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John8818
Posts: 2
Registered: ‎12-15-2012

Score dropped 56 points!!

Okay I just started building credit the beginning of this year via car loan for 18 months (it will be paid off next month 8 months early). Last week I tried to get a credit card form Amex, discover, capital one, and chase. I got denied by all. Now the all sent me the letter in the mail saying why I got denied. The first letter I got was from Amex and in that letter it said my score credit score was 646, I was really excited after I saw that, then discover sent me there letter the didn't state my credit score. Now to day I revived capital one and chase letters. In the chase letter they say my credit score is 590, and the capital one letter says mt credit score is 616. How could this be? I applied for the chase card before the capital one card so how is it that chase is reading my credit score lower than CO when I applied for the chase before CO? Now I'm really confused I don't know I'd my score is 616 or 590, and in both of the letters they say that they pulled them on the same date. Can anyone tell me where I can get my fico score and how I could help build my credit. I'm thinking of taking out a small loan of 4k for a motorcycle. Also when I got my car my lender told me that he only reported to 2 credit bureaus, I think he only reports to trasunion and equafax, is there I can get the 3rd credit union to copy the scores of the other two or as my lender for my payment history or is there nothing I can do. And if there is nothing I can do when I get a credit score or vehicle loan would my scores be drastically uneven.
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Shogun
Posts: 10,925
Registered: ‎04-15-2011

Re: Score dropped 56 points!!

First off did they pull from the same bureau?  There are 3 of them and the information and scores on each can vary quite a bit.  Second, some creditors formulate their own credit scores, Cap1 is one for sure.  They have different score ranges and different criteria.  It doesn't mean your scores are that much different, just theyy're usind different algorithms to formulate a score.


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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New Visitor
John8818
Posts: 2
Registered: ‎12-15-2012

Re: Score dropped 56 points!!

Yeah there from the same credit bureaus. Equifax
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llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Score dropped 56 points!!


John8818 wrote:
Yeah there from the same credit bureaus. Equifax

You may want to double check. Amex almost always pull EX vs. EQ. Chase pulled EQ for me in the past, but Capital One always pulls all 3 reports and may be showing all 3 scores vs. one, or showing the score any of the 3.

 

Assuming for a second that all 3 are from EQ and all 3 were pulled the same day and all 3 were FICO scores. Now some lenders use an internal score vs. a FICO, but let's say it is a FICO. Some lenders pull a Classic score like you have on here or used by most all mortgage lenders, and yet others use a cc-enhanced FICO which weighs your CC-experience. That can explain a score difference and wouldn't mean your score changed.


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