Is there a new credit score range?

[Reighn9]

I just got a letter back from Nationwide concerning my credit card application. It told me my score: 758 Source: Trans Union   Score Range:  264 to 900  Score Rank: higher than 61% of US Consumers  and it went on to list negative factors and told how to order my annual credit report.  When did the score ranges change?  I have no serious baddies, just 28% utilization and dropping, a couple of new accounts, several auto inquiries from 18 months ago, and a new auto loan.  The letter said nothing about approval or denial.

[gdale6]

Could be a Bankcard Enhanced FICO, it tops out at 900, could also be a proprietary TU scoring model.

[Reighn9]

---

@gdale6 wrote:

Could be a Bankcard Enhanced FICO, it tops out at 900, could also be a proprietary TU scoring model.

---

I have never heard of either one of those models before.  I knew there were several different scores out there but those 2 are new to me. Can you explain a little please?

[gdale6]

---

@Reighn9 wrote:

---

@gdale6 wrote:

Could be a Bankcard Enhanced FICO, it tops out at 900, could also be a proprietary TU scoring model.

---

I have never heard of either one of those models before.  I knew there were several different scores out there but those 2 are new to me. Can you explain a little please?

---

With FICO scores there are year groups, 98, 04, 08 and within these groups there are 49 sub models one of them is the Bankcard Enhanced Model which gives a risk score that credit card issuers like to use, it better predicts risk with bankcard users than other sub models do. Now there are numerous other scores out there called FAKOS and several of them are proprietary to TU, the TU New Account Risk model is one of them (Credit Karma uses this one, so does MPM), Experian uses is own Plus Score and EQ has yet another, there is also the Vantage Score and many many others. The only scores that really matter to most lenders is the FICO score. There are creditors who develop their own models as well, GECRB is one who uses their own when determining to open a new account.

[trumpet-205]

---

@Reighn9 wrote:

---

@gdale6 wrote:

Could be a Bankcard Enhanced FICO, it tops out at 900, could also be a proprietary TU scoring model.

---

I have never heard of either one of those models before.  I knew there were several different scores out there but those 2 are new to me. Can you explain a little please?

---

FICO alone has about 300 scoring models, about 100 of them goes to EQ, EX, and TU respectivly. They all calculate score differently; some place more emphasis on credit card, some on mortgages, some are for auto insurances, etc. 

Then there is non-FICO, or FAKO scores. These can be proprietary/in-house scoring model that each lender comes up with (to avoid paying FICO for a score). Or they can be third party score such as VantageScore.

[Reighn9]

---

@trumpet-205 wrote:

---

@Reighn9 wrote:

---

@gdale6 wrote:

Could be a Bankcard Enhanced FICO, it tops out at 900, could also be a proprietary TU scoring model.

---

I have never heard of either one of those models before.  I knew there were several different scores out there but those 2 are new to me. Can you explain a little please?

---

FICO alone has about 300 scoring models, about 100 of them goes to EQ, EX, and TU respectivly. They all calculate score differently; some place more emphasis on credit card, some on mortgages, some are for auto insurances, etc. 

Then there is non-FICO, or FAKO scores. These can be proprietary/in-house scoring model that each lender comes up with (to avoid paying FICO for a score). Or they can be third party score such as VantageScore.

---

How can you ever be sure what your score is or what the lender or company is looking at then? Or what is considered a good score?

[DaveSignal]

---

@Reighn9 wrote:

How can you ever be sure what your score is or what the lender or company is looking at then? Or what is considered a good score?

---

This is a good question.  I would guess that the only real way to determine what a good bankcard-enhanced, for example, score is would be comparing it to other approvals, but there is not much talk about these types of scores.  I recently was approved for a CSP with an EX FICO of 736 out of 900.  I don't know where this stands in comparison to others, but it was at least good enough to get approved for the card, even with a prior Chase charge-off.