FICO Score: Multiple Versions

Understanding FICO Score Multiple Versions

A Deeper Dive to FICO Score.

FICO, the pioneer in credit scoring, has developed multiple versions of its scoring model over the years to adapt to changing consumer behaviors and lender needs. Understanding these versions can help you better manage your credit and anticipate how lenders might view your creditworthiness.

Key FICO Score Versions

Versions:

    • FICO Score 8
    • FICO Score 9
    • FICO Score 10
    • FICO Score 10 T
    • Industry-Specific Scores

FICO Score Version Timeline

How FICO Versions Evolved

Version 8

Released in 2009, FICO Score 8 is still the most widely used version by lenders:

      • Reduces the impact of isolated late payments
      • Ignores small-dollar “nuisance” collection accounts with original balances under $100
      • More sensitive to high credit card utilization

    Version 9

    Introduced in 2014, FICO Score 9 brought several consumer-friendly changes:

        • Ignores paid collection accounts
        • Weighs unpaid medical collections less heavily than other types of collection accounts
        • Factors in rental history when it’s reported

      Version 10

      Launched in 2020, FICO Score 10 aims to be more predictive:

          • Puts more emphasis on recent credit behavior
          • Considers a longer range of credit history
          • More heavily penalizes missed payments and high credit utilization

        Version 10 T

        Released alongside FICO 10, the ‘T’ stands for trended data:

            • Incorporates up to 24 months of trended credit data
            • Rewards consumers who pay off credit card balances in full each month
            • May penalize those who consistently carry balances or take cash advances

          FICO Score Version Comparison

          FICO Score Versions
          Feature FICO 8 FICO 9 FICO 10 FICO 10 T
          Release Year 2009 2014 2020 2020
          Adoption Rate High Medium Low Low
          Treatment of Collections Ignores small collections under $100 Ignores paid collections Similar to FICO 9 Similar to FICO 9
          Rent Payments Not considered Considered if reported Considered if reported Considered if reported
          Trended Data Not used Not used Not used Used (24 months)

          Industry-Specific FICO Scores

          FICO also offers tailored scores for specific types of lending:

                • FICO Auto Score: Emphasizes auto loan history
                • FICO Bankcard Score: Focuses on credit card usage and payments
                • FICO Mortgage Score: Highlights mortgage-related credit factors

            Why Multiple Versions Matter

              Understanding the different FICO Score versions is important because:
                • Different lenders may use different versions
                • Your score can vary significantly between versions
                • Knowing which version a lender uses can help you prepare for credit applications
                • It can guide your credit improvement strategies

            Tips for Managing Multiple FICO Score Versions

              • Focus on overall good credit habits that benefit all versions
              • Pay all bills on time and keep credit utilization low
              • Be aware of which version a lender might use when applying for credit
              • Consider checking multiple FICO Score versions periodically
              • Remember that most lenders still use FICO Score 8, but this may change over time
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