FICO models are subject to periodic updates and changes. The FICO Score, developed by Fair Isaac Corporation, is one of the most widely used credit scoring models in the United States. FICO periodically releases new versions of its scoring models to incorporate changes in consumer credit behavior and to improve the accuracy and predictive power of credit scores.

Newer versions such as FICO Score 9 and FICO Score 10 have been introduced. These newer models incorporate different algorithms and consider additional factors to assess creditworthiness. FICO has also developed specialized scoring models for specific industries, such as FICO Auto Score for auto lending and FICO Bankcard Score for credit card issuers.

Changing FICO models can potentially affect your creditworthiness, as the updated models may consider different factors or place varying emphasis on certain aspects of your credit history. Here are a few ways in which changing FICO models could impact your creditworthiness:

1. Factors Considered: Newer FICO models may incorporate additional data points or change the weight assigned to certain factors. For example, newer models may place more emphasis on recent payment history or the utilization of credit. If your credit behavior aligns with the changes in the model, it could positively or negatively impact your creditworthiness.
2. Treatment of Specific Credit Events: Different FICO models may handle specific credit events, such as late payments or collections, differently. Newer models may be designed to be more forgiving or place less weight on certain negative items. This could potentially benefit your creditworthiness if you have experienced such events in the past.
3. Scoring Range: FICO models can have different scoring ranges. For instance, FICO Score 8 has a range of 300-850, while newer models may have different ranges. If a new model has a different range and your credit score is affected, it could impact how lenders perceive your creditworthiness relative to the previous model.

It’s important to note that FICO models are not the only credit scoring models used by lenders. Each lender may use their own customized scoring models or alternative credit scoring models. Additionally, the transition to a new FICO model typically takes time, and lenders may not immediately adopt the latest version.

To mitigate any potential impact on your creditworthiness, it’s crucial to maintain good credit habits, such as making timely payments, keeping credit utilization low, and monitoring your credit report for accuracy. This will help ensure that you are well-positioned, regardless of any changes in credit scoring models.