topic Re: Got My X1 Denial in Credit Card Applications

Got My X1 Denial

mrtech3 — Mon, 03 Jan 2022 15:50:29 GMT

Too many recently opened credit cards and insufficient income for amount requested...What's funny is the process never linked up my accounts and how can I have insufficient income for amount requested when they set the amount...oh well....EX 709...120k yearly income...I do have a few new cards though...maybe next time....

Re: Got My X1 Denial

Anonymous — Mon, 03 Jan 2022 16:10:22 GMT

@mrtech3 wrote:
Too many recently opened credit cards and insufficient income for amount requested...What's funny is the process never linked up my accounts and how can I have insufficient income for amount requested when they set the amount...oh well....EX 709...120k yearly income...I do have a few new cards though...maybe next time....

Don't take it personally. The UW will just pick a reason from a list. It does not mean it is the real reason. Without knowing your utilization it is hard to say exactly. Also your score is ok but something is holding it down. It could be a late payment or something that is keeping your score from the mid 750's. This will help figure out what went wrong and if you should just apply again in 30 days. But something is not right with your score based on what you wrote here.

Thanks

Mark

Re: Got My X1 Denial

mrtech3 — Mon, 03 Jan 2022 17:59:33 GMT

I have some 30 day lates from 2019 but weird thing is they are on all 3 reports with the same 15% utilization and my EQ is 724 and TU is 758....

Re: Got My X1 Denial

Anonymous — Mon, 03 Jan 2022 18:12:43 GMT

@mrtech3 wrote:
I have some 30 day lates from 2019 but weird thing is they are on all 3 reports with the same 15% utilization and my EQ is 724 and TU is 758....

It all depends where you are getting your scores from. The TU website gives out fake scores. People go onto TU thinking that that is their score which it is NOT.. If you go onto EX that is your REAL FICO score, EQ too is giving out fake scores on their site as well.

Only real FICO scores are used for this card and many others. EX again is the only one of the 3 giving out real FICO scores.

Credit Karma, Nerd Wallet etc, are all giving out the fake scores.

X1 will be looking at your FICO score at EX which is correctly posted on the EX site. There are many other cards you can qualify for but I have not seen any X1 approvals with some recent lates. They tend to give out higher CL's so they are looking for a clean report with no recent lates. In the future to not waste a HP please go on here and post what you are looking for and you will be sent in the right direction instead of hit and miss. I do not suggest you try X1 again for at least a year and watch and see first if anyone is starting to be approved with lates.

Thanks

Mark

Re: Got My X1 Denial

OmarGB9 — Mon, 03 Jan 2022 18:27:38 GMT

@Anonymous wrote:
@mrtech3 wrote:
I have some 30 day lates from 2019 but weird thing is they are on all 3 reports with the same 15% utilization and my EQ is 724 and TU is 758....

It all depends where you are getting your scores from. The TU website gives out fake scores. People go onto TU thinking that that is their score which it is NOT.. If you go onto EX that is your REAL FICO score, EQ too is giving out fake scores on their site as well.

Only real FICO scores are used for this card and many others. EX again is the only one of the 3 giving out real FICO scores.

Credit Karma, Nerd Wallet etc, are all giving out the fake scores.

X1 will be looking at your FICO score at EX which is correctly posted on the EX site. There are many other cards you can qualify for but I have not seen any X1 approvals with some recent lates. They tend to give out higher CL's so they are looking for a clean report with no recent lates. In the future to not waste a HP please go on here and post what you are looking for and you will be sent in the right direction instead of hit and miss. I do not suggest you try X1 again for at least a year and watch and see first if anyone is starting to be approved with lates.
Thanks
Mark

While it's true that EQ and TU do not provide FICO scores, it's NOT true that the scores they do provide are "fake." EQ and TU both provide a Vantagescore 3.0, which, while rarely, if ever, used by lenders, is still a real score.

Re: Got My X1 Denial

Jnbmom — Mon, 03 Jan 2022 18:55:25 GMT

While CK and wallet hub etc do not provide FICO scores it is clearly stated on their website that they are "Vantage" scores so people should be well aware of that .

@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .

Re: Got My X1 Denial

Anonymous — Mon, 03 Jan 2022 19:09:22 GMT

@Jnbmom wrote:
While CK and wallet hub etc do not provide FICO scores it is clearly stated on their website that they are "Vantage" scores so people should be well aware of that .

@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .

