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Fico score versus report content

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Anonymous
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Fico score versus report content

I have read a lot of posts talking about applying and getting approved and or denied for the credit card or loan. i see that a lot of members often post what fico score they got approved with and sometime people with lower scores get good credit lines versus somebody with a better score.

im just curious as to how much does the actual number matter versus whats really in the file such as collections and late payments... i figure that if a lender likes scores in the 700+ but hates late payments the late payments will out weight the nice big score that one might have.

is this statement true?
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Fico score versus report content

There is alot to an approval-

Many lenders eliminate applications based on criteria-
BK, paid CA,unpaid CA, # of inquiries, UTL, # of derog payments in 2 years. ETC

Then it is about minimum score and Debt to income, and sometimes how they are feeling that day.

As far a Credit lines- sometimes they are alot higher that expected sometime really low, sometime they match the highest- lord knows how they come up with these things.

Some use a PFICO (bankcard enhanced score) and many use their internal scoring system (Amex)

I hope this helps.
Message 2 of 6
CreditDrama85
Established Contributor

Re: Fico score versus report content

i definately think its true that people with higher cls will always receive those kind of offers, even after rebuilding their credit.
 
 
those with average credit who have never had a high cl but dont have any baddies, continue to get sh*tty cls.
 
i do think content matters a lot, NOT just someones score.
Message 3 of 6
Anonymous
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Re: Fico score versus report content

Alot has to do with who your dealing with and any credit history you have with them.  Example:  I had my RV loan thru the local CU with no lates for 36 mo.  I file bankruptcy 7 and 1 month later after discharge I go to the CU to refinance my RV loan.  I get an RV loan for 7.9%(2% less than what I had), unsecured credit card with a $1k CL, and a auto loan for 6.9%.  My two loans were for less than half of the Kelly Blue book price(big factor).  They ran Experian and my fico score was 575.   The kicker was they would not give me a checking account with debit card until my fico score was 600 or higher.  With 3 months of paying on time and buying 5k in cds, I finally got a checking account and debit card.  They didn't check my fico score for the checking account, but I had been in numerous times(3 times a week) and done business and they know who I am now.  Join a credit union and save money in a share account, get to know a loan officer and they will take care of you.
Message 4 of 6
Anonymous
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Re: Fico score versus report content

Agreed-

A Relationship with a Credit Union goes a long way.
Message 5 of 6
Anonymous
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Re: Fico score versus report content

Not even just a credit union, I've known the loan officer I go to for close to 10 years and have always done business through her, good credit and bad. Never had a problem getting loans (auto or otherwise) since I've never paid late there.
Message 6 of 6
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