12-18-2012 01:56 PM
When you said "algorithm", I assumed you meant which exact score. I don't expect anyone to know that TU FICO Classic 98 is based on Alogorithm 00950, TU Classic 04 is based on Algorithm 00P02, TU FICO 8 is based on Algorithm 00Q88, etc. All the algorithms used for score calculation are proprietary and are trade secrets.
It clearly is a proprietary score or a normal score with proprietary modifications. They clearly don't know the details or just wanted to get you off the phone if they referred you to TU. I can't imagine how many levels of customer support you would need to escalate to get to someone that knew details like this. Without a MS in math, preferably in statistics, I don't know they would even understand the principals.
I can't imagine you spoke with anyone that had a good understanding of the question.
12-18-2012 03:38 PM
Agreed. I just can't believe the difference in scoring through the algorithms. Granted I have done plenty of business with CEFCU including multiple personal loans and auto loans over the years that are PIF with no missed payments. However we are talking a revolving tradeline at 4k limit which I requested and was approved. I have to agree that the range from 666 to 713, regardless of model and both being from info provided by TU, really is concerning. Of course it is their money and they obviously set the risk threshold.
12-18-2012 03:46 PM
Maxedout - if I had to guess, the higher utilization is what is causing it. TU seems to be the tradtionally higher of the three reporting agencies. Also, if your pulling a lot of hard inquiries that can of course have an adverse affect. It could just be the "processing" time it takes for these agencies to keep up with credit card applications, inquiries, etc.