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Applied for NFCU secured card last week and was approved, applied for $1,000.
Got the letter in the mail today that includes my credit score and any things they consider "adverse". The form says that my score is 214, and that is my "Navy Federal Score". It also says their range for scoring is 100-450.
Has anyone else seen this? Why do they have their own separate scoring system?
@Anonymous wrote:Applied for NFCU secured card last week and was approved, applied for $1,000.
Got the letter in the mail today that includes my credit score and any things they consider "adverse". The form says that my score is 214, and that is my "Navy Federal Score". It also says their range for scoring is 100-450.
Has anyone else seen this? Why do they have their own separate scoring system?
Because they can? I've also heard it's loosely based on FICO 04 - So if you get scores from myFICO that's likely your best indicator
@Anonymous wrote:
@Anonymous wrote:Applied for NFCU secured card last week and was approved, applied for $1,000.
Got the letter in the mail today that includes my credit score and any things they consider "adverse". The form says that my score is 214, and that is my "Navy Federal Score". It also says their range for scoring is 100-450.
Has anyone else seen this? Why do they have their own separate scoring system?
Because they can? I've also heard it's loosely based on FICO 04 - So if you get scores from myFICO that's likely your best indicator
Thanks for the information; didn't know that. Wish they would give scores like PenFed.
I just got my letter like that in the mail yesterday, which is why I'm searching the topic today. I thought it was really weird because that's usually what you get when you are denied for something. I had to keep checking my NFCU account to make sure that it said approved, lol. I haven't even received my card yet so I was thinking that this was def a denial. Checked my acct this morning and nope, the approval is still there.
@Anonymous wrote:Applied for NFCU secured card last week and was approved, ... The form says that my score is 214, and that is my "Navy Federal Score". It also says their range for scoring is 100-450.
Has anyone else seen this? Why do they have their own separate scoring system?
Most financial institutions have their own internal scoring system, they just don't tell you about it. Why did you think they ask you for informaiton not found on your credit reports, like income, fixed monthly expenses etc.?
Your CRA ratings are only part of what they consider in their calculations.
Many creditors develop their own internal scorecards.
The main distinction between their internal scoring models and the major ones, such as FICO and Vantage, is their limited data.
Most rely only upon information obtained directly from the consumer or from the account history with that consumer, and are used primary for internal account reviews.
They normally do not have licensing agreements that permit their access to the huge national database of consumer history that has been developed by the big-3 major CRAs.
A typical example is scorecards developed to track eligibility for and amount of credit limits and credit limit increases or to trigger automated credit limit decreases.