topic Re: Bank scores in Credit Card Applications

Bank scores

Ramsport — Sun, 17 Jul 2022 17:55:52 GMT

I'm hoping the people that have been around a while can answer this.

If a bank that you do business with offers a credit score, when you apply for something,

Do they use that internal score or do they pull a fresh report.

I just had a cat with Wells Fargo. My internal score is way way less than my actual FICO score. They claim they get it from FICO and experian.

And they can't tell me if they pull internally or they pull a fresh report. They also couldn't tell me what model.

Thank you for any responses.

Re: Bank scores

OmarGB9 — Sun, 17 Jul 2022 18:00:48 GMT

If it's internal, it's proprietary and they may not want to disclose how they calculate it. Generally, companies that use their own internal/proprietary scores use a pull that's a month or two old, and whatever bureau they pull from, they use the *contents* of the report to generate their internal score, which is pretty much always different from a FICO 8.

Re: Bank scores

Ramsport — Sun, 17 Jul 2022 18:39:15 GMT

Thank you for responding.

Well I know they didn't pull a new report because I always get an alert from Experian of any changes and that's instantaneous.

So what's the point of them offering a credit score if it's going to be old.

Re: Bank scores

RockyTop_TN — Sun, 17 Jul 2022 19:32:01 GMT

Who knows. My Wells Fargo shows 783 (effective June 29) and it says from Experian.

my Experian, from their website, and my account says 765 as of July 10.

Re: Bank scores

OmarGB9 — Sun, 17 Jul 2022 20:11:41 GMT

@Ramsport wrote:
Thank you for responding.
Well I know they didn't pull a new report because I always get an alert from Experian of any changes and that's instantaneous.
So what's the point of them offering a credit score if it's going to be old.

Yes you'd be alerted to a hard pull, but companies don't do hard pulls to do their monthly reviews/score updates. They do soft pulls, which you would not be alerted about. And the point is that it's just a free perk of being a cardholder with them. They don't *have* to provide that free credit score you know. It costs them money to pull your score and display it for you.