Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 17
Registered: ‎01-27-2012
0

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
Posts: 825
Registered: ‎12-28-2011
0

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
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
Posts: 1,280
Registered: ‎09-22-2009
0

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 8 - 850
TU Fico 8 - 850
EX Fico 8 - 850
Established Contributor
Posts: 913
Registered: ‎06-09-2011
0

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
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
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! Smiley Happy


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
Posts: 1,280
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 8 - 850
TU Fico 8 - 850
EX Fico 8 - 850
New Member
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
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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.