Quick Answer
FICO 8 is the most widely used consumer credit scoring model - emphasizing payment history and utilization while being less forgiving of single missed payments than older versions.
Key Takeaways
- FICO 8 is the dominant general-purpose model.
- More sensitive to high utilization than prior versions.
- Less weight on isolated small collections.
Where FICO 8 Is Used
FICO 8 is the model behind most consumer credit card decisions and many personal loan approvals.
Frequently Asked Questions
Is FICO 8 the same as 'my credit score'?
It is the most commonly referenced model in consumer-facing products, but not the only score lenders use. Specialized models exist for auto and mortgage decisions.