12-13-2012 12:30 PM
Hi everyone! I'm a bit perplexed here. My credit reports from all three bureaus fall between 716-725. I discovered this in September of this year when I decided to start being more aware of my credit.
My initial reaction to this was complete surprise. I went through bankruptcy in 2006, I have an unpaid collection I've been carrying since 2007, and a public record (small claims court judgement) from 2009. How the heck is my credit in the 700s at all? It's hard to believe.
Furthermore, in September, armed with this new knowledge that my credit score is much higher than I expected, I called and applied for a credit increase on my Chase card that has a limit of $1,700. I was rejected... **bleep**?!?!?
If my credit score is truly in the 700s, why was I rejected for a limit increase? I've paid my bills ontime for years. Now I'm left truly wondering if my reports are accurately depicting my real credit score. I'd love to apply (and receive) a card that would provide me the ability to earn miles, points, cash back, etc. but now I'm worried about pinging my credit and getting rejected.
Any help/insight is much appreciated.
12-13-2012 12:46 PM
I guess the obvious question is "Where did you get that score from"? There are a ton of FAKOs out there, and they can be over 200 points off your actual FICO score.
12-13-2012 01:05 PM
I purchased my credit reports from this site (myfico...see attached).
I purchased my Experian credit report at www.experian.com which I believe to be a true FICO score?
My CreditKarma TransUnion score is 665 (see attached) and I understand this is my "FAKO" score.
Long story short, I know I've got legit credit reports and that's why I'm really confused.
12-13-2012 01:13 PM - edited 12-13-2012 01:14 PM
The Experian score you received is a FAKO, they don't sell their FICO scores at all anymore, unfortunately.
Scores are only one part of the equation; as you posted (like me) you have some sins from the past: those sometimes can affect underwriting far more than the FICO scores, which sounds like it's happening in your case. A BK 6ish years ago isn't trivial in the eyes of underwriters, whereas a 700-725 FICO while solid, isn't top tier and most people can get to that point after 5ish years of good history if not sooner almost regardless of what their past issues were.
Also income and possibly other things (length of employment history, etc) may come into play when it comes to gaining an approval, but the bankruptcy is quite likely the issue in your case.
12-13-2012 02:03 PM
Obviously the BK bears quite a bit of weight, but I'm wondering what your Utilization situation is, especially on that Chase card.
|Chase Freedom $9500|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
|Lowe's CC $8500|
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
12-14-2012 11:38 AM
Chase may be the issue As well. Other lenders may be will to give you a CLI. Chase can be quirky with the Freedom and Slate cards. Usually a hard pull, and not reliably an increase. sometimes they use the Vantage scores, sometimes FICO.
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.