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Kind of confused about FICO scoring and perhaps someone can explain why this happened. I was pre-qualified and pre-approved for a personal line of credit with a great interest rate through Wells Fargo Bank. I called the number to accept the offer and approved for $15,000 with an APR of 6.9%. I knew my scores across the board averaged around 710 so felt confident I wouldn't have any issues. However, I received the welcome letter from Wells Fargo congratulating me on being approved for the line of credit and I read through the "how we determine your interest rate" brochure which tells you what your "Fair Isaac Score" is. My score was 632. Seriously? So, I'm confused as to why Wells Fargo's version of pulling my credit file and determining my Fair Isaac "score" is well below what I'm led to believe is the same score I see when I log into my account at myFICO. Am I missing something?
Sounds like Wells Fargo uses a different model than the board does (myFICO uses FICO 08). Any chance you...
a) Are an AU on someone elses cards?
b) Have a collection on your report for less than $100?
Hi...not an authorized user on anyone else's account....zero collections, 18 year perfect payment history, 4 paid auto loans, utilization around 35%...It does make me curious why the scoring is different.
Hmm. UTIL is handled differently, but I'm surprised that you could be in the low 600s regardless of the model. No baddies? Also, what is your total and individual UTIL?
My scores average 710 between the 3 credit reporting agencies...the 632 score is what Wells Fargo said Fair Isaac is reporting....once I get my utilization down, my scores will increase significantly. What I'm concerned with is Wells Fargo telling my in writing that my Fair Isaac score of 632 is actually my score and not the scores I pay for here on myFICO.
@IrishPM wrote:My scores average 710 between the 3 credit reporting agencies...the 632 score is what Wells Fargo said Fair Isaac is reporting....once I get my utilization down, my scores will increase significantly. What I'm concerned with is Wells Fargo telling my in writing that my Fair Isaac score of 632 is actually my score and not the scores I pay for here on myFICO.
Couple things.
Fair Isaac = FICO = myFICO (for the purpose of this conversation anyway)
There are a TON of different scoring models under the FICO umbrella. It is up to a lender which one they use. They are all "real" FICO scores. But, since lenders choose which model to use, your scores can vary between different lenders and this site.
For example, this site provides the 08 model of all three TU, EX, and EQ. The mortgage industry mostly uses the 04 model. Some credit card companies using a Bankcard Enhanced version. It basically means that things (UTIL, negatives, AAoA, inqs, etc) can be scored differently.
Is your 35% UTIL your overall UTIL (total cc debt / total available credit)? What about individual UTIL on each card you have?
Thanks for the information....I wasn't aware that lenders use various FICO scoring models depending on what products they're looking to approve a consumer for. I learned something new today and I appreciate your input.
No problem. It's confusing, for sure.