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High Score and Declined

Established Contributor

Re: High Score and Declined


My2cents wrote:

Orchard/Household is community college.

 

First Permiere is a GED program.

 

My2cents is smartSmiley Wink


 
Correction:  Orchard/Household is 7th grade PE class.  
 
 

 

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Message 31 of 44
Senior Contributor

Re: High Score and Declined


My2cents wrote:

Orchard/Household is community college.

 

First Permiere is a GED program.

 

My2cents is smartSmiley Wink


 

What he said!

 

 Smileys

Message 32 of 44
Established Contributor

Re: High Score and Declined

The thing I don't understand about Fico scores is how come when I was trying to get a HELOC & was denied the denial letters came back with my scores 100 points higher than my fico scores. For example Wells Fargo had my TU score at 810 when MyFico has it at 730. The CU that I got my Mortgage thru had my EX & EQ both at 800 when MyFico has them at 700. It's kinda like it's getting to the point where scores don't mean to much at all. I got a coworker/friend that I was helping him fix his credit so 1 day we both signed up with Alliant CU and decided to app for a CC. My scores average 700(19 revolving) and his scores average 660(3 revolving). I got approved for $1000(declined it) & he got $5000 his largest limit. I was told that I have to many accounts and to call in 6 Months for a CLI but I didn't want the card just wanted to see what I would get.   

 

I got my Amex with a 620 EX and 2 CO on my reports almost 2 years ago. When I put in for a CLI I'm told my scores r 2 low so I think Amex has gone back 2 the days of at least 780 and up scores.

Advice is what we ask for when we already know the answer but wish we didn't.
Message 33 of 44
New Contributor

Re: High Score and Declined

Amex has their own internal scoring system so whatever score you have with any of the credit bureaus means bunk.  I applied for and was denied a Costco Amex card just this week....and my TU is 782 and EQ is 786 and a clean report (no baddies).
Message Edited by mark925 on 07-22-2009 11:32 PM
Message 34 of 44
Senior Contributor

Re: High Score and Declined

No matter what scoring system an issuer uses there always is a reason for a denial.
Message 35 of 44
Senior Contributor

Re: High Score and Declined


creditwherecreditisdue wrote:
No matter what scoring system an issuer uses there always is a reason for a denial.

 

Agreed.  And the reason has multiple dimensions:

 

1.  Your credit, including FICO, CR content, age, history, mix, utilization, balances, etc.

2.  Your income and DTI

3.  The CCC's credit standards/criteria which are affected by it's 'current' economic status, such as amount of capital available, recent default rates, their cost of capital and thus the CCC's "business decision" to raise or lower the standards of "admission"

 

 

Message Edited by txjohn on 07-23-2009 05:22 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 36 of 44
Regular Contributor

Re: High Score and Declined


usmc58555 wrote: You CAN have a 750 Score but only make 1,000 a month which will not get you financed>


Not always the case. I know someone financed with HSBC cashbk platinum, 0 AF and 0% 12 mos with FICOs in mid- upper 700s with only $250 mo income. Their limit was just over 4X their monthly income
Message 37 of 44
Valued Contributor

Re: High Score and Declined


ExcellCR wrote:


Not always the case. I know someone financed with HSBC cashbk platinum, 0 AF and 0% 12 mos with FICOs in mid- upper 700s with only $250 mo income. Their limit was just over 4X their monthly income

I have no control over annomalys.

 

Reasonable thinking would differ with that story.

 

But granted at the same time I am sure we do not have all the facts in that approval.

Was it this year or in the Good Ole days of 3 years ago?

 

$250  a month is interesting income- Student status? Or interest from a $100,000 held in account with HSBC.

 

I am sure looking at that entire approval would show some interesting things.


married person? Retired...anyway

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 38 of 44
Senior Contributor

Re: High Score and Declined


ExcellCR wrote:

usmc58555 wrote: You CAN have a 750 Score but only make 1,000 a month which will not get you financed>


Not always the case. I know someone financed with HSBC cashbk platinum, 0 AF and 0% 12 mos with FICOs in mid- upper 700s with only $250 mo income. Their limit was just over 4X their monthly income

 

Income is not always asked for.  Alliant CU approved me for $10k instantly without even asking about income or HHI.

 

$1000 CL is not a huge CL, and it is possible to get such an account without a lot of income or any, especially with some of the instant approvals and auto CLI's....income doesn't even get discussed in many of these instances.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 39 of 44
Super Contributor

Re: High Score and Declined

Thank goodness a person's personality isn't factored in credit decisions.  There would be many declines.
Message 40 of 44