CU Says Beacon score is decent but BMI score is horrible.

[bott6698]

Ok, Can someone please explain to me what a BMI score is? My CU said my Beacon score is 625 which I assume is my Equifax fico because 625 is what I pull for EQ fico score. She said that alone would have gotten me a 6.99% car loan but they use Beacon along with BMI and BMI goes to 300 and my score was 78... Can someone please tell me what a BMI score is and what steps I can take to Improve that score. 

Thanks guys

[haulingthescoreup]

Oh, wow, the only BMI score I know is body mass index, and I seriously doubt that they turned you down for your weight!

I did find this after some Googling:

Lloyd's TSC Bank Mass Index Calculator

Are you financially fit?
Start the test now

Are you a savvy saver or a spendaholic? Find out how your financial habits shape up with the new Lloyds TSB Bank Mass Index (£BMI) test.

You will have probably heard of the Body Mass Index, which measures how healthy a person's weight is, well Lloyds TSB has now created the financial equivalent; the Lloyds TSB Bank Mass Index....

But this is a British link (shows pounds, not dollars), and there's nothing on Wiki. This might get you started though.

I don't know if you'll find anyone here that's familiar with it.

Did you ask the loan officer what on earth it was?

[Anonymous]

I forget what actual name is for BMI score but it is a score between 0-200 the closer you are to 200 the more likely you are to file bankrupty. This is what my CU manager told me about 2 years ago...It's based on the amount of loans/CC you have vs income. Too sum it up...it's the CU's way of calculating DTI...hope that helps.

After reading your post again I see what my bank manager told me seems to be the opposite of what yours had said. So, I dunno... I was at 98 I think back then, I'll have to shoot her an email and ask her exactly how the CU calculates this and where I stand now. You have got me curious now....LOL

Message Edited by Bran9192 on 01-02-2009 03:52 PM

[bott6698]

Ya this was totally new to me. If anyone else has ideas let me know also...

[bott6698]

I found it it was a bni not bmi.... also there was info on this board and it was in correct. i searched google for bni and myfico link came up but on that link it said a low score was a good bni score but that is opposite. Closer to 300 is a good score and my 78 score sucked.

So there is another avenue we have to look out for now when applying for credit, The BNI score.

I have never had a bankruptcy and my DTI is good but I have some high LOC's and are destroying me. I can't wait to

refinance those to a closed end loan some day so they won't count as unsecured credit lines UGHHH...

 FICO scores show the likelihood that a borrower will default on a loan; a separate score, the BNI, is used to determine the likelihood of a borrower's declaring bankruptcy. Public information is unavailable for determining the statistical meaning of such a score.

Message Edited by bott6698 on 01-02-2009 07:49 PM

[haulingthescoreup]

Reduce the Risk of Consumer Bankruptcy Losses

Bankruptcy among consumers threatens the profitability and livelihood of many companies. Identifying risk in advance helps you discover profitable customers and reduces the threat of financial losses.

Bankruptcy Navigator Index® 3.0 (BNI) is a powerful analytical tool designed to identify consumer bankruptcy risk at an early stage — before you experience losses. Using a unique multi-tiered approach, BNI draws upon the combined strength of the Equifax consumer credit reporting database and advanced statistical techniques to deliver an industry-leading tool that projects consumer bankruptcy within the next 24 months of scoring...

Equifax Bankruptcy Navigator Index 3.0

This version has a scale of 1 to 600, but an eensie note at the bottom mentions this: "*BNI 3.0 is also available in a 1 to 300 score scale calibrated to BNI’99."

Great, one more thing to wonder about!

[marty56]

I guess a BMI is a super FICO score where it predicts default with extreme prejudice.  I cant imagine how this would work unless it looks at factors beyond FICO score like DTI and job.

[bott6698]

htsu aswesome info you found about the BNI score wow. Thanks for looking that info up...

[haulingthescoreup]

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bott6698 wrote:
htsu aswesome info you found about the BNI score wow. Thanks for looking that info up...

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God bless Google!

I still don't have a clue what it looks at, though. I've decided to shove it out of my head, in the hope that mine (whatever it is) is OK.

Bad enough trying to stay on top of something I kind of understand (FICO scores.) I think I'll adopt ostrich mode about BNI scores!

[marty56]

BMI - Ban More Inqs (for HTSU)