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New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012
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Credit card application

I would love for someone to explain to me why it is that I paid for the Equifax Fico score. I purchased the score and then applied for a credit card (one day apart) and was subsequently denied in part due to my Equifax Fico score. The version that I purchased here was 50 points higher than what I received in the denial letter from the cc company. If the number I purchase "at the source" is that much different than what is provided to anyone else, what good is it? Seems like a complete waste of money for false information. It seems better to apply for credit and see what they tell them, because you can't trust what FICO tells you. I'm feeling ripped off. Happen to anyone else?
Established Contributor
dyv8914
Posts: 825
Registered: ‎12-28-2011
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Re: Credit card application

Most creditors use the FICO score but some have their own in-house formula they use, e.g. Amex. Since you mentioned Equifax I think Citi also uses their own modified Equifax which goes up to 900 something instead of the standard 850.

Established Contributor
dyv8914
Posts: 825
Registered: ‎12-28-2011
0

Re: Credit card application

Did the letter explain what their main issues were with your app? Regardless of what scoring model is used, those are generally the same points dragging down your score on any model. You can also call the backdoor number and try to get a recon.

Valued Contributor
android01
Posts: 1,208
Registered: ‎09-22-2009
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Re: Credit card application

[ Edited ]

Please_Explain wrote:
I would love for someone to explain to me why it is that I paid for the Equifax Fico score. I purchased the score and then applied for a credit card (one day apart) and was subsequently denied in part due to my Equifax Fico score. The version that I purchased here was 50 points higher than what I received in the denial letter from the cc company. If the number I purchase "at the source" is that much different than what is provided to anyone else, what good is it? Seems like a complete waste of money for false information. It seems better to apply for credit and see what they tell them, because you can't trust what FICO tells you. I'm feeling ripped off. Happen to anyone else?

So what were your scores - here at MyFico - and what the lender pulled, and what card did you apply for?

EQ FICO - EQ08 - 850 -9/2/14
TU FICO - TU08 - 850 - 7/18/14
EX FICO - EX08 - 850 - 7/18/14
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
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Re: Credit card application


Please_Explain wrote:
I would love for someone to explain to me why it is that I paid for the Equifax Fico score. I purchased the score and then applied for a credit card (one day apart) and was subsequently denied in part due to my Equifax Fico score. The version that I purchased here was 50 points higher than what I received in the denial letter from the cc company. If the number I purchase "at the source" is that much different than what is provided to anyone else, what good is it? Seems like a complete waste of money for false information. It seems better to apply for credit and see what they tell them, because you can't trust what FICO tells you. I'm feeling ripped off. Happen to anyone else?


The problem is that not all creditors use FICO scores. A bunch of them use their own scoring, or some kind of FAKO score. But they don't tell you upfront what they use.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012
0

Re: Credit card application

I can understand that, but the letter states it is my actual Equifax FICO number, ranging from 300-850. If the number they state is accurate, so be it. But, it wasn't even close to the number that I was given. Word for word, the letter states, "We also obtained your credit score from this consumer reporting agency in making our decision. Type of credit score FICO" It says Equifax FICO credit score. Thanks for your reply, by the way...
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011
0

Re: Credit card application


android01 wrote:

Please_Explain wrote:
I would love for someone to explain to me why it is that I paid for the Equifax Fico score. I purchased the score and then applied for a credit card (one day apart) and was subsequently denied in part due to my Equifax Fico score. The version that I purchased here was 50 points higher than what I received in the denial letter from the cc company. If the number I purchase "at the source" is that much different than what is provided to anyone else, what good is it? Seems like a complete waste of money for false information. It seems better to apply for credit and see what they tell them, because you can't trust what FICO tells you. I'm feeling ripped off. Happen to anyone else?

So what were your scores - here at MyFico - and what the lender pulled, and what card did you apply for?


+1

 

By the way Welcome to the Forum! :smileyhappy:


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
Take the FICO Fitness Challenge

Valued Contributor
android01
Posts: 1,208
Registered: ‎09-22-2009
0

Re: Credit card application


Please_Explain wrote:
I can understand that, but the letter states it is my actual Equifax FICO number, ranging from 300-850. If the number they state is accurate, so be it. But, it wasn't even close to the number that I was given. Word for word, the letter states, "We also obtained your credit score from this consumer reporting agency in making our decision. Type of credit score FICO" It says Equifax FICO credit score. Thanks for your reply, by the way...

I don't see how we can help you unless we know what your scores are, and what your credit profile looks like.  

EQ FICO - EQ08 - 850 -9/2/14
TU FICO - TU08 - 850 - 7/18/14
EX FICO - EX08 - 850 - 7/18/14
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012
0

Re: Credit card application

It was a discover card. myFICO purchase gave me 693, with the cc company giving me 643. Not great by any means, but probably on the border of being approved or not. My problem is not being denied. I don't really need the card anyway. It is the fact I paid for this service and it wasn't the same as what they give to others. It makes me feel like its a waste.
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011
0

Re: Credit card application


Please_Explain wrote:
It was a discover card. myFICO purchase gave me 693, with the cc company giving me 643. Not great by any means, but probably on the border of being approved or not. My problem is not being denied. I don't really need the card anyway. It is the fact I paid for this service and it wasn't the same as what they give to others. It makes me feel like its a waste.

The score Discover provided is it an EQ or TU Fico Score?


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
Take the FICO Fitness Challenge


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