topic Re: Amex said my score is 667 but lender says 736? in Credit Cards

Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 18:15:01 GMT

I just applied for a Zync. They said length of credit history, derogatory( 30 day late x4, none in last 12 months 1 in last 2 years 2 in last 3 years and 3 in last 4 years nothing else negative on my reports at all) and amount of available credit(I owe 1 dollar out of 800 limit) utilization is 1% I just have two cards with 400 limit, lack of installment loan(paid off car before mortgage) and my fico score were the reasons for denial.

I just got a mortgage which isn't reporting yet and the lender pulled a 736 FICO. I have the EXACT same credit report, but I owe even less on my credit card by a dollar or two and another inquiry or two from the mortgage process and Amex says I have a 667.... I don't understand how this is possible. I have many many positive tradelines and only the one negative TL worst reporting being the 30 day and it was over 12 months ago as of today. They said if I have a credit report showing my score I can fax it over to them but since you can't obtain an experian fico how can I do that? I have my lender papers which show my score from a couple months ago when I got my mortgage in september. Seriously upset.

Re: Amex said my score is 667 but lender says 736?

drsmith — Thu, 01 Dec 2011 18:24:50 GMT

Did the lender not give you a copy of your report?

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 18:30:23 GMT

im thinking it may b the lack of CL's, zync has no preset limit and im thinking they may want u to have more experience with hi CL's plus u have to pay it off every month so u cant have any lates

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 18:38:01 GMT

@drsmith wrote:
Did the lender not give you a copy of your report?

I beleive I do have a copy of it somewhere, I should use that?

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 18:45:04 GMT

Just applied for discover more and got the 5-7 day message. Called in, verified some information about myself and said they couldn't give me a decision over the phone.

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 18:51:21 GMT

Does your lender use the same fico model as amex? That is probably the difference

Re: Amex said my score is 667 but lender says 736?

CS800 — Thu, 01 Dec 2011 18:58:09 GMT

@Anonymous wrote:
im thinking it may b the lack of CL's, zync has no preset limit and im thinking they may want u to have more experience with hi CL's plus u have to pay it off every month so u cant have any lates

When I got my Zync, my highest CL was $1100 with Cap One

Re: Amex said my score is 667 but lender says 736?

tcbofade — Thu, 01 Dec 2011 19:01:43 GMT

@Anonymous wrote:
Does your lender use the same fico model as amex? That is probably the difference

+1.

Let's not discuss how I discovered this... ... but the CRA uses it's own scoring model. Bank A uses it's own scoring model. Bank B uses it's own scoring model.

Thus, it is ENTIRELY possible, and even realistic to pull your score with X cra and have any number of lenders see a DIFFERENT score than you do.

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 19:05:00 GMT

You sure your lender didn't pull a FAKO instead of a FICO?

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 19:06:18 GMT

@tcbofade wrote:
@Anonymous wrote:
Does your lender use the same fico model as amex? That is probably the difference
+1.

Let's not discuss how I discovered this... ... but the CRA uses it's own scoring model. Bank A uses it's own scoring model. Bank B uses it's own scoring model.

Thus, it is ENTIRELY possible, and even realistic to pull your score with X cra and have any number of lenders see a DIFFERENT score than you do.

My lender used the traditional Experian model that most other mortgage lenders are using. I'll have to look up what it says for the exact name.

I just did a CLI on my Slate, from 400 to 1200. Can I leverage this to my advantage in my Discover/Amex application?

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 19:09:26 GMT

@Anonymous wrote:
You sure your lender didn't pull a FAKO instead of a FICO?

Thanks for the reply but that would be foolish of them to do that. This is what my lender pulled:

704, Equifax Beacon 5.0

736 Experian FICO-II

741 TransUnion FICO Classic 04

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 19:10:48 GMT

@CS800 wrote:
@Anonymous wrote:
im thinking it may b the lack of CL's, zync has no preset limit and im thinking they may want u to have more experience with hi CL's plus u have to pay it off every month so u cant have any lates

When I got my Zync, my highest CL was $1100 with Cap One

I just got my Chase slate CLI'd to 1200... How can I use that in my recon?

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 19:12:22 GMT

Wonder why AmEx pulled so much lower. Curious cause I'm trying to teach myself as much about credit as I can, so I don't run into major roadblocks in the future.

Re: Amex said my score is 667 but lender says 736?

CreditMuppet — Thu, 01 Dec 2011 19:20:36 GMT

@doublespaces wrote:
I just applied for a Zync. They said length of credit history, derogatory( 30 day late x4, none in last 12 months 1 in last 2 years 2 in last 3 years and 3 in last 4 years nothing else negative on my reports at all) and amount of available credit(I owe 1 dollar out of 800 limit) utilization is 1% I just have two cards with 400 limit, lack of installment loan(paid off car before mortgage) and my fico score were the reasons for denial.

