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New Contributor
Posts: 149
Registered: ‎02-17-2008
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What is a Pinnacle Score?

[ Edited ]
Last month I had a Eq Fico of 611.  I thought I would try for a cc with my credit union.   I got a call from them the next morning and was told that I had just missed qualifying for a cc by a few points.  She could not tell me what score they are looking for. Checked Equifax and saw that my score had dropped to 605.
 
Ok, now today with a score of 619 and a bankruptcy from 03, I call and speak to the same person I spoke with last month.  She says they do not go by FICO they go by Pennacle which is usually a bit lower.  She still could not tell me if I would qualify for a Visa with a 619 FICO Score, but did ask me several times if I wanted a personal loan.  I do not need one, but we did discuss an auto loan in perhaps a few months.
 
Anyway... after reading here for a few months, I have been paying every month for scores from all three CRAs.  I was sure that FICO was what I needed to follow.. then today I hear from the one place from which I want to get my loans and CCs that I need to have a high PENNACLE.  What the heck is THAT?


Message Edited by RecoveringMyLife on 04-10-2008 06:34 AM

Message Edited by RecoveringMyLife on 04-11-2008 08:16 AM
Super Contributor
Posts: 8,197
Registered: ‎03-25-2007
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Re: What is a Pennacle Score?

According to Wiki:
 

In the U.S., three credit reporting agencies, Equifax, Experian, and TransUnion, calculate a borrower's credit score using their own different computation formulas. The scores they generate (with trademarked names), differ in what they mean to predict, the statistical methods used to determine a credit-worthiness score, and what data are used and how they are weighted. Beacon, Beacon 5.0, Beacon 96, and Pinnacle scores are available only from Equifax; Empirica, Empirica Auto 95, Precision Score, and Precision 03 from TransUnion; and the Fair Isaac Risk Score is available from Experian. Although the Fair Isaac Corporation develops these credit score versions for the different agencies, they are different numbers, and are periodically updated to reflect current consumer loan repayment rates.

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New Contributor
Posts: 149
Registered: ‎02-17-2008
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Re: What is a Pennacle Score?

I do not get it!  I thought I was on my way to getting a nice CL from my CU.. then this.   The rep said that she does not even know how people can even find out what their Pinnacle score is.  I tried calling Equifax today, but their systems are down. 
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: What is a Pennacle Score?

Pinnacle is just the name for one of the versions of your FICO EQ score. When they tweak their formula, they tweak the name.

It is the responsibility of your CU to pull your EQ score, no matter which version they choose to use.

Lenders generally call FICO scores by whatever version they use, rather than by the CRA name as we do. So they might call your EQ score your Beacon or Pinnacle score; your TU score your Empirica score; and your EX score your Fair Isaac Risk Score, as the Wiki article posted by MV says.

According to this November 07 article, Pinnacle is EQ's version of the NextGen score:
In addition to the classic FICO scoring method, Fair, Isaac, and Co. developed its NextGen FICO scoring method in 1999. The NextGen FICO is called the Pinnacle Score at Equifax, the FICO Risk Score, NextGen at Trans Union, and the Experian/Fair Isaac Advanced Risk Score at Experian. The NextGen FICO was designed to better identify a person's true credit risk while giving less weight to factors that are not thought to have as much bearing on a person's likeliness to repay. Under the new scoring model, many people have a better credit score, making it easier for them to get loans and better rates. Though Fair Isaac touts this new scoring model as a breakthrough in the credit scoring system, many lenders are hesitant to use it due to unfamiliarity with the new system, as well as a lack of time-tested proof that the new scoring model is indeed better than the tried and true classic FICO system. You will probably see a gradual shift in the use of the NextGen FICO credit score in the future, but for now, the majority of lenders still go with the original FICO scoring model because it's what they know.

http://www.financeglobe.com/Finance/Articles/articles/50/1/Your-Credit-Score/Page1.html
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
Posts: 149
Registered: ‎02-17-2008
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Re: What is a Pennacle Score?

Thanks to both of you.  Hauling, I was responding in the other link.  I tried calling the CU, but the lending department is closed.  I will call on Monday.  From what you have posted, there should not bee so much of a difference, if any, between the FICO and the Pinnacle scores.  I will ask the questions you suggested.  It looks like either way, I should just wait a few more months and let my score improve a bit more before I even apply, but I certainly want to understand what they are asking for. 
New Visitor
Posts: 2
Registered: ‎04-07-2015
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Re: What is a Pinnacle Score?

THE TRANSUNION NEXT GEN COULD BE 630, YOUR EQUIFAX PINNACLE 571, AND YOUR EXPERIAN FAIR ISAAC 550....THATS THE FICO ....

Most of the workers do not have good knowledge of these things at the bank or credit unions.....
Best way to find out is to request written credit reports mailed to you and challenge any wrong information in writing and pay off any bad debts....your score goes up and they hand you the keys to the bank literally....get up to 720 or above and its green light, low oo no interest cc cards etc.....then pay and build your limits and use credit responsibly now....good luck
New Visitor
Posts: 2
Registered: ‎04-07-2015
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Re: What is a Pinnacle Score?

FAIR ISSAC IS THE STANDARD OLD FICO NUMBER......ITS USUALLY THE LOWEST ONE OF THE THREE....


THE NE MODELS LIKE BEACON AND PINNACLE ARE HIGHER.....ITS EASIER NOW; HOWEVER, AS A FINANCE MANAGER, FOR A LATGE LOAN, MORTGAGE OR CAR LOAN WE USE FICO......ITS THE GOLD STANDARD.....GET YOUR FICO UP AND YOUR OFF TO THE HYATT REGENCY IN YOUR NEW MERCEDES BENZ SL 600


IF YOU HAVE A 609 FICO I WOULD NOT GIVE YOU A HAPPY MEAL AT MACDONALDS CAUSE THIS SHOWS YOU DONT PAY YOUR BILLS...Just telling the truth
Frequent Contributor
Posts: 300
Registered: ‎03-11-2015
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Re: What is a Pinnacle Score?

I doubt the original poster (OP) has that score anymore, since the post you replied to is from 7 years ago! With that said, 609 while low, isn't a showstopper to getting a decent revolving credit card. Capital One has a pre-approval site, which many with less than great credit, have success with.

Starting Score Mar-15: EX-513, TU-507, EQ-510
Current Score July-15: EX-638, TU-623, EQ-620
Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: What is a Pinnacle Score?


ronpa wrote:

I doubt the original poster (OP) has that score anymore, since the post you replied to is from 7 years ago! With that said, 609 while low, isn't a showstopper to getting a decent revolving credit card. Capital One has a pre-approval site, which many with less than great credit, have success with.


An excellent reason to lock the thread.

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