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New FICO 08 Scores coming up soon

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onthefence:
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 doesn't reward piggybacking (a big concern for lenders)
- It doesn't penalize occasional minor screw ups as much
- It does more heavily penalize repeat offenders
- More heavily penalizes people maxing out their credit
- Doesn't penalize those shopping for credit.

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

SGriff:
Since Experian is already in the process of implementing this, I wager you'll see a whole lot of folks who were AA's drop to C's or worse, due to their usage of available credit...

Tokyo Joe:

--- Quote from: SGriff on December 20, 2007, 09:30:38 pm ---Since Experian is already in the process of implementing this, I wager you'll see a whole lot of folks who were AA's drop to C's or worse, due to their usage of available credit...

--- End quote ---

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...

Mtnchick:
Based on what you've said it looks like mine will go up :) My biggest pitfall is "available credit". So far it hasn't zinged me yet but I'm sure at one point I'll just have one...too...many....credit...cards.....

leporello:

--- Quote from: Mtnchick on December 20, 2007, 09:52:19 pm ---Based on what you've said it looks like mine will go up

--- End quote ---
What kind of surgery was it you had?  ;D

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