Call it as you wish. A friend of mine who is a UW at a major bank told me when I asked her about the Vantage score system;

"Why would we use them? they can swing up to 100 points in either direction and they are NOT accurate scores" This is why they only use FICO scores. You can defend the Vantage system all you want but if banks do not trust it or use it that should say it all. One or two banks may be using them and if you look at those banks they have the lowest customer satisfaction in the industry. Enough said

Thanks

Mark

Re: Got My X1 Denial

mrtech3 — Mon, 03 Jan 2022 19:51:49 GMT

I am a member of Experian and I have access to all 3 bureaus with current FICO 8 scores....Which are currently 709, 724, 758....I dont have any use for a vantage anything....lol

Re: Got My X1 Denial

Jnbmom — Mon, 03 Jan 2022 23:54:36 GMT

@Anonymous wrote:
@Jnbmom wrote:
While CK and wallet hub etc do not provide FICO scores it is clearly stated on their website that they are "Vantage" scores so people should be well aware of that .

@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .
Call it as you wish. A friend of mine who is a UW at a major bank told me when I asked her about the Vantage score system;
"Why would we use them? they can swing up to 100 points in either direction and they are NOT accurate scores" This is why they only use FICO scores. You can defend the Vantage system all you want but if banks do not trust it or use it that should say it all. One or two banks may be using them and if you look at those banks they have the lowest customer satisfaction in the industry. Enough said
Thanks
Mark

@Anonymous

First off I am not defending the Vantage score, I am simply stating the fact that these are scores . Yes a majority of lenders do not rely on these, but the fact remains they are a version. I personally don't like how they fluctuate compared to FICO but it is what it is.

Re: Got My X1 Denial

SoCalGardener — Thu, 06 Jan 2022 19:26:29 GMT

@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .

I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing!

Re: Got My X1 Denial

Adkins — Thu, 06 Jan 2022 20:55:29 GMT

@SoCalGardener wrote:
@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .
I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing!

@SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

Re: Got My X1 Denial

SoCalGardener — Thu, 06 Jan 2022 21:06:30 GMT

@Adkins wrote:
@SoCalGardener wrote:
@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .
I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing!
@SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:
https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

Thanks! I know I see it all the time, especially the "FAKO" version, so I wondered what was up. I don't think I've ever used any of those terms, but if it's a no-no I want to be sure not to, you know?!

Re: Got My X1 Denial

Adkins — Thu, 06 Jan 2022 21:12:48 GMT

@SoCalGardener wrote:
@Adkins wrote:
@SoCalGardener wrote:
@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .
I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing!
@SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:
https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23
Thanks! I know I see it all the time, especially the "FAKO" version, so I wondered what was up. I don't think I've ever used any of those terms, but if it's a no-no I want to be sure not to, you know?!

😉

Re: Got My X1 Denial

Reviewers — Fri, 07 Jan 2022 01:30:22 GMT

Sorry about the denial, I got access to a invite code and I applied today and got denied as well. EX 719 with enough income as well. It's weird because I have 0 hard inquiries and I have a ton of pre-approvals from other cards such as AMEX Blue Cash/Capital One Venture/Capital One SavorOne/Chase Sapphire Preferred and much more. Hopefully you & I can both get the X1 card in the future though, we have all 2022

Re: Got My X1 Denial

Aim_High — Fri, 07 Jan 2022 03:43:23 GMT

@Jnbmom wrote:
While CK and wallet hub etc do not provide FICO scores it is clearly stated on their website that they are "Vantage" scores so people should be well aware of that .

@Anonymous Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .

+1 to @Jnbmom and @OmarGB9.

@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model. The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless. It's not. Vantage scores were introduced in cooperation between the three Credit Reporting Bureaus and don't use the FICO model. But they have a scoring methodology and use real data from a consumer credit report, just like FICO.

Just like many other scoring models, Vantage scores are weighted differently. But they are REAL credit scores, based on REAL reported data. And yes, they can vary substantially from FICO. But one thing we try to teach on the forums is that there are literally dozens of score models, the models have large variations, and the scores are always in flux as credit scoring factors change. Someone doesn't just have ONE credit score, even if they are using FICO scores. Understanding that nuance is important.

For credit cards, there are multiple FICO models that are used by lenders and some of them can ALSO vary substantially from the commonly-reported FICO 08. Even though FICO 09 is closely related and similar to FICO 08, it reports somewhat differently from FICO 08. And those two scoring models are the most commonly used ones for credit card approvals. However, some lenders use the older FICO scoring models when processing credit cards (FICO 02 - 03 - 05), even though they are commonly referred to as the "mortgage scores." For example, AOD FCU and DCU are two popular credit unions on this board that both pull EQ FICO 05, but they are far from alone in pulling something other than a version of FICO 08/09. We had a lot of members unpleasantly surprised at denials or less favorable than expected terms because their FICO 05 lagged their FICO 08 by 40 to 80 points. (See the AOD FCU approval thread or the original AOD FCU Megathread for data points.) Even a "standard" FICO 08 can vary between the three CRBs due to differences in the data on file with each or by how FICO customizes the model for that CRB.

