This may have been discussed before, but I am relatively new here.... I decided recently to try to apply for an American Express card in the rebuilding of my credit. My FICO score has been relatively steady at about 613 for awhile now, and I have been building history with a small unsecured Credit Card I got about 6 months ago. A site I was looking up information on said that this would be a good card to apply for with my FICO score. I was immediately denied for the Amex card I applied for, which wasn't a shock, but I was anxiously awaiting their letter to see what the precise reason was. Their reason was that my FICO score was too low. And that it was 571. Why is it that the FICO score that American Express gets from Experian is 40 points less than the FICO score that I get from Experian? Has anyone figured this one out?
Also - In a slightly related vein - There used to be a Credit Card finder on MyFico, that I cannot find anymore.... does anyone know of a good site that I might research and find cards that can help me build my Credit? I was hoping to add one with at least a $500.00 balance in the near future, as Score Watch says this can raise my FICO by almost 50 points.
Of course its different. experian cosumer scores are not offered to you if you are getting a score its a fako even if you get it from experian. Only a lender gets the real score. You get a round about score. It sucks but its been that way for a few years know.
Then I have to wonder what the point is of paying for Score Watch if the scores are not right. I will have to recheck the letter, as I am now unsure if it said Experian or Equifax..... I know Experian does not give the consumer their real score, but their own PLUS score.... Which for me is higher than my FICO score....at about 630 or so. My TU one is also higher, in the 640s last I checked..... So then it begs the question - Why am I paying for Score watch, and the occasional Score pull, if none of this info is correct and won't help me to actually know what my credit is? I am going forward thinking that these numbers are at least close to what my numbers are, so that I can build my credit - But if it is not anything that the credit companies are using, How am I supposed to be informed and know my stats?
Also - Then how can AMEX get away with on a letter saying that it is my FICO score? Seems fishy if it is not....
same way equifax.com gets away with it.
If you applied and got a denial, then you'll get a letter with your true score from the date of pull.
So, looked up some of the info and wanted to just verify some things, as a majority of the posts in that search are a few years old....
So from previous posts - On MyFico.com - Equifax is the only correct one, But TransUnion is not because they are using an older way of pulling the score (TU98) - Is this still correct?
Experian has their own bogus score that they give out to consumers that has no basis in reality, and the only way to get your true score is to have a lender do a credit check and give you the score..... Correct? (In which case, this is the score I got from Amex, which is then almost 70 points lower than what Experian tells me my score is)
The Only way to get a real Trans Union Score is to get a credit check by a lender, and get the score, Correct? or is their a way to get the TU04 score online as a consumer?
Now, there are those that say I should just practice safe credit, and I don;t have to worry about these scores - However, for me, because I avoided credit for so long, my main issue is that I do not have a history, so my scores were low. I am trying to make sure I know my scores so that in applying for credit to help build my profile, that I don't bother applying for cards or accounts I have no chance of getting, and thus screw my credit up with pulls. The Scores that I have led me to believe I would qualify for the Amex Zync card I applied for, only to find out that the info is flawed at best, and untrue at worst. I guess I should take this as a learning experience, and at least now I know my true experian score, but It is a little disheartening in my quest to even grab a 5 point boost here or there.