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Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013

Wells Fargo Experian Score vs myfico score purchased here?

Wells Fargo has been offering me a credit card for several months now. I transferred an auto loan to them late last year due to being offered a lower interest rate so I have an established relationship. Filled out the app on-line and instant approval for $2k. Pretty disappointed with the initial CL but with all of my new accounts over the last 2 months I knew the inquiries would effect me. What I was most surprised with the Experian score they provided. 40 pts different than my score here? Does anyone know if they use a different scoring model? Obviously, there's something different. Anyone with similar experience?
Established Contributor
lhcole77
Posts: 976
Registered: ‎09-18-2012

Re: Wells Fargo Experian Score vs myfico score purchased here?

I'm a WF customer and have taken advantage of their free score offer too.

It's not a true FICO score. It's a custom vantage score (still on scale from 300-850) developed for WF.

Their disclaimer states "for educational purposes only".

Hope this helps. =)



EX08 FICO 738. EQ08 FICO 736. TU08 FICO 732.
Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013

Re: Wells Fargo Experian Score vs myfico score purchased here?

Thank you for the response. However, I did not utilize a "free score" offer. The score WF provided was from the hard pull they did of my Experian report when I app'd and was approved for a new WF Visa. I'm assuming this would be a "true" Experian Fico as opposed to something being offered through their website. What I'm trying to decipher is whether or not it's a different Experian Fico model. Something like TU 98', purchased here, vs Walmart TU Fico.
Established Contributor
lhcole77
Posts: 976
Registered: ‎09-18-2012

Re: Wells Fargo Experian Score vs myfico score purchased here?

Oops...I misread your post. My bad.

From what I know some banks use special FICO scoring models specifically for credit cards, along the same lines of using an auto enhanced FICO for auto loans.

From what I've read on here the myFICO EX score now offered is the latest version and most lenders who are pulling EX aren't using that version.

Are you comparing your myFICO EX score vs. WF pull?



EX08 FICO 738. EQ08 FICO 736. TU08 FICO 732.
Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013

Re: Wells Fargo Experian Score vs myfico score purchased here?

Yes. My Experian Fico score was purchased here literally about 1 hour before I completed the WF app. I always make it a habit of purchasing an updated score before applying for a new card. While with some creditors it's hard to know 100% of the time which CRA they're going pull from, it's been my experience that a little research here goes along way. To date, I've never missed one. In other words, by doing a little research regarding which CRA a creditor has recently been pulling from, I've been able to purchase my score here and have a pretty good idea regarding the terms I'll most likely be offered if I apply. So far, I've never missed one...knock on wood. In other words, I haven't had to purchase multiple scores here every time I apply. I'll only purchase the Fico score for the CRA that the creditor I'm seaking out is most likely to pull. Of couse there's always a creditor out there with the dreaded triple pull. I'll usually just roll the dice with those. It helps that my TU and EQ scores are always within 1-2 points of each other. Typically, my EX is always higher. Not sure why, all three CR's are nearly identical.
Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013

Re: Wells Fargo Experian Score vs myfico score purchased here?

If Wells Fargo used any version of FICO, then it has to say FICO somewhere on the letter. Does it say that? 

Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013

Re: Wells Fargo Experian Score vs myfico score purchased here?

Now that you ask the question...as a matter of fact...it doesn't. I was sure when I called the underwriting dept. for WF, I wasn't happy with the initial CL of $2k, they told me my score was based on an Experian Fico model. I received a letter from them a couple of days before my card arrived. The letter outlined the reasons for the initial CL, "too many recent INQ's". After you asked your question I checked the letter again and did not find any reference to the score being a Fico score. It did however say their scoring model had a range of 325-850 which I know does not correspond with Fico's traditional model of 350-850.
Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013

Re: Wells Fargo Experian Score vs myfico score purchased here?

[ Edited ]

Then it is probably their own scoring model, based on info from your Experian report, or something like that. If it doesn't clearly say FICO somewhere, then it isn't. 

Established Contributor
lhcole77
Posts: 976
Registered: ‎09-18-2012

Re: Wells Fargo Experian Score vs myfico score purchased here?

From what I've read on here it's not uncommon for lenders to take the FICO models and then use their own internal scoring with them.

I've been a happy Wells Fargo customer for several years. I've been able to get credit limit increases every 4 to 6 months using SPs.



EX08 FICO 738. EQ08 FICO 736. TU08 FICO 732.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Wells Fargo Experian Score vs myfico score purchased here?

That would more than likely be the EX FICO Classic V3.  They have an actual score range of 325 - 850.


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