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Author Topic: New FICO 08 Scores coming up soon  (Read 8769 times)

onthefence

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New FICO 08 Scores coming up soon
« on: December 20, 2007, 09:23:45 pm »

Latest blurb from the Consumerist on the new FICO 08 scores:
http://consumerist.com/336077/how-fico-08-changes-your-credit-score
And the Full Wall Street Journal article on them:
http://online.wsj.com/article/SB119802346920538029-email.html

Perks are that:
- It doesnt reward piggybacking (a big concern for lenders)
- It doesnt penalize occasional minor screw ups as much
- It does more heavily penalize repeat offenders
- More heavily penalizes people maxing out their credit
- Doesnt penalize those shopping for credit.

No word from Prosper.com on how this will affect their Experian ScoreX Plus ratings or when.
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SGriff

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Re: New FICO 08 Scores coming up soon
« Reply #1 on: December 20, 2007, 09:30:38 pm »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...
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Tokyo Joe

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Re: New FICO 08 Scores coming up soon
« Reply #2 on: December 20, 2007, 09:34:37 pm »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...

I think so too.  A lot of people are going to be whacked due to high-utilization, which Scorex is already seemingly heavy on.

Now is a really good time to be paying off debt, not taking out second loans...
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Mtnchick

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Re: New FICO 08 Scores coming up soon
« Reply #3 on: December 20, 2007, 09:52:19 pm »

Based on what youve said it looks like mine will go up :) My biggest pitfall is "available credit". So far it hasnt zinged me yet but Im sure at one point Ill just have one...too...many....credit...cards.....
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leporello

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Re: New FICO 08 Scores coming up soon
« Reply #4 on: December 20, 2007, 10:10:38 pm »

Based on what youve said it looks like mine will go up
What kind of surgery was it you had?  ;D
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Mtnchick

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Re: New FICO 08 Scores coming up soon
« Reply #5 on: December 20, 2007, 10:18:39 pm »

Based on what youve said it looks like mine will go up
What kind of surgery was it you had?  ;D

Thats NEXT year ;)
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Epictetus

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Re: New FICO 08 Scores coming up soon
« Reply #6 on: December 21, 2007, 06:30:30 am »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...

I think so too.  A lot of people are going to be whacked due to high-utilization, which Scorex is already seemingly heavy on.

Now is a really good time to be paying off debt, not taking out second loans...

Any time is a really good time to be paying off off debt rather than taking out second loans.

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NewHorizon

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Re: New FICO 08 Scores coming up soon
« Reply #7 on: December 21, 2007, 07:32:50 am »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...
I dont get that from the above articles at all.

Fair Isaacs FICO is a different scoring model (that is, using different mathematical algorithms) than Experians Scorex Plus.  Im not seeing how changing FICOs math affects Scorex Plus or the Prosper credit ratings.
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SGriff

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Re: New FICO 08 Scores coming up soon
« Reply #8 on: December 21, 2007, 08:01:45 am »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...
I dont get that from the above articles at all.

Fair Isaacs FICO is a different scoring model (that is, using different mathematical algorithms) than Experians Scorex Plus.  Im not seeing how changing FICOs math affects Scorex Plus or the Prosper credit ratings.

From the WSJ article:

Quote
The new FICO model has already been distributed to Experian, which is in the process of implementing it

That seemed pretty clear to me? ???
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res2

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Re: New FICO 08 Scores coming up soon
« Reply #9 on: December 21, 2007, 08:07:53 am »

Since Experian is already in the process of implementing this, I wager youll see a whole lot of folks who were AAs drop to Cs or worse, due to their usage of available credit...
I dont get that from the above articles at all.

Fair Isaacs FICO is a different scoring model (that is, using different mathematical algorithms) than Experians Scorex Plus.  Im not seeing how changing FICOs math affects Scorex Plus or the Prosper credit ratings.

From the WSJ article:

Quote
The new FICO model has already been distributed to Experian, which is in the process of implementing it

That seemed pretty clear to me? ???

FICO (we have been told) has no impact on ScoreX, thus NHs statement...

traveler505

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Re: New FICO 08 Scores coming up soon
« Reply #10 on: December 21, 2007, 08:14:35 am »

Experian FICO and Experian ScoreX are two different scoring systems.  Experian FICO uses Experians data and Fair Isaacs algorithms; Experian ScoreX uses Experians data and Experians algorithms. 

ScoreX is much less transparent than FICO, so, if it does change, they wont tell us.  Almost everythig that we know about how ScoreX is calculated we know from observing Prosper listings, not from anything Experian has said.
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