WHAT IS THE FICO SCORE OF 720 REALLY MEANS TO THE LENDER?

[astritaho1979]

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

[drkaje]

There are other factors like DTI, total credit, and utilization.

[jake619]

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@astritaho1979 wrote:

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

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Very hard to follow this.  Signature contradicts post in AAoA and util.  Post refers to "we" so maybe another is involved?  Hard to know. 

Maybe your denials are from lenders seeing the 46K in existing credit and your stated income doesn't support any additional.  

[creditnocash]

720 is a good score but to be honest its average. 750+ is high achievers and below 700 is worse then no credit. (imo)

but during applications it is a number they follow but there are other factors including whats actually on your reports, including like mentioned above, util, dti, inquries etc...

[trumpet-205]

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@astritaho1979 wrote:

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

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Because FICO score is NOT everything. Don't get too in love with FICO score, or any credit score for that matter.

There are other factors that weigh more than a calculated score.

[jamesdwi]

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@creditnocash wrote:

720 is a good score but to be honest its average. 750+ is high achievers and below 700 is worse then no credit. (imo)

but during applications it is a number they follow but there are other factors including whats actually on your reports, including like mentioned above, util, dti, inquries etc...

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Your " below 700 is worse then no credit."  statement is a bit harsh, many here get AMEX charge cards NPSL above 650. Some may even get AMEX revolvers at 680+. Chase Freedom and Chase Amazon are not out of the question with 650-680 range. GE Money bank will approve most of there store cards at 650 or higher perhaps much lower depending on why your score is low.   

I know my current 680 is the result of 20% UTL and a 10+ INQ's and 4 cards less than 6 months old, when the cards age up a bit and get my UTL back under 10% I will see above 700 in a month or two, you can't go from no credit to good prime cards in 2 months usually, and forget about AMEX revolvers in  2 months if you started with no FICO.

[wallyworld123]

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@trumpet-205 wrote:

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@astritaho1979 wrote:

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

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Because FICO score is NOT everything. Don't get too in love with FICO score, or any credit score for that matter.

There are other factors that weigh more than a calculated score.

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totally agree!

[Revelate]

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@wallyworld123 wrote:

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@trumpet-205 wrote:

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@astritaho1979 wrote:

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

---

Because FICO score is NOT everything. Don't get too in love with FICO score, or any credit score for that matter.

There are other factors that weigh more than a calculated score.

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totally agree!

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I also agree; not all 720's (or 650's for that matter) are created equally, it's simply Fair Issac's prediction of risk... and that's only one part of the underwriting process, a foot in the door if you will.

Everything beyond that takes other factors into consideration for both risk, and quite likely for profitability as well when it comes to underwriting.

[Creditaddict]

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@astritaho1979 wrote:

Ok since we all debating the credit criteria for approvals i was wondering

1 Should we get approved easy with a 720 fico for credit?

2 Are we far away from getting approved easy with 720 fico?

3 Why are we getting denied with the 720 fico since the fico says that 720 is a good credit risk

Now all the other criteria include for the applicant being at  utl9% and minimum 3yrs of AAOA

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who knows really.... I mean take my friends approval for what seems to be a semi secured card from Navy that I didn't even know they did or why... $3k approval and took $500 from his Savings... he literally had 3 inactive cards ($500 Express, $250 Speigal, and $100 Macy's) and 4 bad accounts - and by bad I mean 2 capital one and 1 bestbuy mc now capital one and a verizon.... so lets see $850 INACTIVE Credit Lines (update tried to use Express today and it was closed and would not let him charge or open without new app) 1 capital one from years ago for over $2k, 1 cap from last year for around $700, and the $180 on best buy (with collections)

I assume a credit score of less then 550.

My roommate maxed to the hilt on ALL CARDS and a 1 month old 30 day late on Nordstrom got an INSTANT $6k from Navy... enough to $0 out every card he had in full... so yeah not a whole lot of debt but none the less doesn't 100% util usually mean are you crazy you want more credit but you cant charge gum on your current lines?!!

I love me some Navy but even from them seems a little abnormal.

on and roomie got approved last week for Amex Green, after adress verification.

[navigatethis12]

In December I saw that I had a 776 FICO from Transunion,and Barclays denied me for too many new accounts. I have had their card since February last year, but they still said I had opened too many new accounts last year. A high score does not mean anything. What is actually on the report is what matters.

The only lender I know that goes by the score when approving is Macys. It is said that you have to have a 720 FICO on Experian to get the American Express version.

720 just does not seem that high to me.