Regular Contributor
localuser
Posts: 140
Registered: ‎09-07-2012
Re: Why big difference of Equifax Credit Score here and when I applied for a CC

llecs wrote:

Spoolingbyu wrote:

 

Scores range from a low of 300 to a high of 620.

 

 


It's not a FICO. They use their own internal score to approve/deny folks.


this is correct I called them on it the other day.  I was a little peeved since my TU which I bought from here is 670

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Established Contributor
cashnocredit
Posts: 1,024
Registered: ‎07-18-2009
Re: Why big difference of Equifax Credit Score here and when I applied for a CC

llecs wrote:

That narrows out report changes, so the CC's score would either be their own in-house non-FICO score, an older or newer EQ FICO, or a CC-enhanced FICO. I vote for the latter.


Until recently I would have thought the same thing. About a week ago the CFPB released a report that analyzed an extremely large number of consumer reports in order to determine the difference between the available scores lenders use as well as so called "educational scores" aka FAKOs.

One particular portion of the study outcome was that generic FICO scores correlated almost perfectly (.99) with credit card enhanced FICO scores of the same generation.

 

Here's the thread which includes a link to the pdf. It's perhaps now the gold standard when someone is confused about credit score models.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/CFPB-released-a-report-comparing-FAKOs-FI...

 

It helps to have had a statistics course but a fair amount can be discerned from the prologue and text.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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