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Established Member
Posts: 32
Registered: ‎05-14-2010
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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
Posts: 32,869
Registered: ‎08-04-2007
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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
Posts: 32
Registered: ‎05-14-2010
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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
Posts: 32,869
Registered: ‎08-04-2007
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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
Posts: 1,465
Registered: ‎08-30-2011
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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. 

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EX = 818 EQ = 822 TU = 830 - 01/2015
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