Walmart/Ge cap Declined Weird Score Model

[SupraTurbo2jz]

Ok forgive me for my ignorance but I just got declined for a Walmart card...and it stated I had a 388 score then it goes on to say the range is 300 low to 620 high...hum Haven't seen that model and apparently its from Trans Union...idk any insight to this scoring model would be great.

[llecs]

GEMB (or whatever they call themselves now) use but FICO and sometimes will use their own internal scoring system with that range.

[Anonymous]

I recieved the same denial with a similar score...I have no idea what or where this model came from. They pulled EX for me. My EX report is a mess right now. If you have any luck with backdoor recon...pm me please.

[GregB]

I have the full TU catalog and there is no score listed for that range. I have to guess it is their own.

[llecs]

Here's a brief mention:

http://www.ge.com/ar2010/pdf/GE_AR10.pdf

Page 137

SUBPRIME For purposes of Consumer related discussion, subprime

includes consumer finance products like mortgage, auto, cards,

sales finance and personal loans to U.S. and global borrowers

whose credit score implies a higher probability of default based

upon GECC’s proprietary scoring models and definitions, which

add various qualitative and quantitative factors to a base credit

score such as a FICO score or global bureau score. Although FICO

and global bureau credit scores are widely accepted ratings of

individual consumer creditworthiness, the internally modeled

scores are more reflective of the behavior and default risks in the

portfolio compared to stand-alone generic bureau scores.

[cd2004]

I got denied in September and it told me that my score was 581 out of a scale 150-950..

[Anonymous]

This is just another way to make getting a decent card impossible. GE promoting their own scoring system which is "based on fico" but.....is a horrible idea. This just adds confusion to the Credit Game. If every CC starts creating their own models, what is the point in sustaining the FICO system. It has been the industry standard. While it is still horribly flawed, it is what everyone knows and works to improve. 

When I recieved my denial at first glance I almost came out of my chair with the horribly low number thinking my credit was ruined and had no idea. If the above member had a high 500 and was denied. What do you need to get approved? What is the standard average score? 

Very decieving IMO.

[GregB]

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@cd2004 wrote:

I got denied in September and it told me that my score was 581 out of a scale 150-950..

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That is the TU New Account Model or a similar CRA generated score if it was from EX or EQ. That seems to be a fairly common score used for new accounts from a CCC that doesn't want to pay FICO fees.

[pizzadude]

I have seen this score model used by CUs as well, I guess there must be a significant difference between the cost of a FICO pull vs a FAKO for lenders.