Reply
Established Member
Posts: 16
Registered: ‎11-24-2012
0

Confused about scores

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!

Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Confused about scores

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

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Confused about scores


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!


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. 

ccpics2.jpg
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
0

Re: Confused about scores

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
5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Established Member
Posts: 16
Registered: ‎11-24-2012
0

Re: Confused about scores

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.
Blogger
Posts: 3,355
Registered: ‎10-19-2012
0

Re: Confused about scores


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!


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...

 

Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
0

Re: Confused about scores

[ Edited ]

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.

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.

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.