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Citi Free Fico Score

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Anonymous
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Citi Free Fico Score

Ok, so it's Bankcard 8, not Fico 8.

 

Is there anyway to guage what my Fico 8 score is from the free, bankcard score?...

Otherwise that score is pretty useless when needed for apping for CCs, imo. 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Citi Free Fico Score

Are you getting your FICO from Discover?  I thought the free score via Discover was a classic FICO 8, not the FICO 8 Bankcard Enhanced flavor.

 

Regardless, the Bankcard flavor strikes me as probably fine if the products you are looking to acquire are in fact credit cards (as opposed to a mortgage or an auto loan).  The B/E flavor was created speciifcally for credit card companies looking to evaluate potential cardholders.  Not every CCC used the B/E flavor, but many do.

 

The only way to confidently prepare for how a CCC will evaluate your application is if you know the exact FICO model they will use, and you know which CRA they will use, and you have access to all score flavors from all CRAs each month.  That requires a lot of inside knowledge and is expensive as well.

Message 2 of 6
Thomas_Thumb
Senior Contributor

Re: Citi Free Fico Score

CGID is correct.

 

Fico 8 bankcard is just fine for evaluating credit worthiness for credit cards. Fico 8 classic and Fico 8 bankcard typically track closely over the 500 to 770 score range from a score distribution basis.

 

Discover card does provide free Fico 8 scores that are updated monthly. The scores are on your hard copy statement (if you get one). Otherwise they are available by accessing your online account. The Citi credit card scores, as mentioned is Fico 8 bankcard.

 

Pasted below is an old table that may be of some interest. Other factors such as length of credit history and amount of recent new credit may result in a denial even if your score is "within" a target range.

 

CL matrix.gif

 

 

 

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 3 of 6
Anonymous
Not applicable

Re: Citi Free Fico Score

Fascinating table, TT.  Where did you find it?  I realize that it's just ended as suggestive, but I find it nontheless illuminating.  Do you know to what extent CCC's would color their decisions below with the following two additional considerations?

 

(a)  How much revolving total credit limit does the person already have?  (Including all his cards from all companies)

 

(b)  How much revolving total credit limit has this particular CCC already granted the applicant?  (e.g. if one is applying for a Chase card, what is the total credit limit Chase has already granted him from other Chase cards?)

 

Also, how old is the table?  Would you guess the income ranges are still the same, or would they be increased due to inflation?

Message 4 of 6
Thomas_Thumb
Senior Contributor

Re: Citi Free Fico Score

I believe the table is around10 years old. I have a more recent example which includes an additional income category.  That table is in a different format and takes up considerably more space. Fico score breaks were the same but CLs and income categories are different. Max CL listed was still $50k. Here is the table link. https://blog.creditkarma.com/credit-cards/how-a-credit-card-limit-is-determined/ 

 

Consider the table as a dated reference only illustratration. No doubt some 1% ers may have revolving credit card CLs of $100k or higher not counting the no limit charge cards. 

 

A Primary factor is debt to income (DTI) ratio - Not total CL. That's why, if you keep your reported balances low, it is not too hard to pile on the cards and potentially reach a total CL of 3x or 5x yearly income. Best to keep total CL at or below 1x income to reduce exposure and potential indebtedness if bad things happen - IMO.

 

Below is a cut-paste that indirectly speaks to other decision factors.

 

Bethy Hardeman writes about personal finance, credit and the economy for CreditKarma.com, a free credit monitoring website that helps more than 20 million people access their credit score for free.

 

Personal income

Your income also impacts your credit limit. Since your credit limit essentially tells you how much you can charge to your card, it's important for your lender to know you have the income to cover anything you charge.

Since 2009's Credit CARD Act, it was a requirement that applicants report individual income (instead of household income). This change was originally made to keep young adults from racking up credit card debt they couldn't pay off. However, it unintentionally kept stay-at-home spouses and partners from qualifying for credit. The Consumer Financial Protection Bureau lifted the restriction last month, and applicants can once again report household income.

 

Other things lenders consider

  • Repayment history: Your credit score and income level don't always tell the full story; lenders are also interested in other factors. One factor is your repayment history. This shows how often you've paid back your debts on time. Credit card lenders want to see that you've been responsible with your other lines of credit in order to set the limit on your new line.
  • Debt-to-income ratio:Lenders typically take into account your debt-to-income – or DTI – ratio. You may have a high income, but if you're also in a lot of debt, you may not be able to pay off a maxed-out credit card. As a result, lenders may not want to risk giving you a high credit limit.

Your credit limit can change

Maybe you've been given a low credit limit to start. Don't fret! Your credit limit isn't set in stone. In fact, most credit card issuers will re-evaluate you as a customer every six months. If you've used your credit card responsibly, your issuer may decide to increase your limit.

On the flip side, if you've made some late payments or missed a bill, your issuer may find that reason enough to decrease your credit limit. A lower credit limit could inflate your credit utilization rate, one of the most important factors of your credit score.

 

Stay on track

After you get approved for a new credit card, use it wisely. Make at least the minimum payment on time each month (more if you can, to save on interest). And keep your credit utilization to less than 30 percent (but more than 0 percent) for a healthy credit score.

In no time, you should see your good habits pay off credit wise.

 

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 5 of 6
Thomas_Thumb
Senior Contributor

Re: Citi Free Fico Score


@Anonymous wrote:

Fascinating table, TT.  Where did you find it?  I realize that it's just ended as suggestive, but I find it nontheless illuminating.  Do you know to what extent CCC's would color their decisions below with the following two additional considerations?

 

(a)  How much revolving total credit limit does the person already have?  (Including all his cards from all companies)

 

(b)  How much revolving total credit limit has this particular CCC already granted the applicant?  (e.g. if one is applying for a Chase card, what is the total credit limit Chase has already granted him from other Chase cards?)

 

Also, how old is the table?  Would you guess the income ranges are still the same, or would they be increased due to inflation?


Here is a more recent table from an alternate source

 

CC Limits.gif

 

How is My Credit Limit Determined?

by Odysseas Papadimitriou, CardHub CEO  |  Jul 27, 2013

 

http://www.cardhub.com/edu/credit-limit-basis/

 

Credit Score

Gross Annual Income

Credit Score

Credit Limit

640

15000

640 or Lower

200

680

15000

641-680

300

760

15000

721-760

1000

800

15000

761 or Higher

3000

640

25000

640 or Lower

200

680

25000

641-680

500

720

25000

681-720

1000

760

25000

721-760

2500

800

25000

761 or Higher

5000

640

50000

640 or Lower

200

680

50000

641-680

3000

720

50000

681-720

5000

760

50000

721-760

5000

800

50000

761 or Higher

10000

640

75000

640 or Lower

200

680

75000

641-680

4000

720

75000

681-720

10000

760

75000

721-760

10000

800

75000

761 or Higher

15000

640

150000

640 or Lower

200

680

150000

641-680

5000

720

150000

681-720

10000

760

150000

721-760

15000

800

150000

761 or Higher

20000

640

200000

640 or Lower

200

680

200000

641-680

5000

720

200000

681-720

15000

760

200000

721-760

20000

800

200000

761 or Higher

50000

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 6 of 6
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