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New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

Re: Credit card application

[ Edited ]

fusioncredit wrote:

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?


Convenience. My primary card doesn't have a very large credit limit, and it makes vacations a little rough having to carry cash. And Discover in particular because my current cc doesn't have any type of cash back rewards and such....
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

Re: Credit card application

[ Edited ]
In the end, all this still brings me to my original point that this score is worthless as a paid service because creditors do their own thing anyway. Yes it's still good to know ballpark, but any number of free services can do that for you.
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011

Re: Credit card application


Please_Explain wrote:
In the end, all this still brings me to my original point that this score is worthless as a paid service because creditors do their own thing anyway. Yes it's still good to know ballpark, but any number of free services can do that for you. And Discover in particular because my current cc doesn't have any type of cash back rewards and such....

I hate to say it but you are using myfico score as a scapegoat. Had you taken the time to read about how conservative Discover is you would have saved yourself an inquiry and applied for a credit card with a bank that is BK friendly. This is a great community with people willing to share their experiences and provide advice free of charge. With that said Barclays is BK friendly and you stand a chance of being approved. I recommend this card for you  https://www.barclaycardus.com/apply/Landing.action?campaignId=1583&cellNumber=6&referrerid=IMRPPCBR


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

Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011

Re: Credit card application


android01 wrote:

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?  

 


They approved me with 7 or 8 inquiries, so YMMV. But then again, I have nothing else bad on my reports except too many inquiries.

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

Re: Credit card application


fusioncredit wrote:

Please_Explain wrote:
In the end, all this still brings me to my original point that this score is worthless as a paid service because creditors do their own thing anyway. Yes it's still good to know ballpark, but any number of free services can do that for you. And Discover in particular because my current cc doesn't have any type of cash back rewards and such....

I hate to say it but you are using myfico score as a scapegoat. Had you taken the time to read about how conservative Discover is you would have saved yourself an inquiry and applied for a credit card with a bank that is BK friendly. This is a great community with people willing to share their experiences and provide advice free of charge. With that said Barclays is BK friendly and you stand a chance of being approved. I recommend this card for you  https://www.barclaycardus.com/apply/Landing.action?campaignId=1583&cellNumber=6&referrerid=IMRPPCBR


I don't agree. For me to use FICO as a scapegoat, I'd have to be blaming them for getting denied. I'm not. I take full responsibility for my own situation. What I'm saying is the data they sell is not worth it. I paid to know my score that is not used by many/most if not all creditors. I do agree that I should have done more research and not spent the money on FICO in the first place. I was taken by the sales pitch of getting your score from the place creditors get it. Sure it's factored in there somewhere, but like I said, you can get a good guesstimate elsewhere.
New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

Re: Credit card application

I also agree that everyone here has been helpful and thank you for the link.
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011

Re: Credit card application


Please_Explain wrote:

fusioncredit wrote:

Please_Explain wrote:
In the end, all this still brings me to my original point that this score is worthless as a paid service because creditors do their own thing anyway. Yes it's still good to know ballpark, but any number of free services can do that for you. And Discover in particular because my current cc doesn't have any type of cash back rewards and such....

I hate to say it but you are using myfico score as a scapegoat. Had you taken the time to read about how conservative Discover is you would have saved yourself an inquiry and applied for a credit card with a bank that is BK friendly. This is a great community with people willing to share their experiences and provide advice free of charge. With that said Barclays is BK friendly and you stand a chance of being approved. I recommend this card for you  https://www.barclaycardus.com/apply/Landing.action?campaignId=1583&cellNumber=6&referrerid=IMRPPCBR


I don't agree. For me to use FICO as a scapegoat, I'd have to be blaming them for getting denied. I'm not. I take full responsibility for my own situation. What I'm saying is the data they sell is not worth it. I paid to know my score that is not used by many/most if not all creditors. I do agree that I should have done more research and not spent the money on FICO in the first place. I was taken by the sales pitch of getting your score from the place creditors get it. Sure it's factored in there somewhere, but like I said, you can get a good guesstimate elsewhere.

Wait how come you didn't take advantage of the free fico score with 10 day trial of Score Watch? :smileyindifferent:


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

New Member
Please_Explain
Posts: 17
Registered: ‎01-27-2012

Re: Credit card application

I did a little over a year ago to see where I was at the time. FICO's policy only allows free trials every two years, so like a good consumer, I paid for it.
Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011

Re: Credit card application


Please_Explain wrote:
I did a little over a year ago to see where I was at the time. FICO's policy only allows free trials every two years, so like a good consumer, I paid for it.

Yea you can only get it free every 2 years. If you want to keep up with your fico scores I recommend to apply for membership with DCU to get the EQ fico score monthly free and apply for Walmart card to get the TU fico score monthly free. 


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
RyVision
Posts: 1,346
Registered: ‎04-15-2011

Re: Credit card application

I fully understand how the OP feels. There are so many ways for a CCC to "use" the FICO score in their calculations it makes buying yours to know it yourself seem pointless (most of them do it, ESP AMEX). However, I also know FICO is their starting point 99% of the time. Knowing what else is in the report and how that lender sees things helps, that's where this forum comes in so handy.  That's why I've said before, there are FAKOs and there are FICO FAKOs (the latter being the best starting point).

 

I consider my FICO score (any of them) to only be the most accurate gauge to start with (verses FAKO scores), it really gives the best idea of where someone stands as far as credit in general. Combine that with all the other data a lender can look at and what you know about that lender and you get a better idea of what to expect. Throw in how "quirky" lenders are and it's really just a well planned luck of the draw, unless someone has a very low score with a lot of derogs or a very high score with a perfect, long history.

 

I still have a hard time understanding how people with COs, tons of lates, 50 inq's or BK's still showing get approved for much of anything. I found it hard to get approved for anything with one erroneous collection on my reports. All in all I find FICO worth the money if I'm going to apply, and FAKOs worth looking at as a possible indicator of what my FICO score MIGHT be doing.


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