FICO 8 Score Explained

Having troubles understanding FICO 8? We explain what it is all about!

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[timk]

About 5 years ago after I retired I paid off my house, thereby giving me an additional $653 in disposable income, i.e. spending power. My FICO score instantly dropped from 836 to under 800. It took 5 years for it to go up to 832, where it stayed for over a year, that is until I sold my Harley 3 months ago, thereby eliminating a monthly payment of $525. My score dropped from 832 to 822.

When a sizable loan is paid off the FICO score should go up, NOT down, as more disposable income is available.

In my case I never missed a payment. I was never late on any payments. I haven't had an accident since I was a teenager - some 50 years ago. The only claim I've ever made on my home-owners insurance was for hail damage

FICO calculations are not only "secret" but are illogical. In reality, after paying off a large debt the number of points subtracted from one's existing FICO score should be ADDED, as the person is in a better financial situation without the debt than with the debt.

FICO is a SCAM and Congress needs to enact Fair and Logical Financial Reporting Standards. But considering that Congress spends with no end in sight, their understanding of "financial responsibility"seems to be "print more money" with no regard for paying down the debt.

Maybe everyone should take a page from the Congressional Play Book - get as many credit cards as possible, max them out, don't bother making any payments. Congress Would Be Proud!!!

[fernandosanchezmontiel]

Great speaker, congrats! right to the bone, felicidades excelente!

[dominics]

thank you....i thought it was saying my fico score was an i am new to all

[moresalad]

Im looking to buy a car soon and my FICO Auto Score 8 is 708. Is that good?

[rinnypink]

One of my credit cards was showing me I had an 869 score when I know I don't have a perfect score (right now most sites are showing closer to 809 or so). In the fine print, I saw it used Equifax FICO model 8. You seem to basically be saying in this video that the 8 model is overall more "forgiving" so it makes sense it would be higher but why is it above 850? When I googled why a score would be above 850, I found that a Vantage score can go up to 900 but my score says it's FICO (not vantage). So, I'm utterly confused! But at any rate, why do I have a credit score of 869 with Equifax? Is it actually a vantage score instead of a FICO? Thanks in advance

[viderpittman]

Well I just applied for a first premiere and to get credit card

[hopeforthefuture]

Please change spelling of ammount to amount. Thank you- the grammar police lol.