@Anonymous wrote:
@ReVeLaTeD wrote:
llecs is correct here, and I would go a step further by saying that I have never encountered an installment loan institution that uses the plain jane FICO. That's worked to my advantage, truth be told - I have over 8 auto loans paid and never late on my credit report currently. As a result the score they pull is actually higher than the FICO score, because they were weighing more heavily on auto loan history than everything else. Mortgage loans, to my knowledge, frequently do the same thing - there isn't as much weight put towards credit card history as installment history and general payment activity.
Credit cards, on the other hand, seem to just use the boilerplate FICO scores, but get butthurt on the smallest of infractions. Risk obsessive, I call them. My credit union is the only exception; they look at your credit card history as more important than everything else, which got me a good card with them since I have over 30 credit cards in my history with not one missed payment.
Which EX FICO does your credit union use? DCU provides free EX FICO end of each month that is different than the EX FICO that they use for loans which is different than the EX FICO my I asked my mortgage brokerto pull on trimerge - all same day...I've questioned for some time the differing FICO scores that seem to be used and who utilizes which. .
They won't share that info. i just happen to know it to be the case given empirical evidence. They issued me a credit card, no questions asked, my highest credit limit (as per my sig). When I talked to the gal she flat out said that credit card performance dictates whether they will give you a card; current credit limits dictate how much credit you get. But they wouldn't share the type of scoring model they use.
On the mortgage side I know it's the case because I worked for one of the companies who issues mortgage credit reports...you've likely heard of Rapid Rescore, that was one of the products the company offered. I've spoken to many a mortgage company who just didn't care about that Macy's card with a 120 day late showing, they cared about the fact that the applicant was timely with their installment loans and their past mortgage.
Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
