Reply
Established Member
jandlynn
Posts: 32
Registered: ‎05-14-2010
0

What is the Equifax score model used here?

[ Edited ]

My Equifax score here states 686, but I was just declined a PenFed CC. They pulled EQ and reported a score of 646 and  a major deliquency.

 

I haven't been late on anything since June 2007, does that still count as a major delinquncy? It was a car loan that went 60 days past due. 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What is the Equifax score model used here?

The EQ FICO version here is called Beacon 5.0.

 

Per FICO, a 60 then probably wouldn't be considered a major delinquency, but each lender has their own standards, so something from then could be weighed heavily in their eyes. They are conservative. I had FICOs in the mid-700s and they still turned me down due to having 20-25% util.

 

 

Established Member
jandlynn
Posts: 32
Registered: ‎05-14-2010
0

Re: What is the Equifax score model used here?

Thanks for the reply. SHoiuld I be concerned thatthere is a 40 point negative difference between what myFico reports for EQ and what PenFed reports as my EQ?

 

Why such a big difference? Also does Equifax use some vastly different model? My TU (Walmart & MyFico) is 709, Experian (from PSECU) is 701, what's the deal with Equifax?

 

I just revisited another thread from here which I posted 2 full years ago and apparantly my Equifax score was also 644 then, strange coincidence?


llecs wrote:

The EQ FICO version here is called Beacon 5.0.

 

Per FICO, a 60 then probably wouldn't be considered a major delinquency, but each lender has their own standards, so something from then could be weighed heavily in their eyes. They are conservative. I had FICOs in the mid-700s and they still turned me down due to having 20-25% util.

 

 


 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: What is the Equifax score model used here?

I wouldn't be concerned. If both scores were pulled at the same time/day then the difference would be due to the scoring models. In all liklihood Penfed is using a CC-enhanced FICO which weighs your past CC moreso.

 

 

Valued Contributor
thom02099
Posts: 1,350
Registered: ‎08-30-2011
0

Re: What is the Equifax score model used here?


llecs wrote:

I wouldn't be concerned. If both scores were pulled at the same time/day then the difference would be due to the scoring models. In all liklihood Penfed is using a CC-enhanced FICO which weighs your past CC moreso.

 

 


In addition, PedFed could have pulled a Beacon 9.0 score.  While not as common as the Beacon 5.0, there are lenders who do pull it.  And the differerences can be significant, both plus AND minus. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}