topic Re: Are PenFed Using FICO Scores? in Credit Cards

Is PenFed using FICO Scores?

DI — Sat, 19 Sep 2009 20:32:32 GMT

After being approved for a credit card with PenFed, I asked the representative what was my score that was used from EQ. I was told it was 792. Are they using FICO scores?

Message Edited by DI on 09-19-2009 03:32 PM

Re: Are PenFed Using FICO Scores?

Anonymous — Sat, 19 Sep 2009 20:25:26 GMT

Could easily be another FICO iteration.

Re: Are PenFed Using FICO Scores?

pattycake — Sat, 19 Sep 2009 20:54:54 GMT

Remember that what you see and what they see may not be the same FICO. You and I see our "consumer FICO scores," while they are likely using an enhanced version.

Re: Are PenFed Using FICO Scores?

DI — Sat, 19 Sep 2009 20:57:49 GMT

I like the enhanced version. 792 after many recent inquiries is excellent.

Re: Are PenFed Using FICO Scores?

Anonymous — Sat, 19 Sep 2009 21:56:06 GMT

Might be the bankcard enhanced FICO. That would explain why they hate recent new CC accounts so much. New CC accounts tank the bankcard enhanced FICO score badly.

Re: Are PenFed Using FICO Scores?

DI — Sat, 19 Sep 2009 22:20:48 GMT

@Anonymous wrote:
Might be the bankcard enhanced FICO. That would explain why they hate recent new CC accounts so much. New CC accounts tank the bankcard enhanced FICO score badly.

Chase says they don't like too many recent credit inquiries because they don't know what accounts may show up on one's credit reports. And that one may be abusing the cards.

Re: Are PenFed Using FICO Scores?

Anonymous — Sun, 20 Sep 2009 00:40:53 GMT

@DI wrote:
@Anonymous wrote:
Might be the bankcard enhanced FICO. That would explain why they hate recent new CC accounts so much. New CC accounts tank the bankcard enhanced FICO score badly.
Chase says they don't like too many recent credit inquiries because they don't know what accounts may show up on one's credit reports. And that one may be abusing the cards.

Chase doesn't really like any activity other than putting all your money in an envelope, addressing it to:

JP Morgan Chase

270 Park Avenue

New York City

and sending it off.

That said, they aren't wrong about the inquiries.

(The above address was formerly the HQ of Union Carbide. Both I and my cousin had offices there at one time!)

Re: Are PenFed Using FICO Scores?

pattycake — Sun, 20 Sep 2009 01:13:48 GMT

@DI wrote:
I like the enhanced version. 792 after many recent inquiries is excellent.

Me too! They approved me instantly for a $10K CL, no pay stubs or anything else required!

Re: Are PenFed Using FICO Scores?

Anonymous — Sun, 20 Sep 2009 01:17:29 GMT

Praise for PenFed's practices! OMG - I must be having a hallucination!

Re: Are PenFed Using FICO Scores?

Anonymous — Sun, 20 Sep 2009 06:08:32 GMT

thats funny because I just called penfed to inqurire about refi-ing an auto loan - gave me 3.9% for 60 months - I am thinking bout this but they will only do 20k but I owe 26 on the car.. - so they said i have to look for some way to wipe off the negative equity.. The rep also said they dont use fico model which was weird to me..

Re: Are PenFed Using FICO Scores?

Anonymous — Sun, 20 Sep 2009 06:19:09 GMT

@Anonymous wrote:
thats funny because I just called penfed to inqurire about refi-ing an auto loan - gave me 3.9% for 60 months - I am thinking bout this but they will only do 20k but I owe 26 on the car.. - so they said i have to look for some way to wipe off the negative equity.. The rep also said they dont use fico model which was weird to me..

There are lots of scoring models. They don't necessarily have to use FICO. Of course you speak to CSR's there and not credit analysts so they don't have to have every little thing locked down real tight either when it comes to the minutiae of credit scoring.

As for the loan limit of a re-fi it is 100% of the NADA retail value for your car. If you are upside down in your current loan it would be up to you to make up the difference. Nobody is going to loan you more that 100% of NADA retail for a car.