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New Member
Posts: 3
Registered: ‎10-02-2013
0

Very confused now- please help

Hello all,
I have been reading and following suggestions here for over a year. I have learned a lot and am thankful for all the knowledge made available.
I buy a copy of my reports here on this site monthly. I recently had the last 2 of my collections removed from my trans union report. I purchased a new t/u report on this site to see what type of increase in score that made. It was a moderate increase, bringing my score to 675! Yay me.... So I thought.
I applied for a CC from Barclays based on site feedback in conjunction with my score . I got the message of " further review required" I called the back door number,spoke to a guy that asked a few questions, job history, income, address. After that he said basically sorry we want to see longer history on the cc you currently have and a score. Increase. At that point I told him I have two cap one cards and a newer first premier. All with perfect payment history. He stated cap one cards are reporting as authorized user, not individual account. I'm pretty baffled by this, nobody else is on my cards. Then I asked why my score was not good enough, being a 675. The man stated my score was no where near that, and told me it was pulled from TU only, and the score was 583!!!! What the ??? How is this possible? It was my highest score I thought. I have read credit karma will be lower, which is accurate in my case being 646. I can't understand why there is a 92 point difference in myfico , and what a CC company pulls, especially when they tell me they are using a fico score. Can anyone educate me how to handle this? Now I have no idea what to believe.On top of a hard inquiry, which will probably drop my already pathetic new real score , I don't know how to accurately monitor my scores in preparation of a home and car loan. Thank you all for advice and direction.
Frequent Contributor
Posts: 371
Registered: ‎09-17-2012
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Re: Very confused now- please help

[ Edited ]

There are at least 49 different FICO scores. I say at least because there could be up to 49 for each of the 3 CRAs which will make it 49*3.

 

 

My guess is that the FICO you purchased from MyFICO.com is Classic FICO 98 score based on TU's CR and the one Barclay's pulled on you is one of the 48 other FICO scores, probably one of the Bankcard enhanced ones. I suggest that you try another lender who may be using Classic FICO scores that MyFico.com sells to us. 675 should be good enough to get you at least something. I recommend Bank of America as I think they use Experian FICO 08 scores (the same one sold by MyFico.com). EX should be similar to your TU in theory.. but then again, my EQ and EX pulled on the same day differes by more than 70 points..

 

I don't think there is enough information out there for people to truely understand even in this forum. People are still trying to figure it all out.

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297

 

It is very confusing indeed.

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Valued Contributor
Posts: 1,841
Registered: ‎09-18-2012
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Re: Very confused now- please help


browland wrote:
Hello all,
I have been reading and following suggestions here for over a year. I have learned a lot and am thankful for all the knowledge made available.
I buy a copy of my reports here on this site monthly. I recently had the last 2 of my collections removed from my trans union report. I purchased a new t/u report on this site to see what type of increase in score that made. It was a moderate increase, bringing my score to 675! Yay me.... So I thought.
I applied for a CC from Barclays based on site feedback in conjunction with my score . I got the message of " further review required" I called the back door number,spoke to a guy that asked a few questions, job history, income, address. After that he said basically sorry we want to see longer history on the cc you currently have and a score. Increase. At that point I told him I have two cap one cards and a newer first premier. All with perfect payment history. He stated cap one cards are reporting as authorized user, not individual account. I'm pretty baffled by this, nobody else is on my cards. Then I asked why my score was not good enough, being a 675. The man stated my score was no where near that, and told me it was pulled from TU only, and the score was 583!!!! What the ??? How is this possible? It was my highest score I thought. I have read credit karma will be lower, which is accurate in my case being 646. I can't understand why there is a 92 point difference in myfico , and what a CC company pulls, especially when they tell me they are using a fico score. Can anyone educate me how to handle this? Now I have no idea what to believe.On top of a hard inquiry, which will probably drop my already pathetic new real score , I don't know how to accurately monitor my scores in preparation of a home and car loan. Thank you all for advice and direction.

Yikes! I'm sorry that you got denied. That's not a fun feeling.

 

They are using a different version for sure. When I apped with them back in July, myFICO had me at 730...the letter I got from Barclays put me at 760.

 

I know that this can be discouraging. The good news is that they will send you a letter in the mail with the score and the reasons your score is that way. I would look at the reasons listed that contributed to that score and then go from there.

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New Member
Posts: 3
Registered: ‎10-02-2013
0

Re: Very confused now- please help

So what should a person do as of this point? If there is no true way to see what your actual credit rating is? Or at least when it comes to transunion. I have seen an 18 point diference on scoring from equifax that my credit union just pulled compared to the report I purchased a day before. It seems the reports I buy here are always higher than what any lender pulls. In actuality, the scores that the credit card company has pulled and the credit union are almost identical to the scores I purchase from credit report dot com and or the actual credit bureaus. Interesting.... Sad all the same lol

Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Very confused now- please help

First, if Cap 1 is reporting as AU and not individual that's a problem. If it's is, there are some lenders that discount AUs ( sounds like Barckays is one) and consequently their scoring will 'remove' that accounts history from your score.

When you get your letter, get a copy from TU and make sure it reads as individual. If it does not, dispute the reporting and once updated have TU forward a copy to Barclays. Chances are they will want to re-pull your cr but if it's that big of difference it might be well worth the HP.
New Member
Posts: 3
Registered: ‎10-02-2013
0

Re: Very confused now- please help


09Lexie wrote:
First, if Cap 1 is reporting as AU and not individual that's a problem. If it's is, there are some lenders that discount AUs ( sounds like Barckays is one) and consequently their scoring will 'remove' that accounts history from your score.

When you get your letter, get a copy from TU and make sure it reads as individual. If it does not, dispute the reporting and once updated have TU forward a copy to Barclays. Chances are they will want to re-pull your cr but if it's that big of difference it might be well worth the HP.

Thank you Smiley Happy

Thank you all actually for the replys. Hopefully this waiting game will pass quickly and I can go back to having good scores again. I tell ya what, I passed off identity theft as being a joke and simple to correct. I have since eaten those words by more than words can explain, 18 months have passed and I still couldnt finance a pack of bubble gum and make really good money. No debt to speak of, other than normal things that go with a house and kids. Anyways, thanks again people !

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