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Hi, I received a pleasant surprise at Wells Fargo recently. After reading these forums, I decided to take out a small personal installment loan to raise my FICO score. When the banker brought my paperwork over she informed me my loan was approved at their best rate, one of the reasons being a credit score near 760. According to myFICO, my Experian score usually hovers around 710. That's a 50 point difference (in a positive direction!) which I appreciate but is a bit puzzling. The paperwork from WF said they used the Experian/Fair Isaac Risk Model Version 2, which I believe is older than FICO '08 model used by myFICO. It seems odd that an older formula would be more generous with the scoring... Have many others experienced this unanticipated positive swing going from myFICO to a FICO score reported by the bank?
By the way, the process of getting a personal installment loan at Wells Fargo is really streamlined. You apply online and then go into the bank to sign the paperwork. They inform you quickly whether you get the loan or not by email. Overall a painless process, am waiting now to see how the installment loan affects my score.
The score Wells Fargo used is non FICO score.
The paperwork states "Score Model: Experian/Fair Isaac Risk Model Version 2". According to other posts on this board, that is the name for FICO 98.
Your right for some reason i didnt read Fair Isaac part. Experian does have there own risk score as well.
I have the same thing yesterday. I applied for a small loan for personal use and surprise came back to me with a 714 score. My fico score for Experian was 630, I ask what score they are using I was told its FICO score but not sure which model because I didnt see the paper work yet.
I was fully surprise and very happy what ever model they're using.
@jonathonDenver wrote:Hi, I received a pleasant surprise at Wells Fargo recently. After reading these forums, I decided to take out a small personal installment loan to raise my FICO score. When the banker brought my paperwork over she informed me my loan was approved at their best rate, one of the reasons being a credit score near 760. According to myFICO, my Experian score usually hovers around 710. That's a 50 point difference (in a positive direction!) which I appreciate but is a bit puzzling. The paperwork from WF said they used the Experian/Fair Isaac Risk Model Version 2, which I believe is older than FICO '08 model used by myFICO. It seems odd that an older formula would be more generous with the scoring... Have many others experienced this unanticipated positive swing going from myFICO to a FICO score reported by the bank?
By the way, the process of getting a personal installment loan at Wells Fargo is really streamlined. You apply online and then go into the bank to sign the paperwork. They inform you quickly whether you get the loan or not by email. Overall a painless process, am waiting now to see how the installment loan affects my score.
I have been considering this option also to mix up my credit report. May I ask how much you did it for? Would someone suggest something at least over $2,000 or?
@reneasworld wrote:
@jonathonDenver wrote:Hi, I received a pleasant surprise at Wells Fargo recently. After reading these forums, I decided to take out a small personal installment loan to raise my FICO score. When the banker brought my paperwork over she informed me my loan was approved at their best rate, one of the reasons being a credit score near 760. According to myFICO, my Experian score usually hovers around 710. That's a 50 point difference (in a positive direction!) which I appreciate but is a bit puzzling. The paperwork from WF said they used the Experian/Fair Isaac Risk Model Version 2, which I believe is older than FICO '08 model used by myFICO. It seems odd that an older formula would be more generous with the scoring... Have many others experienced this unanticipated positive swing going from myFICO to a FICO score reported by the bank?
By the way, the process of getting a personal installment loan at Wells Fargo is really streamlined. You apply online and then go into the bank to sign the paperwork. They inform you quickly whether you get the loan or not by email. Overall a painless process, am waiting now to see how the installment loan affects my score.
I have been considering this option also to mix up my credit report. May I ask how much you did it for? Would someone suggest something at least over $2,000 or?
Hi, the minimum amount for a personal installment loan from Wells Fargo is $3000. Hope that helps.