it wouldn't make sense to use the same criteria to predict risk for both.

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All scores, even the Vantage POS, are 'legitimate' in that they are consistent with the parameters by which it was calculated.  HOWEVER...virtually NO lender uses anything but Fair Isaac models for their approval algorithms (which look at far more than just a three-digit score).  FICO 9 *IS* a Fair Isaac score...but it is NOT a primary FICO score for daily credit apps. 

 

 

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5 hours ago, Kiai said:

Is Fico 8 the most oft used for cc apps then?

 

FICO releases newer revised versions of their score models every few years.  In fact FICO 10 was released earlier this year, however I don't believe anybody has yet to adopt it's use.  Changing a FICO scoring version for credit underwriting is a major undertaking for any financial institution and they are typically reluctant to change/upgrade.  There are still many FI utilizing FICO versions 20+ years old.

 

Currently the most widely used FICO scoring version is FICO 8, however there has been a considerable amount of transition from FICO 8 to FICO 9 during the last couple of years and that would include Navy Federal and Logix FCU just to name a couple I am aware of that have changed.

 

Now each FICO version (i.e. FICO 9) has different models within that version.  First you have your basic score for that version, then there is a Bankcard Score; Auto Score; etc.

 

Navy Federal uses FICO 9 in it's basic form, AMEX uses FICO 8 in it's basic form while Citibank uses FICO 8/Bankcard for their credit cards. A little bit of research should enable you to determine what FICO scores will be utilized for your lender of choice and all your different scores will be different.

 

 

 

 

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