I just got a mortgage which isn't reporting yet and the lender pulled a 736 FICO. I have the EXACT same credit report, but I owe even less on my credit card by a dollar or two and another inquiry or two from the mortgage process and Amex says I have a 667.... I don't understand how this is possible. I have many many positive tradelines and only the one negative TL worst reporting being the 30 day and it was over 12 months ago as of today. They said if I have a credit report showing my score I can fax it over to them but since you can't obtain an experian fico how can I do that? I have my lender papers which show my score from a couple months ago when I got my mortgage in september. Seriously upset.

The difference could be that your mortgage lender was using a 'Enchanced Score' based on EX. Think I'd weight the score provided by Amex more then the lender score, unless you can confirm that the score provided by your lender was a generic EX (non enchanced).

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 19:31:33 GMT

Please enlighten me how Experian FICO-II would be an enhanced score? That is news to me?

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 19:41:47 GMT

@doublespaces wrote:
I just applied for a Zync. They said length of credit history, derogatory( 30 day late x4, none in last 12 months 1 in last 2 years 2 in last 3 years and 3 in last 4 years nothing else negative on my reports at all) and amount of available credit(I owe 1 dollar out of 800 limit) utilization is 1% I just have two cards with 400 limit, lack of installment loan(paid off car before mortgage) and my fico score were the reasons for denial.

I just got a mortgage which isn't reporting yet and the lender pulled a 736 FICO. I have the EXACT same credit report, but I owe even less on my credit card by a dollar or two and another inquiry or two from the mortgage process and Amex says I have a 667.... I don't understand how this is possible. I have many many positive tradelines and only the one negative TL worst reporting being the 30 day and it was over 12 months ago as of today. They said if I have a credit report showing my score I can fax it over to them but since you can't obtain an experian fico how can I do that? I have my lender papers which show my score from a couple months ago when I got my mortgage in september. Seriously upset.

Hmm are you showing the 330 day late times 4 on your mortgage report too?

Re: Amex said my score is 667 but lender says 736?

CreditMuppet — Thu, 01 Dec 2011 19:44:39 GMT

Lenders providing specific types of loans may use an enhanced score which weighs specific aspects of your credit file differently then the big three CRA's, generally this will result with a score which can better assess the risk associated to that type of loan. These types of enchanced scores are usually used for mortgages, auto loans etc, that could explain why your lender's score was much higher then the generic score pulled by AMEX.

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 20:04:52 GMT

@CreditMuppet wrote:
Lenders providing specific types of loans may use an enhanced score which weighs specific aspects of your credit file differently then the big three CRA's, generally this will result with a score which can better assess the risk associated to that type of loan. These types of enchanced scores are usually used for mortgages, auto loans etc, that could explain why your lender's score was much higher then the generic score pulled by AMEX.

Thank you for your response.

We know that the TU Classic 04 and Beacon 5.0 are not enhanced scores. I have EQ score watch and my Score right now is identical. My credit reports show exactly the same thing as each other except equifax has 10 inquiries and TU has just a couple. Why would my lender pull a generic score from TU and EQ and suddenly an enhanced mortgage optimized score from EX? Doesn't seem logical to me. And even if that were true why would the scores be so similar where as American Express pulled such a low score? Are you implying that Amex uses a credit card enhanced scoring model when they query experian?

Re: Amex said my score is 667 but lender says 736?

doublespaces — Thu, 01 Dec 2011 20:02:37 GMT

@Anonymous wrote:
@doublespaces wrote:
I just applied for a Zync. They said length of credit history, derogatory( 30 day late x4, none in last 12 months 1 in last 2 years 2 in last 3 years and 3 in last 4 years nothing else negative on my reports at all) and amount of available credit(I owe 1 dollar out of 800 limit) utilization is 1% I just have two cards with 400 limit, lack of installment loan(paid off car before mortgage) and my fico score were the reasons for denial.

I just got a mortgage which isn't reporting yet and the lender pulled a 736 FICO. I have the EXACT same credit report, but I owe even less on my credit card by a dollar or two and another inquiry or two from the mortgage process and Amex says I have a 667.... I don't understand how this is possible. I have many many positive tradelines and only the one negative TL worst reporting being the 30 day and it was over 12 months ago as of today. They said if I have a credit report showing my score I can fax it over to them but since you can't obtain an experian fico how can I do that? I have my lender papers which show my score from a couple months ago when I got my mortgage in september. Seriously upset.

Hmm are you showing the 330 day late times 4 on your mortgage report too?

My mortgage is not reporting. The only place I have any negatives is on my auto loan which has been paid in full. There are 4 30 day late marks in total on my ENTIRE credit file and they are spread out over 5 years. Zero happened in the last 12 months.

Re: Amex said my score is 667 but lender says 736?

Anonymous — Thu, 01 Dec 2011 20:02:50 GMT

@doublespaces wrote:

This is what my lender pulled:

704, Equifax Beacon 5.0
736 Experian FICO-II
741 TransUnion FICO Classic 04

If you really want the Zync and the Discover, FAX the paperwork you have showing the lender pulled scores -- enhanced or otherwise -- you have PROOF to use in your favor, if it were me, I would use it and fax that info to Amex and Discover as soon as possible.

I wish you the best!