11-06-2012 10:22 AM
I've been looking at a refi of a loan I have with Key Bank, originally was a home improvement loan. I called them, got the process started, they sent me an email of all the things I need to provide to get the ball rolling.
Yesterday in the mail, I got information packets from Key Bank, including a copy of the credit pull they did. Says my score is 803!!! I does NOT however, say specifically this is a FICO score, but they do use the FICO score range of 300-850 in their report, and state that it was a direct pull from Equifax.
Today, I get a ScoreWatch alert, indicating that my Equifax score has increased. I log on, and it shows that my score is 767 here, an increase from the 749 it was yesterday. I have paid down some balances, utilization is only 7%, credit limits totaling around $75K (not including hidden TL from JP Morgan Select), pristine report with no negatives at all. I did apply for, and got an AMEX Gold card, and it backdated to 1991 (joining my other 2 AMEX cards). Could this be a factor?
So, which score is more likely closer to correct? I'm aware that TU has various models, does Equifax as well? Of course, I'm pleased with both scores, even moreso the 803, since my refi is being based on that score and I'll get the most favourable terms and rate.
11-09-2012 08:02 PM
Had a chance to talk to a Key Bank rep today regarding the refi. Asked specifically if the 803 score was FICO. Rep said it was the EQ score that they use for all their lending decisions, but when I asked again if it was a FICO he said NO. So apparently it's their internal FAKO score, that IS used by a lender...Key Bank. My true FICO from here is 767, which I'm fine with! Would be nice to get that 800 score, but it's must a matter of time! TU has me at 782!