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Credit card application

New Member

Re: Credit card application

It says Equifax.
Message 11 of 46
Valued Contributor

Re: Credit card application

The Equifax score that is provided here, I believe,  is Beacon 5.0.  Most lenders seem to use this model.  Discover might use a credit card enhanced version, or some additional internal model, that could give you a different score.  They may have used Equfiax data, but the score based on their internal model may be different than a standard FICO score.  OR, your score may have changed in the interim when you applied and when you pulled your FICO score from here. In short there are so many factors other than your actual score that could be considered if your application went to manual review vs. a computer generated one.  You aren't giving enough details on your credit history to let us see where you're at.  Score isn't everything.  Smiley Happy

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 12 of 46
New Member

Re: Credit card application

Thanks, it just seems so much in its own section that it doesn't seem like it's manipulated. They say previously in the letter that they do have a scoring system they use, but this section says 'in addition to' their scoring system, which infers separate. A bankruptcy is the primary reason. 8 yrs ago, so it's almost gone. The other stuff dorm credit report is short length of accounts, proportion of loan balance to loan amounts too high, and too few accounts currently paid as agreed. As for the good stuff listed on myFico! It says no missed payments, Low credit usage, and recent cc use.
Message 13 of 46
New Member

Re: Credit card application

Sorry it says, "we also obtained your credit score from" blah blah blah. Making it sound like its an untampered score.
Message 14 of 46
New Member

Re: Credit card application


dyv8914 wrote:

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.


What's the backdoor number and recon? Reconsideration?
Message 15 of 46
Valued Contributor

Re: Credit card application


Please_Explain wrote:
Thanks, it just seems so much in its own section that it doesn't seem like it's manipulated. They say previously in the letter that they do have a scoring system they use, but this section says 'in addition to' their scoring system, which infers separate. A bankruptcy is the primary reason. 8 yrs ago, so it's almost gone. The other stuff dorm credit report is short length of accounts, proportion of loan balance to loan amounts too high, and too few accounts currently paid as agreed. As for the good stuff listed on myFico! It says no missed payments, Low credit usage, and recent cc use.

Thanks!  A lot of what you mentioned are the reasons for your denial regardless of your score, although it explains the difference in your scores if they use an internal "enhancement".   Discover, I've read is not BK friendly, doesn't like a lot of recent inquiries, or high utilization on existing accounts.  They don't like to see recent 30, 60 or 90 day lates - which may come under the "too few accounts paid as agreed statement".  How many credit accounts do you have, and what is the history on them?  What is your average age of accounts?  

 

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 16 of 46
Established Contributor

Re: Credit card application


Please_Explain wrote:

dyv8914 wrote:

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.


What's the backdoor number and recon? Reconsideration?

Discover: 888-676-3695 (Recon)

 

You can call Discover and ask for them to reconsider a denied application. They may do a manual review, pull an additional credit report, etc. But since you already took a hit with the inquiry there's no reason not to at least call and find out. Good luck!

Message 17 of 46
New Member

Re: Credit card application

6 credit accounts! No mortgage account, Recent car loan started in oct '11. Haven't been late on anything in years and years, basically since bankruptcy 8 yrs. I don't use all credit accounts every month, but the ones I do use are paid off every month. I have no debt except the car payment.
Message 18 of 46
New Member

Re: Credit card application


dyv8914 wrote:

Please_Explain wrote:

dyv8914 wrote:

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.


What's the backdoor number and recon? Reconsideration?

Discover: 888-676-3695 (Recon)

 

You can call Discover and ask for them to reconsider a denied application. They may do a manual review, pull an additional credit report, etc. But since you already took a hit with the inquiry there's no reason not to at least call and find out. Good luck!


Thanks, will try that.
Message 19 of 46
Established Contributor

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.


Why did you choose to apply for a discover card if you don't really need it or seem to care for one?


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

Message 20 of 46