02-10-2013 06:31 PM - edited 02-10-2013 06:35 PM
Read the fine print Discover does not use the Fico scoring model it is based out of a possible 950
I have to disagree !!! I got my Discover IT card last month and they used EQ FICO scoring model based out of a possible 850. Received my score with the card
02-10-2013 06:33 PM - edited 02-10-2013 06:34 PM
If it's Walmart Discover Transunion score it's a Fico 08 scoring definately not the same as what most lenders use. GECRB uses TU08 not TU04, not that scores matters at all after 720 on the 04 scoring anyways, since 90% of banks consider 720 prime, and 100% at 760 no real reason to hold a 800 besides elitests who think it makes them more of a man or woman.
Not to burst your bubble, but unless you get a few 30 year old accounts added to your file you'll definately not get a 800 ina year. Even the Fico president did not have a 800.
http://www.youtube.com/watch?v=PqfR46obY1U CEO of Fico here stated you can not get a perfect score til your "40's something" and the earliest I've ever seen a 800 score was with 12 years of history with a Average age of accounts of 12 years.
Also majority of lenders primarily pull Fico 04 scores, and in the 04 scores no one has EVER reported a perfect score. Only in Fico 08 it's possible.
Well last year with only eighteen months of history, Discover came back with a Transunion FICO score of 776. This what after about eight inquiries so I believe it could have been more before. Most recently with only one inquiries and about 2.5 years of history, I received a letter with a 792 FICO score. That isn't 800, but it is pretty close. Experian was recently at 771 with abot twenty-two or so inquiries. Not sure what Equifax's problem is, as it is low 700's
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