Business Credit

[gpmd05]

So I applied for an amex card for my small business.  I got a message online stating the decision was pending.  I got a letter in the mail today saying I was denied and my credit score was a 657 thru experian.  I pulled my credit report days before I applied and it was a 734 with no negatives except 3 paid judgments that are 6.5 years old.  I was stunned so after I got the letter I pulled an updated report and the score still says 734!  Why does AMEX say its a 657?   I called AMEX and the guy told me to fax over whatever info I have and they'll reevaluate but he had no explaination.  That's almost an 80pt difference.  Does anyone have any ideas why or how this happens?  Any further advice?  Since I had them do a hard pull, Id like it to be worth it by getting the darn card.  Thanks!

[xlr8d]

The scores you received from EXP are known as FACOs because they aren't true scores. I believe there's no way to get it other than from a lender or through a certain CU. Anywho, what they sent you is your true score, but it's not the only thing Amex uses in their decision. They have their own internal scoring system, and your score plays a part in it.

The only true fico scores you can get are TU and EQ and you can pull them from this website.

Hope that clears up some confusion.

[Chris123nTx]

The score from Experian that you have is most likely their PLUS score. That score is not used by lenders at all. Even Experian says that on their website. I use their free credit report. com and that is the score they give. It is great for a relative month to month guide to see if your score or things on your credit report have changed, but that is all it is good for. Amex - at least for me - pulled experian but they use that data to calculate your FICO score. As you have seen there can be a big difference.

[gpmd05]

Darn thats a huge difference.  My other two reports also have me at 720 and 728 though which is what I didn't understand.  That Plus score is exactly what I pulled though.  Im kinda bummed now knowing I have  another score in the 600s.  I had terrible credit and this year was the first time I got over 700 on the 3.....or so i thought

[CreditMuppet]

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gpmd05 wrote:

Darn thats a huge difference.  My other two reports also have me at 720 and 728 though which is what I didn't understand.  That Plus score is exactly what I pulled though.  Im kinda bummed now knowing I have  another score in the 600s.  I had terrible credit and this year was the first time I got over 700 on the 3.....or so i thought

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Those other two scores are also likely FAKO's if you got them all at the same place.  As mentioned you can not actually buy your EX score from anywhere, you can get your actual FICO scores for EQ and TU from myfico.com.

[KIPPIE12]

Sorry to hear that!   I hate that alot of lenders use EX.  It's almost like it's the one score out of all that no one can ever depend on being true, and lenders can  use what scoring version they can use to approve/deny.  It's almost like they use it as a go to, and try to intentionally deny someone because you never know what version they use, etc.  What might be a true EQ or TU score on here of say, 760, might only be a 700 on EX.  Every since EX left here it's always a big mystery what our score really is with them.  Would be nice if they were on the same page with EQ and TU. Guess it's the nature of the game.

[i-doc]

I have a nearly identical story except it is a Chase card, and Chase reports 75 points lower on Experian than I have been informed by Experian.  Both TU and Eq are 100 and 150 points higher than what Chase claims Experian score is in the denial letter.  It is a dam-n scam, especially when you pay for a credit score and they lie about what it is. 

What can be done?  The credit reporting agencies are strangling the life out of entrepreneurs and business and seem to be untouchable.  Write a letter requesting clarification, and they respond with nonsensical prefabricated sentences strung together which don't even address the original question.

[dmbtay]

same thing happened to me for Plum, except we have an amex plat/zync & blue preferred.  Not sure what the deal is but unfortunate