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
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.