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Established Member
jandy1
Posts: 35
Registered: ‎02-12-2008
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Bankcard Industry Option FICO score

Anybody know anything about this alternate of the "Classic" scoring model? I think WAMU uses it, maybe others???
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Bankcard Industry Option FICO score



jandy1 wrote:
Anybody know anything about this alternate of the "Classic" scoring model? I think WAMU uses it, maybe others???


Yes, it's one of a number of industry-specific FICO scoring models.  It uses the same basic formula as the Classic FICO, except it places more weight on credit card accounts and uses a scale of 250-900 rather than 300-850.  WaMu does use it, and others do as well, although we're not sure exactly who.  Around here, we call it a PFICO.
 
You can get your bankcard-enhanced FICO for free if you are a WaMu cardholder.  That's the only place it's available to consumers, though.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Regular Contributor
mjgray
Posts: 224
Registered: ‎02-04-2008
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Re: Bankcard Industry Option FICO score

Cheddar,

Is the PFICO calculated from any one bureau report, or a combination of all three?

TIA!
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
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Re: Bankcard Industry Option FICO score

It's usually calculated from TU, but sometimes they use EX. It always from only one CR, and you get the score about 25 days after it's generated.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Bankcard Industry Option FICO score

Yep, what athensguy said.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
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Re: Bankcard Industry Option FICO score

I believe it is an option lenders have to buy from all three bureaus, though only TU and EX are passed on to consumers.
 
The way I have read FICO's own information on this subject is your classic score is generated and then there is a revolving credit specific layer applied to this score. If you have a clean revolving history this added layer will boost your score somewhat, and if your revolving history is more negative then your classic FICO score will be adjusted downward.
 
A school analogy would be - you have a standardized exam that has an essay - there are two graders whose scores are averaged yet they have slightly different criteria - one focuses on the overall asethetics (style etc) while the other focuses on grammar and answering certain questions posed.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
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Re: Bankcard Industry Option FICO score



debtisgood wrote:
 
The way I have read FICO's own information on this subject is your classic score is generated and then there is a revolving credit specific layer applied to this score. If you have a clean revolving history this added layer will boost your score somewhat, and if your revolving history is more negative then your classic FICO score will be adjusted downward.

This is exactly my theory on why all industry-specific scores use a 250-900 scale rather than 300-850.  It's so there is room for the "adjustments" you mentioned, even on Classic scores that are at the extremes of the scale.  My opinion only.

 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Member
williewonka
Posts: 29
Registered: ‎07-22-2008
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Re: Bankcard Industry Option FICO score

This is great education. If in fact you get brownie points for good CC behaviour, I'm in good shape. No badies ever, about 24% util and good long epened CC acounts with decent CL's. I app'd for a WAMU card last week, got the 2-4 week notice.
 
Thanks for the in depth answers, much appreciated.

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