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Valued Member
Posts: 29
Registered: ‎09-26-2010
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Re: Denied: State Farm CC

Congrats! I just wish I knew my chances going in. I get my insurances through them so I had high hopes. I asked the rep about the model because of the variances in scores and she just said FICO. I thought maybe she didn't know what she was talking about. Thanks for the clarification. I cancelled my Quarterly Monitoring because it's practically useless. Now I'm anxious to see what's on my report.


Starting Score: 656
Current Score: 698
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Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
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Re: Denied: State Farm CC


dblue1 wrote:

Congrats! I just wish I knew my chances going in. I get my insurances through them so I had high hopes. I asked the rep about the model because of the variances in scores and she just said FICO. I thought maybe she didn't know what she was talking about. Thanks for the clarification. I cancelled my Quarterly Monitoring because it's practically useless. Now I'm anxious to see what's on my report.


when was the last time u checked?

Valued Contributor
Posts: 1,142
Registered: ‎05-17-2010
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Re: Denied: State Farm CC


dblue1 wrote:

Congrats! I just wish I knew my chances going in. I get my insurances through them so I had high hopes. I asked the rep about the model because of the variances in scores and she just said FICO. I thought maybe she didn't know what she was talking about. Thanks for the clarification. I cancelled my Quarterly Monitoring because it's practically useless. Now I'm anxious to see what's on my report.


I went in blind...I applied in 2010 and was denied due to BK.  I applied again thie year with hopes that my BK being more than 5 years old and new tradelines would look more attractive to them and they approved me.  Lowest Visa/MC limit by far but with a little heavy usage, I'm sure they'll give me a CLI.  

Valued Member
Posts: 29
Registered: ‎09-26-2010
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Re: Denied: State Farm CC

Nov. 18th and my score was 680. It was 682 on 12/27. MyFico said I didn't have any inquiries on TU so I was looking for TU pullers.

 

TU had one more CA than my EQ yet the scores were the same. I disputed that particular CA with Midland and was wondering if it was deleted or not. However I just received a letter from Midland concerning that account that was dated 12/27, the same day I app. The letter said they were reporting correctly or would update it with three CRAs to make it accurate and to allow 30-45 days for the update. So I'm wondering what this mess is going to look like on TU and do to my score as I'm rebuilding. Two new inquires, a new cc acount, and this CA updating (still hoping it's deleted). My EQ only dropped 3 points with one new inquiry and the new cc acount.

 

I think I'll wait 45 days to request a copy of my report due to the denial, should give everything time to update.

 


Starting Score: 656
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Super Contributor
Posts: 6,587
Registered: ‎04-07-2008
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Re: Denied: State Farm CC

As if it's not confusing enough with the different scoring models, now the CC companies like to keep their -requirements- a secret.

 

But we have a lot of good going on for us on here; the knowledge and intel we get on here and tryign to maintain our scores high.




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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Denied: State Farm CC

[ Edited ]

As mentioned above, FICO NextGen scores (which pretty much sank without trace) go to 950.

 

So do FICO "industry-option" scores, aka credit-card enhanced scores and auto-enhanced. These scores give heavier weight to that particular type of credit, which can be good or bad, depending on how your reports are in that area.

 

For those who still remember the so-called PFICO scores on WaMu reports, these were credit card-enhanced scores. The "P" in PFICO was for Providian, the forerunner of WaMu (well, sort of), which started offering the TU scores on statements.

 

 

edit: typo-rama

 

edit yet again: sorry for the thumbs-down, OP! :smileysad:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member
Posts: 29
Registered: ‎09-26-2010
0

Re: Denied: State Farm CC

There's too many options out here, lol. Now that I think about it the rep did mention a Horizon score as well. I have never heard of Horizon but will google and see what comes up.


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Valued Member
Posts: 29
Registered: ‎09-26-2010
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Re: Denied: State Farm CC

Found it, it's a bankruptcy scoring model to identify borrowers most likely to declare bankruptcy. Wow, the banks may be going hard in 2012.


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Current Score: 698
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