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Hi all,
I just reveived the welcome letter with the FICO score from Discover and i have a few questions. When i applied on 4/25/12, I had a FICO score of 652(myfico.com and from Trans union). On that very same day i applied for a Discover credit card and was approved! The letter that i just received says that my FICO score is 695 pulled from Transunion. Why do you all think tha there's a huge difference of 43 points? is it because Discover might be using the FICO 8 model? I look forward to all of your expert opinions.
Well whats was your WalMart Fico Score? Yes they may use TU08
@john398 wrote:Well whats was your WalMart Fico Score? Yes they may use TU08
Yeah, my fico score from walmart is a 680 and i did pay down mu UTI%, so that's probably why it jumped from 680 to 695. So does this mean that the FICO score from myfico.com is useless?
@720ismygoal wrote:Hi all,
I just reveived the welcome letter with the FICO score from Discover and i have a few questions. When i applied on 4/25/12, I had a FICO score of 652(myfico.com and from Trans union). On that very same day i applied for a Discover credit card and was approved! The letter that i just received says that my FICO score is 695 pulled from Transunion. Why do you all think tha there's a huge difference of 43 points? is it because Discover might be using the FICO 8 model? I look forward to all of your expert opinions.
It is possible they used TU08, or a credit card enhanced FICO.
@720ismygoal wrote:
@john398 wrote:Well whats was your WalMart Fico Score? Yes they may use TU08
Yeah, my fico score from walmart is a 680 and i did pay down mu UTI%, so that's probably why it jumped from 680 to 695. So does this mean that the FICO score from myfico.com is useless?
I wouldn't say it's useless but its a good indicator of where your score is roundabout.
@LS2982 wrote:
@720ismygoal wrote:Hi all,
I just reveived the welcome letter with the FICO score from Discover and i have a few questions. When i applied on 4/25/12, I had a FICO score of 652(myfico.com and from Trans union). On that very same day i applied for a Discover credit card and was approved! The letter that i just received says that my FICO score is 695 pulled from Transunion. Why do you all think tha there's a huge difference of 43 points? is it because Discover might be using the FICO 8 model? I look forward to all of your expert opinions.
It is possible they used TU08, or a credit card enhanced FICO.
Can you elaborate on this credit card enhanced FICO?
@720ismygoal wrote:
@LS2982 wrote:
@720ismygoal wrote:Hi all,
I just reveived the welcome letter with the FICO score from Discover and i have a few questions. When i applied on 4/25/12, I had a FICO score of 652(myfico.com and from Trans union). On that very same day i applied for a Discover credit card and was approved! The letter that i just received says that my FICO score is 695 pulled from Transunion. Why do you all think tha there's a huge difference of 43 points? is it because Discover might be using the FICO 8 model? I look forward to all of your expert opinions.
It is possible they used TU08, or a credit card enhanced FICO.
Can you elaborate on this credit card enhanced FICO?
Any creditor can pull an enhanced FICO specific to their product (Auto, CC, Mortgage)
A credit card enhanced FICO put more emphasis on your current credit cards and any baddies related to CC's hurt more.
@LS2982 wrote:
@720ismygoal wrote:
@LS2982 wrote:
@720ismygoal wrote:Hi all,
I just reveived the welcome letter with the FICO score from Discover and i have a few questions. When i applied on 4/25/12, I had a FICO score of 652(myfico.com and from Trans union). On that very same day i applied for a Discover credit card and was approved! The letter that i just received says that my FICO score is 695 pulled from Transunion. Why do you all think tha there's a huge difference of 43 points? is it because Discover might be using the FICO 8 model? I look forward to all of your expert opinions.
It is possible they used TU08, or a credit card enhanced FICO.
Can you elaborate on this credit card enhanced FICO?
Any creditor can pull an enhanced FICO specific to their product (Auto, CC, Mortgage)
A credit card enhanced FICO put more emphasis on your current credit cards and any baddies related to CC's hurt more.
so this means that since i have baddies, this enhancer worked in my favor. Thanks dude!
@LS2982 wrote:
@720ismygoal wrote:
@john398 wrote:Well whats was your WalMart Fico Score? Yes they may use TU08
Yeah, my fico score from walmart is a 680 and i did pay down mu UTI%, so that's probably why it jumped from 680 to 695. So does this mean that the FICO score from myfico.com is useless?
I wouldn't say it's useless but its a good indicator of where your score is roundabout.
it just seems hard to follow myfico scores when they are about 40 points apart.
Agreed. I'd even pay more if it were updated.