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I cannot begin to tell you have disappointed I am in the credit system in the wonderful US of A.
I have reaised my scores with all credit agencies EQ768 EX 769 TU 690. My score was less than perfect in the past, but I have managed to clean a few errors and improve my score by getting a 1st Premier Credit Card since I have not used credit much in the past. Even with high scores since both credit card companies checked Experian and Equifax only which are my highest, what gives? Is this scoring by myFico, Equifax, Experian and TransUnion a scam to get people to subscribe to think they are raising their scores while the creditors still do not accept a high score. Perhaps my scores should be much less??? All I know is that this world of credit reports and scoring needs regulation badly, many mysterious and illegal things going on and the consumer is always left holding the bag.
If you read my blog, you can see that it was infact the Equifax Credit Report with a score of 768 that the creditor used, in this case American Express. It seems AMEX doesn't pay attention to the scores, so they mean zero. I have read everything on this website from front to cover, myFico is fako as well.
If you can explain why I was declined credit with a Fico score of 768, please do so and not mention my high horse. I am trying to make a point for people to read, not sell a product!
Hi Robby! Welcome aboard.
A lending decision is not usually made by credit score alone. Your actual credit history will weigh just as much, if not more than the score itself. The subject line indicates that you were declined for a credit product(s)-- I'm assuming it was a credit card (correct me if I'm wrong). Each lender has standards & sensitivities that are different from the next lender. There is also lending variation by product with a single lender.
You noted that you've had some credit blemishes in the past. Depending on what those baddies are (any that are still reporting), some lenders will be tolerant of them, and some won't. And, what some find as a show-stopper today, will be a non-issue next year. New credit, too many INQs, credit lines too low, low AAoA, certain kinds of baddies, too recent baddies, reported income too low, the presence of a mortgage, not having a mortgage, having too many open revolving accounts, having too few open revolving accounts, etc... etc... are just a few of the reasons why a lender might turn down an applicant with higher scores.
I also noticed that you posted all three scores. Where did you get them from? The Experian FICO score can no longer be purchased by consumers, so I'm wondering if the scores that you have are FAKOs? The differences between your FICO scores, and the scores that you get directly from the CRAs are not co-related, and can vary wildly. Most lenders use some version of FICO scores.
I know how disappointing it is to be denied credit, but perhaps if you can give us more detail about your credit situation we'll be able to give you some BTDT advice.
robbyny wrote:I cannot begin to tell you have disappointed I am in the credit system in the wonderful US of A.
I have reaised my scores with all credit agencies EQ768 EX 769 TU 690. My score was less than perfect in the past, but I have managed to clean a few errors and improve my score by getting a 1st Premier Credit Card since I have not used credit much in the past. Even with high scores since both credit card companies checked Experian and Equifax only which are my highest, what gives? Is this scoring by myFico, Equifax, Experian and TransUnion a scam to get people to subscribe to think they are raising their scores while the creditors still do not accept a high score. Perhaps my scores should be much less??? All I know is that this world of credit reports and scoring needs regulation badly, many mysterious and illegal things going on and the consumer is always left holding the bag.
Perhaps the problem is that you didn't meet Amex's lending criteria outside of the actual score. You stated that you've read everything on this website, so you've probably seen that the recent tear that AMEX has been on, cutting the credit lines of even our FICO high achievers (long standing), and outright closing lots of accounts because, in spite of credit scores, they no longer met Amex's adjusted model of creditworthiness, or they got caught in Amex's wide net of exposure reduction.
Again, your score is just one aspect of a lending decision. Why did AMEX say you were declined?
robbyny wrote:If you read my blog, you can see that it was infact the Equifax Credit Report with a score of 768 that the creditor used, in this case American Express. It seems AMEX doesn't pay attention to the scores, so they mean zero. I have read everything on this website from front to cover, myFico is fako as well.
If you can explain why I was declined credit with a Fico score of 768, please do so and not mention my high horse. I am trying to make a point for people to read, not sell a product!
robbyny wrote:
If you read my blog, you can see that it was infact the Equifax Credit Report with a score of 768 that the creditor used, in this case American Express. It seems AMEX doesn't pay attention to the scores, so they mean zero. I have read everything on this website from front to cover, myFico is fako as well.
If you can explain why I was declined credit with a Fico score of 768, please do so and not mention my high horse. I am trying to make a point for people to read, not sell a product!
@Anonymous wrote:If you read my blog, you can see that it was infact the Equifax Credit Report with a score of 768 that the creditor used, in this case American Express. It seems AMEX doesn't pay attention to the scores, so they mean zero. I have read everything on this website from front to cover, myFico is fako as well.
If you can explain why I was declined credit with a Fico score of 768, please do so and not mention my high horse. I am trying to make a point for people to read, not sell a product!
Ok so im slow and everyone said what i said before me!!! hehe
Keep in mind the response you got was that person trying to help you and not look down on you. The high horse comment is in the signature of his post . Meaning its always there and was not directed at YOU and Mods are just people like me and you that come here often and are not Employees of Myfico .
Anyways, lenders do not just go off your score . They look at your credit history , The age of the accounts, How many accounts. What your utility is . All sorts of things go into the decision. The negatives on your history . These are all factors. On top of it as someone else pointed out .. AMEX has been really picky lately.
I hope you find the forums here helpful in understanding the ins and outs of a fico score and credit in a whole.
robbyny wrote:
The scoring system shoud be in line with the world of creditors or shoud not exist at all if it means nothing when obtaining credit. My opinion is they all all FAKO scores, not just Experian but Equifax and TransUnion using Fico. I am very dismayed by this system.
It is in line - it is what the creditors actually use! But right now, even people with very good credit are getting turned down, and Amex is very, very twitchy. For example, I will not consider asking Amex for a CLI until about a year after the recession ends