Does all CCC give you your FICO if.....

[chnceit]

Just wondering does all CCC give you your FICO after you are approved and denied?

I was recently approved from Amazon (GEMB) and dont remember getting a score

Then I was just approved from AMEX and I got a letter stating my EX score

Confused!?!

[Nightfallx]

amex didn't give me my score...

[Anonymous]

I could be wrong, but I think they only have to give you the score if there was something adversly affecting the credit decision - i.e. if you don't get the best APR you could or the likes. But with ones that have a locked APR (like the Amazon store card does), that obviously doesn't apply.

Also, if they use a FAKO score as part of the credit decision, you're obviously not getting a FICO out of them.

Come to think of it, I don't think /anyone/ has given me a FICO or FAKO recently - I've gotten approvals and denials (both for a card and CLI), but nobody's bothered giving me a score. Hmm.

[chnceit]

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@Anonymous wrote:

I could be wrong, but I think they only have to give you the score if there was something adversly affecting the credit decision - i.e. if you don't get the best APR you could or the likes. But with ones that have a locked APR (like the Amazon store card does), that obviously doesn't apply.

Also, if they use a FAKO score as part of the credit decision, you're obviously not getting a FICO out of them.

Come to think of it, I don't think /anyone/ has given me a FICO or FAKO recently - I've gotten approvals and denials (both for a card and CLI), but nobody's bothered giving me a score. Hmm.

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In the letter it didnt state my APR, so you could be right. It did give me the whole story of how we got your APR. BUT AMEX gave me a really nice credit line though.

For Amazon I have the 12 month 0% financing.

I applied for a CITI card the other day. I got the 7-10 day message. Just now waiting for the answer. Lets see if I get a FICO score from them.

I am truly confused. I wish they gave a FICO every time.

[Nightfallx]

So you got approved for Amex revolving but was told 7-10 days on the citi? That's weird lol Amex is a lot harder to get

[chnceit]

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@Nightfallx wrote:
So you got approved for Amex revolving but was told 7-10 days on the citi? That's weird lol Amex is a lot harder to get

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Yeah tell me about it! I was thinking what the hell, but I had a Zync for a year before I applied for the Blue.

[Nightfallx]

I am just gonna stick to Amex charge cards I like it better. I actually have a citi as well they give out good credit limits.

[chnceit]

I applied because they have a really good BT offer 0% for 21 months.

Ill updated the outcome. Just hate waiting. Darn it!

[Anonymous]

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@chnceit wrote:

Just wondering does all CCC give you your FICO after you are approved and denied?

I was recently approved from Amazon (GEMB) and dont remember getting a score

Then I was just approved from AMEX and I got a letter stating my EX score

Confused!?!

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The answer to your first question is yes and no, the CCC's are required to provide you with your FICO score if you are not offered their best terms (outlined below in the Dodd-Frank Act)

One of the changes implemented by the Dodd-Frank financial reform bill will take effect tomorrow, July 21st: if you’re denied a credit card or asked to accept an above-average interest rate, you have a right to know how your credit score influenced the decision. This new protection applies not just to credit card issuers, but to utilities, insurance companies, landlords and anyone who falls under the designation of “creditor.” Now, if you’re turned down or if you are issued a card with a high interest rate, the issuer will have to detail exactly why you have these adverse terms.

In the words of the Federal Reserve, this new law “requires creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score was used in setting the credit terms or taking adverse action.”

That needs a bit of parsing. If you get abnormal terms on a credit card (a higher interest rate, say), are denied for the card outright, or have to pay a higher insurance premium, then the issuer will have to tell you 1) your credit score and 2) any information they used in addition to your credit score. This is intended to boost transparency and prevent issuers from arbitrarily denying access to credit. We’ve all heard horror stories of peoples’ credit reports getting mixed up; hopefully, these new regulations will address such problems.

(quoted from nerdwallet)

[Anonymous]

Excellent info, Mustang. One clarification, though. The law does NOT require the issuer to provide you with a "FICO score"...
Just "A score". It can be any scoring model. Not all that helpful IMHO, but it's a good start.