topic Re: It is so irritating when the lender doesn't know which version of the score used! in Understanding FICO® Scoring

It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Sat, 07 Jan 2012 01:42:13 GMT

I excitedly marched myself to my new CU and deposited 800 bucks. Then I applied for a real grown up Visa with a decent limit. I got a SW alert today and EQ is 633. (I figured the deposit would look good, right? Plus I'm tired of having that cash sitting in the safe).

She said "You aren't honest with me. Your score is 647"

I tried to get her to tell me if it says beacon? Does it have a number by it? She just looked at me like I was the craziest person on earth!!!!!!!!

Hopefully they'll give me the doc which shows my score.

I am eagerly awaiting her phone call to see if I got approved.............19 minutes and then I don't get to know til Monday. I told her I wasn't keeping my hopes up, but she winked at me, so IDK what that means, if anything.

i don't even want to BUY anything. I just WANT IT.

Re: It is so irritating when the lender doesn't know which version of the score used!

pizzadude — Sat, 07 Jan 2012 02:46:13 GMT

Yeah, it's frustrating when people who work with personal finance and consumer credit all day long don't know a FICO from a FAKO, but most of these people haven't spent countless hours like some of us ( me ) who are somewhat obsessed with the nuances of credit scoring. :smileywink:

Good luck, I'm sure you'll get approved...

Re: It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Sat, 07 Jan 2012 02:58:04 GMT

As soon as my student loans are forgiven (Public service forgiveness program) I'm going to change careers and become an underwriter or mortgage loan officer. Someone in the business needs to know something. ggrrr

Thanks for the vote of confidence, Pizza.....She didn't call me. I'm not very hopeful. Just hoping she mentions the deposit to the underwriter as it proves i'm not in desperate need of cash.

Re: It is so irritating when the lender doesn't know which version of the score used!

pizzadude — Sat, 07 Jan 2012 03:30:48 GMT

Well it is Friday ~ so could be that they just couldn't get the processing done before schlitz o' clock.

I would think that they would take note of your deposit, that should be a plus IMO.

Re: It is so irritating when the lender doesn't know which version of the score used!

namvet — Sat, 07 Jan 2012 03:38:08 GMT

pizzadude wrote:

Yeah, it's frustrating when people who work with personal finance and consumer credit all day long don't know a FICO from a FAKO, but most of these people haven't spent countless hours like some of us ( me ) who are somewhat obsessed with the nuances of credit scoring. :smileywink: +1 you got that right

Re: It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Sat, 07 Jan 2012 06:07:59 GMT

pizzadude wrote:

Well it is Friday ~ so could be that they just couldn't get the processing done before schlitz o' clock.

I would think that they would take note of your deposit, that should be a plus IMO.

I've heard of bowl thirty, but schlitz o'clock is a new one.....and a great one too! hee hee

Re: It is so irritating when the lender doesn't know which version of the score used!

drkaje — Sun, 08 Jan 2012 13:59:25 GMT

booner,

It's the downside to so many scores. Also the main reason I won't apply for the WalMart Discover: Despite being an actual FICO, it's unlikely to be a score used to determine creditworthiness by many companies.

Lenders should disclose which scoring model is being used. Also, if they're using FICO plus an internal model, it should be disclosed.

IMO, our information has far more value than we could ever imagine. Otherwise CRAs and banks wouldn't fight so hard to prevent our accessing and understanding how it's used.

Re: It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Tue, 10 Jan 2012 02:41:49 GMT

Got the truth in lending - Says my Equifax FICO score is 647, nowhere does it give any clue on which FICO version. So it's either cc enhanced or EQ 08?

They approved me for only 1000.00, but that's better than 300 any day of the week. She said they said to do a "hard close" which the CU lady said meant to tell me NO MORE NEW CREDIT!!!!!!!!!!!!!!!!!!!

I guess I have to go join that garden party.

Re: It is so irritating when the lender doesn't know which version of the score used!

MarineVietVet — Tue, 10 Jan 2012 02:55:30 GMT

Booner72 wrote:
Got the truth in lending - Says my Equifax FICO score is 647, nowhere does it give any clue on which FICO version. So it's either cc enhanced or EQ 08?

They approved me for only 1000.00, but that's better than 300 any day of the week. She said they said to do a "hard close" which the CU lady said meant to tell me NO MORE NEW CREDIT!!!!!!!!!!!!!!!!!!!

I guess I have to go join that garden party.

Could be CC enhanced, could be EQ Beacon 5.0 like is sold here, could be the latest EQ (Beacon 9.0).

It can be maddening trying to know exactly what is pulled by whom, when, where, and why. :smileyhappy:

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: It is so irritating when the lender doesn't know which version of the score used!

pizzadude — Tue, 10 Jan 2012 03:48:51 GMT

Congrats on the approval !!! I'm sure they will bump you up soon, when did they say that you can get a CLI ??

Re: It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Fri, 13 Jan 2012 17:23:31 GMT

Thanks P.

She ended up calling saying I needed to come back in and resign, she screwed something up. I never did get a hard hit from this either. (Went to EQ today and it's not there, nor did I get a SW report).

The thing is, I'm now thinking I shouldn't even open this card due to the new credit hit. I already have a CU Visa w/ a 300 limit and they say I can get a reconsideration for a CLI in Feb.

This CU says 6 months and keep my balances low or zero and I can go up past 1000.00.

So what should I do? Keep the one I have that aged since August, or close it (Contingency of the new one), and get this one w/ the better limit? (I know closing won't hurt).

I think a 1000.00 limit is better for my credit profile and limits obviously. But shouldn't I just wait and keep what I have? IDK. Any advice appreciated.

Re: It is so irritating when the lender doesn't know which version of the score used!

Booner72 — Fri, 13 Jan 2012 17:24:57 GMT

MarineVietVet wrote:
Booner72 wrote:
Got the truth in lending - Says my Equifax FICO score is 647, nowhere does it give any clue on which FICO version. So it's either cc enhanced or EQ 08?

They approved me for only 1000.00, but that's better than 300 any day of the week. She said they said to do a "hard close" which the CU lady said meant to tell me NO MORE NEW CREDIT!!!!!!!!!!!!!!!!!!!

I guess I have to go join that garden party.
Could be CC enhanced, could be EQ Beacon 5.0 like is sold here, could be the latest EQ (Beacon 9.0).

It can be maddening trying to know exactly what is pulled by whom, when, where, and why. :smileyhappy:

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Hi, MV. I know it's not EQ 5.0 bc I got a SW alert before I went in and I was at 633. The form that says my score is 647 also says "EQUIFAX"

Re: It is so irritating when the lender doesn't know which version of the score used!

MarineVietVet — Fri, 13 Jan 2012 21:54:20 GMT

Booner72 wrote:
Hi, MV. I know it's not EQ 5.0 bc I got a SW alert before I went in and I was at 633. The form that says my score is 647 also says "EQUIFAX"

I'm confused by this which is not an unusual state for me. All Equifax score versions are called Beacon scores. Can you clarify what you mean?