New FICO Credit Score Model For 2010

[Bryan Hancock]

So I guess there is a new credit score model that rolled out:

New Credit Scores

Does anyone know what banks are considering "A" paper under the new scoring? I checked mine tonight (923, 910, 923) and have no idea what the scores mean in terms of getting new conventional debt.

Is anyone up to speed on this?

[Paul B.]

I'm not a credit score expert, but a few observations...

This article appears to be a year old (2010 vs. 2011), unless the author still hasn't adjusted to the new year.

Any article from ezinearticles.com needs to be taken for what it is, which is a marketing tool to get people to click their links at the bottom.

My understanding is that your credit score from the Big 3 is not the same as a FICO, which is a score calculated by Fair Isaacon (sp?) primarily for use in mortgage applications. While it's true that good credit scores with the Big 3 should give you comfort that your FICO is strong, too, they are not the same.

As a result, unless you see an article that states that "FICO is changing the way it calculates credit scores," I would take the article to mean there's some "new" credit scoring system out there, but it's not a change at FICO.

I'm sure unseating FICO as the 800-lb. gorilla in the credit market would be quite profitable, but I don't see it happening any time soon.