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Hey CC gurus,
I just applied for a TJ Maxx CC and was declined. They emailed me the reason along with a copy of my Credit Score. According to them my score, which I believe wasn't specified as to which bureau it was, was a 440!!! I almost fell out of my chair after seeing that, especially considering I just closed on a home and I know I wouldn't have been able to get a mortgage with that score.
My lender pulled, 674 TU, 642EX, 639EQ on 6/29. Does anyone have any idea where the 440 could come from, or do they just calculate their scores different. All of my baddies are over 2 years old. I have two Student Loans, 1 Cap One card, and 1 Walmart card all in good standing.
Thanks =)
Hi I'm knew to MyFico but I have been reading for a number of weeks. I just got a PayPal smart connect from GEMB and had a similar experience. According to My Tu score from Walmart GEMB my score was 685. So I decided to apply for Paypal cc and was approved for $800 PayPal smart connect. When they sent me approval my TU score was 456. I googled TJ Max and it said starting in June GEMB was taking over TJ Max accounts from Chase I believe. So what GEMB and their scoring is doing is a mystery.
By the way thank you everyone on MyFico I ruined my credit a number of years ago, gambling addiction and cc don't mix. Thanks to giving up gambling many years ago and now this form I'm turning the corner. I now have Capital 1 $500 no annual fee, Walmart $700, Orchard $300 $59 AF and now Smart Connect $800 in the last year. I applied for PayPal CC hoping to get rid of Orchard and the Fee. I really hope someone can explain what GEMB and their scoring is doing. So your score from TJ Max wasn't that far from mine maybe you can call back door for reconsideration. Maybe your Walmart card is knew and they like time between accounts. Hope this helps a little
Forgot to mention that when GEMB sent me the letter for PayPal Smart Connect the TU score range they used was a low of 320 and a high of 620.
Sounds quite similar to the scoring model that Lowe's and Best Buy gave when they declined me.....
Would like anyone to explain **bleep** they're doing exactly?!
@coldnmn wrote:Forgot to mention that when GEMB sent me the letter for PayPal Smart Connect the TU score range they used was a low of 320 and a high of 620.
Well with that score range it quite obviously is an internal GEMB scoring system and not a FICO score. The credit card act pretty much stated that if you are denied credit or not given the most favorable rate the creditor had to disclose what score they used. It did not specify it had to be a FICO score.
(Please don't flame me for not quoting the terms exactly. If what I said is factually untrue please feel free to correct it.)
Just remember your credit score alone is not a guaranteed approval of any credit product. They take into consideration your employment and income level, your total credit picture including length of history and new accounts, and of course your payment history with other creditors. I believe the software system they all use to decide an application result is called "Magic 8-Ball".
This link pretty much explains the scores
http://www.scoreinfo.org/Disclosure-Notices/Credit-Score-Disclosure-Notice.aspx
I found the link here on myfico
@john398 wrote:This link pretty much explains the scores
http://www.scoreinfo.org/Disclosure-Notices/Credit-Score-Disclosure-Notice.aspx
I found the link here on myfico
Score listed above is not a fico score.
@coldnmn wrote:Forgot to mention that when GEMB sent me the letter for PayPal Smart Connect the TU score range they used was a low of 320 and a high of 620.
OMG! I got a similar surprise in the mail from GEMB today. I was approved for Walmart but the letter I got says they couldn't give me the "best interest rate they offer" because of my credit score. It said 454 Equifax and the range was also 320-620. What kind of a score is this? I was instantly approved at the register. Very strange letter.