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Valued Contributor
Posts: 1,905
Registered: ‎06-16-2012
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Re: Walmart Fico Score?


SE7EN57 wrote:

dodgerslv wrote:

SE7EN57 wrote:

Thanks for the quick replies everyone! I noticed when I apped and got denied for Barclays NFL card my TU matched the scores here on myFico in thje letter they sent which is why I'm a bit confused. 


hmmm...Barclays then may still be using the TU98 version on their approval process (one of the few). Im actually surprised they denied u with that score, what were the reasons for the denial if you dont mind me asking?


Inquiries which were from car loan and short credit history which is 11 months were the reasons. I tried reconing twice and no luck. Both times they said they wanted to see more history and to reap in 8-12 months. 

 


masscredit wrote:

How come there isn't a standard that all creditors go by instead of some using old versions, some using new and others using their own ways to calculate scores. It would make things a lot easier! 

I agree 100%

yeah...Barclays is sensitive about inquiries and opening too many recent accounts.

Cards: (Chase x7) (Citi x6) (Amex x5) (BofA x3) (US Bank x4) (Barclays x4) (WF x3) (Cap1 x3) (Synch x3) (Penfed x2) ( Macys Amex) (Discover, Nasa ,Diners x1)





Valued Contributor
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Registered: ‎06-16-2012
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Re: Walmart Fico Score?

[ Edited ]

I feel you...My loan officer  is willing to let me know what my actual FICO EX and TU04 scores are (which im dying to know) but of course it will result in a HP on each.


masscredit wrote:

How come there isn't a standard that all creditors go by instead of some using old versions, some using new and others using their own ways to calculate scores. It would make things a lot easier!


Cards: (Chase x7) (Citi x6) (Amex x5) (BofA x3) (US Bank x4) (Barclays x4) (WF x3) (Cap1 x3) (Synch x3) (Penfed x2) ( Macys Amex) (Discover, Nasa ,Diners x1)





Regular Contributor
Posts: 179
Registered: ‎12-08-2012
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Re: Walmart Fico Score?

[ Edited ]

I just rechecked the score on the letter Barclays sent and it is exactly 671 which is the same score I have on here. Is there a difference as far as the TU98 and TU08? It seems to be a pretty big discrepancy in scores. Why would Barclay use the old method if newer versions are available I dont understand. Is there a seperate model for EQ as well?

 

Actually come to think of it why would myFico use the old TU98 model instead of the newer one?

Amex BCP 12,500 - Amazon Chase Signature 10,000 - Discover It 8,000 - Walmart MC 7,500 - Citi Diamond 6,100 - Lowe's 6,000 - Fulton 6,000 - Amazon Store Card 2,000
Frequent Contributor
Posts: 370
Registered: ‎09-17-2012
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Re: Walmart Fico Score?

[ Edited ]

Regarding the Walmart Fico score - every time that I log in, I'm always presented with 'Enroll in Free FICO Score" and when I hit enroll, it gives me my score. Then the next day it'll ask me to enroll again, and gives me a new score, a point or so higher than the day before. This has been happening since I was approved for the Walmart store card almost a month ago. Anyone else?

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Senior Contributor
Posts: 4,580
Registered: ‎12-11-2011
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Re: Walmart Fico Score?

Hasnt happened to me. Seems like you're basically getting a free updated score daily. Sounds good to me :-)
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Established Contributor
Posts: 812
Registered: ‎09-16-2012
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Re: Walmart Fico Score?

Recently, several lenders pulled my TU and it was 676 and at the same time myFico TU was 681.  So those scores were very close, while my Walmart TU was 645 at the time, 652 now.

I like the myFICO TU better obviously. 

 

Not so sure if I agree with the statement that everybody says:   "Walmart TU is the same as what lenders pull."

Moderator Emeritus
Posts: 10,860
Registered: ‎12-30-2011
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Re: Walmart Fico Score?

[ Edited ]

masscredit wrote:

How come there isn't a standard that all creditors go by instead of some using old versions, some using new and others using their own ways to calculate scores. It would make things a lot easier! 


Because lenders are competitive with each other, and as their customer data is seperate they will run various trial scores over time to see which most accurately predicts their customer risk factors... or more accurately, the one(s) which makes them the most money.  

 

Most lenders actually pull 2-3 scores is my understanding of it from having worked in various financial institutions and having talked to a few others as well here and elsewhere when it comes to an underwriting decision, even for a credit card; it's not surprising that they're all over the map in terms of which one is actually provided as well which may not even be a legit FICO sadly.  We're pretty much guarunteed when it comes to mortgage loans which algorithm will be used (FICO '04 basic all the time till the GSE's change their desires), and if you wind up at a major dealership you're almost assuredly getting an auto-enhanced pull; however, beyond that it's anyone's guess.

 

I've seen some recent data that strongly suggests that Amex is using FICO '08 or a Bankcard-enhanced score (or admittedly both) for their approvals, but it's hard to make a definitive statement on it.  It certainly seems like Discover and other major lenders may be using the newer scores and/or Bankcard as well.  The funny thing for me with the Wally FICO is that it's a full 25 points higher than my EQ FICO '04 with a worse report albeit the one silly parking ticket collection I have is probably not counted, but I still have a paid collection that certainly is on both TU and EQ and my albatross of a tax lien isn't on EQ for whatever reason.

 

In any event, it's hard to really know what a lender is pulling, which is why focusing on making the data in the report pretty is really the best solution.  If the data is happy and positive, quite likely the resulting score will be as well regardless of specific algorithm used by any given lender.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Walmart Fico Score?

Nice score!

 

I want a Walmart card only because its backed by GE and the free TU.

 

One day when I get out of the garden


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