Discover - Experian FICO score

[Anonymous]

I can't get discover and I'm in the 700s, but my file is thin, score means very little to some of these guys

[Anonymous]

Strange, I have only had credit in the US for 5 years with a grand total of 6 accounts. It would be interesting to find out what metrics they use to determine credit worthiness.

[Anonymous]

I actually just got a letter from them starting that they could give me the rate I applied for (which doesn't matter to me anyway because I pay in full every month)

The reasons were

Degrotatory public records/collections
Two few accounts
lack of recent installment loan information

The annoying part about having a lack of installment loans is that I actually own all of the things that people would typically have payments i.e. Car

They don't take that into consideration. That should indicate that the person applying is in good financial standing not the other way around. In Canada they ask you on your credit applications if you own things. I guess they don't do that in the US.

[Anonymous]

Yeah but that's so they can take them from you if you don't pay them. The amount of money you have is not an indicator of if you'll pay your bills or not. Lots of rich ppl have credit card debt. They're interested in seeing how you've interacted with lenders.

[Anonymous]

The "lack of installment loan data" reason is always annoying. I get the same thing since I only have credit cards. The mortgage is not in my name since I inherited our home from my wife; I do not own a car so I have no car payments to report; I have no student loans.

I guess I could go and arrange some kind of secured loan and then pay it back over a few months so I'd have something favourable to report that's not a credit card, but I'm not going to jump through those hoops for something that counts for such a small percentage of a FICO score. Heck, even if it counted for a lot more I probably still wouldn't do it, because I'm not going to contort myself for financial institutions.