TARGETS RED CARD...ARE THEY LIARS? OR IS THIS COMMON?

[bella1013]

I swear this feels like a set up.  I apply for a Target Red Card.  They send me a letter that I'm denied.  Fine!  I continue on reading the letter and it states that they bought my credit score from Equifax and it was 596.  No, it's not!  My Equifax credit score is 634 and has been 634 since before I even applied for Targets card.  I call Target and they tell me that it's a mistake on Equifax's part and that the score they bought from them was 596.  So now I call Equifax.  Equifax tells me that my credit score is 634 and if any company was to buy my score from them it would say 634.  I call back Target.  The woman on the other line is very nervous about my questions and unable to answer my questions.  She tells me that the credit score on the letter that clearly states that Target bought this credit score from Equifax directly, is not Equifax's actual credit score.  I ask her "So basically your company made up that score and sent it to me stating that it's my Equifax score?" She tells me "No, it's a legit credit score that we get from our company based on your credit report, application, etc."  Is that legal?  Has anyone else has this experience?  I'm very upset and will be writing a letter to Target.  Any other action I should take?

[guiness56]

Did they say it was a FICO score?  That is the important thing.  It could very well be EQ score just not a FICO.

Look at the letter and see if it gives you a score range.  And remember, that even if it is a FICO it could be a different version/model than the one here.

[Lasardo]

I think the reps you have spoken to are misinformed which is very common. I am sure once you send a letter the situation will be resolved.
I would purchase your score form myfico. Com and send a copy to target with the date as reference.

[bella1013]

On the letter is states that they bought my credit score from Equifax and my credit score is 596.  Under that, it states Scores Range from a low of 150 to a high of 950.  My Fico score per My Fico score watch is 608 and has been since I've applied for the card. 

[Jutz]

It's a proprietary model specifically designed for the bank that distributes the Red Card.  They pay Equifax to design a model based on standards that are important to them as far as approvals/credit lines, etc.  This is very common.  You can tell by the range of scores.

Edit:  I'll add, I'm not sure what the bank would gain by deceiving you in order to gain a decline.  They want your business, and wouldn't decline a customer that would otherwise make them money for some unknown reason.  It's just a risk based assessment of your data, nothing more.

[guiness56]

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@bella1013 wrote:

On the letter is states that they bought my credit score from Equifax and my credit score is 596.  Under that, it states Scores Range from a low of 150 to a high of 950.  My Fico score per My Fico score watch is 608 and has been since I've applied for the card. 

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EQ has a score called Pinaccle 2.0 with that range.  it is their own score and not a FICO score.

[Jutz]

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@guiness56 wrote:

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@bella1013 wrote:

On the letter is states that they bought my credit score from Equifax and my credit score is 596.  Under that, it states Scores Range from a low of 150 to a high of 950.  My Fico score per My Fico score watch is 608 and has been since I've applied for the card. 

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EQ has a score called Pinaccle 2.0 with that range.  it is their own score and not a FICO score.

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Ok, or it's a Pinnacle 2.0, haha.  That's some score model knowledge.

[bella1013]

I get what your saying but at the same time this scoring stuff doesn't make much sense.  I don't get what the point is in paying these bureaus to watch my score and meanwhile these scores seem useless as they are going by these other scores that I know nothing about and cannot see. 

[Jutz]

What scores are you paying for?  If it's just the one from here with ScoreWatch, that's your Beacon score, from Equifax, and is one of the most widely used FICO score models.

But to a degree, you're correct.  That's why most people will preach about managing your report, not your score.  Then check out resources like whogavemecredit to see what their known scores were at the time of acceptance or denial.

Read through the links in Guiness' signature, you'll gain a much heartier understanding of credit scoring in general.  There is no "one" score that will be universal.

[bella1013]

I'm signed up with TU, Equifax, Experian and MyFico Credit watch.  MyFico Credit Watch score is 608 today when I applied for that card it was 611.  None of my credit scores from these 4 places was never 596 at any point.  But anyway, thanks for the information.  I'm doing everything I can to rebuild my credit.  This forum helps me a lot.