Confused about scores

[skinsfan83]

Hey everyone,

I applied for a CC earlier this week and was denied. In the denial letter it said that my TU score was 597. I just signed up for quarterly FICO here at my TU score was 542. Can someone let me know what there is a difference between the scores?

Thanks!

[rootpooty]

Anytime you apply for a cc other than a CU most likely it will be cc enhanced thus not matching your current fico score.  Does the score in the letter say its a fico?  what the range in the scores it says

[beb86]

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@skinsfan83 wrote:

Hey everyone,

I applied for a CC earlier this week and was denied. In the denial letter it said that my TU score was 597. I just signed up for quarterly FICO here at my TU score was 542. Can someone let me know what there is a difference between the scores?

Thanks!

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Under the FCRA CCC are required to provide you with a "score" the used if you are denied or not approved under the best terms, however 9 times out of 10 its not a FICO but most likely an internal scoring system the use. 

[Repo-ed]

there are FAKO scores (fake) and there are real (FICO) scores. if the range on the letter is 350-800, then you are looking a real FICO score that is a different model than the EQ FICO score you see via AW

[skinsfan83]

This is what the email said.

Information about your External Credit Score used in this evaluation for credit In addition, we also obtained an external credit score from the consumer reporting agency indicated above and used it in making our credit decision. If more than one agency is listed, the credit score was obtained from the first listed agency. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.

Your Credit Score:  597

Date:  11/16/2012

Scores range from a low of 300 to a high of 850.

[HiLine]

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@skinsfan83 wrote:

Hey everyone,

I applied for a CC earlier this week and was denied. In the denial letter it said that my TU score was 597. I just signed up for quarterly FICO here at my TU score was 542. Can someone let me know what there is a difference between the scores?

Thanks!

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There are many FICO scores depending on the particular scoring model being used:

Classic or BEACON FICO scores are generally the best indicator of credit-worthiness and a good overall indicator of where your credit (mortgage, credit card, auto,etc.) stands.

Credit card enhanced scores (or bankcard enhanced scores) are specific indicators of credit worthiness with regards to credit cards only (not mortgages, auto, loans, etc.).

Auto-enhanced scores are specific indicators of credit worthiness with regards to an auto loan. Consumers cannot purchase auto-enhanced scores.

(quote from: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Son-Of-Credit-Scoring-101/m-p/718550#U718...

[GregB]

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@skinsfan83 wrote:

This is what the email said.

Information about your External Credit Score used in this evaluation for credit In addition, we also obtained an external credit score from the consumer reporting agency indicated above and used it in making our credit decision. If more than one agency is listed, the credit score was obtained from the first listed agency. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.

Your Credit Score:  597

Date:  11/16/2012

Scores range from a low of 300 to a high of 850.

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That score range indicates that they used a Classic FICO score instead of an industry option score. The TU FICO provided here is TU FICO 98. There are two later versions of that TU FICO 04 and TU FICO 8.

You didn't quote anything in your posts to indicate they pulled a TU score instead of EQ or EX. Assuming they did use TU, then they used a later Classic FICO score. This is based upon your knowledge of your TU FICO 98 score.

All Classic FICOs have a design range of 300-850. The industry versions use a design range of 250-900.

I find that lenders use FICO based scores well over 50% of the time. I would guess more like 70%. I suppose that depends on what type of loans applications that you a considering.