Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
itsmesteph11

1 Contribution
0 People Helped
Not ANOTHER new credit assessing method?? Can you enlighten us?
I read that there will be another new credit assessing method introduced starting this month. Don't we have enough already? Who are they kidding? This mess helps no one. Will the 4 old methods go away or are we stuck with different numbers for purchases, homes, insurances etc?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Credit Karma Team
Top Contributor
2949 Contributions
4641 People Helped

Hello! Are you referring to the FICO 9 announcement? If so, you can read the blog article we've posted about it here: http://blog.creditkarma.com/news-trends/fico-announces-the-new-fico-score-9/. 

The new formula will not be adopted by lenders right away, as you'll read in the article. Lenders will still be able to choose which score model they want to base their decisions on, so you will still have multiple scores, depending on which model and bureau are used. 

Top Contributor
3051 Contributions
2791 People Helped

FICO version 9 is actually a great revision, because they will no longer count medical collection accounts as part of your credit score.  This version is being rolled out to the bureaus this month I believe, and it will be rolled out to creditors later this year.  However, as stated above, it depends on which FICO version the creditor is using.  Most mortgage companies are always 2-3 versions behind.  Auto lenders usually jump on board right away.  Not sure about credit card providers.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.