Even though the majority of lenders use some variation of the FICO score in underwriting, that doesn't make the Vantage scores completely worthless, IMO. Sometimes, they are quite accurate. My Vantage scores are usually within about 10-15 points of my FICOs, typically slightly lower. By themselves, they could give someone without paid access to a FICO score (or free access through a credit card) a rough idea of where their credit rates. And I've found them helpful for monitoring trend information, since they will often react to changes in my report just like FICO scores. I see them as a general barometer. The free services such as Credit Karma are valuable in helping consumers to understand and track their credit information, even if they don't have many cards or the ability or desire to pay for credit scoring services.

However, they are only one tool in monitoring credit health. Unless you've got a paid membership to My FICO where you're getting access to many scores, any single credit score whether FICO or Vantage can be taken out of context for estimating approval odds. The best thing is to be aware of the differences, not only between Vantage and FICO but also between the various FICO models and which lenders pulls which Credit Reporting Bureau and which FICO report (link provided and updated by @credit_is_crack)

Apologies to OP @mrtech3 for the lengthy OFF-TOPIC but the conversation had already "gone there." Now back to our regularly-scheduled thread topic, the X-1 Card Denial.

Re: Got My X1 Denial

SoCalGardener — Fri, 07 Jan 2022 18:24:06 GMT

@Aim_High wrote:
@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model. The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless. It's not....

I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.

With that, OP please accept my apologies, too, for taking this further off-topic. I'll stop now!

Re: Got My X1 Denial

Jordan23ww — Fri, 07 Jan 2022 18:42:08 GMT

Sorry to hear about your denial!😔🙁 Best wishes to you next time you decide to apply!

Re: Got My X1 Denial

Anonymous — Fri, 07 Jan 2022 20:03:44 GMT

@SoCalGardener wrote:
@Aim_High wrote:
@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model. The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless. It's not....
I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.

With that, OP please accept my apologies, too, for taking this further off-topic. I'll stop now!

Thanks

Mark

Re: Got My X1 Denial

Yasselife — Sat, 08 Jan 2022 00:16:22 GMT

I use CK for educational purpose, and check how my profile's health is looking; It's a real score but I'm also aware of it not being generally used by banks, though many people rely on those scores at the time to apply for credit and as I've seen in CK some are only left with a hard pull.

Re: Got My X1 Denial

Aim_High — Sat, 08 Jan 2022 00:43:03 GMT

@SoCalGardener wrote: I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing!

@SoCalGardenerwrote:
@Aim_High wrote:
@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model. The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless. It's not....
I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.

Maybe I'm the one who is a little confused now, @SoCalGardener. Not one but two different "Community Leaders - Super Contributors" objected to the label of Vantage Scores as "fake scores." Then you asked a question which I wanted to help answer. I'm not sure why there is a need for a "counter" unless your question wasn't really a question at all? The only reason I addressed the reply to you was because you asked the original question.

The usage of all capitalizations for both terms was indeed both intentional and appropriate in context. FAKO is typically capitalized on My Fico since it is a derivative of the capitalized acronym FICO; FAKO is also capitalized in the linked "Common Abbreviations" posting in this thread. And I purposefully capitalized FAKE for emphasis in comparison to FAKO to point out where the discussion veered off into a grey area.

Some seaches in the archives shows there has been discussion about FAKO going back to the early days of the forum, at least 15 years. When these other scores began to develop, the FAKO term arose as a concise means to reference any non-FICO score. Members just needed an abbreviated way to reference non-FICO. Due to this being My FICO forums and with FICO being the original and dominant credit score, there has always been some disdain for non-FICO scores, but FAKO wasn't meant in a malicious way. There are references to it being an almost playful term of endearment instead of it being meant to be a slur. Yes, FAKO is a combination of "fake" and "FICO" but it's more of a tease and taunt. On the other hand, repeatedly calling Vantage scores "fake scores" and berating their usefulness goes beyond the label "FAKO" and then takes it up a notch. Vantage scores are both real and can have a purpose when used in context. That's also the same for all the various models of FICO scoring, even though you may find wide differences between them. Calling Vantage scores "fake" just because they come up with a different number is like saying any FICO score that doesn't agree precisely with an EX FICO 08 is "fake." They're all valid, based on the methodology and algorithms which were applied.