topic Re: Best Buy has different EQ score than myFICO in Credit Cards

Best Buy has different EQ score than myFICO

3MV — Wed, 29 Feb 2012 03:19:17 GMT

I applied for a Best Buy card about a week ago. My EQ score from scorewatch was a 606 the day I applied. I got the denial letter today and they say my EQ score is 511. What gives?

Re: Best Buy has different EQ score than myFICO

Anonymous — Wed, 29 Feb 2012 03:29:45 GMT

The score you got from Best Buy is not a FICO score unless it specifically says "FICO"

Re: Best Buy has different EQ score than myFICO

bichonmom — Wed, 29 Feb 2012 05:24:27 GMT

@3MV wrote:
I applied for a Best Buy card about a week ago. My EQ score from scorewatch was a 606 the day I applied. I got the denial letter today and they say my EQ score is 511. What gives?

That's a big difference. You might want to post on the Understanding FICO® Scoring section.

I'm not an expert, but there are different EQ scores, and some CCCs use a credit-card-enhanced version of FICO, while some use their own scoring algorithms based on your FICO score.

I would re-read the letter carefully and see what it says about the score they're giving you. It might have some clues to either help you or help us to answer your question.

Re: Best Buy has different EQ score than myFICO

pizzadude — Wed, 29 Feb 2012 05:42:12 GMT

Check the score range that they provided along with the score ~ that is usually a good indicator of whether the score is a FICO score or a FAKO score.

Re: Best Buy has different EQ score than myFICO

LS2982 — Wed, 29 Feb 2012 10:36:37 GMT

@3MV wrote:
I applied for a Best Buy card about a week ago. My EQ score from scorewatch was a 606 the day I applied. I got the denial letter today and they say my EQ score is 511. What gives?

HSBC uses their own in-house scoring system, not FICO scores.

Re: Best Buy has different EQ score than myFICO

LS2982 — Wed, 29 Feb 2012 10:37:38 GMT

@bichonmom wrote:
@3MV wrote:
I applied for a Best Buy card about a week ago. My EQ score from scorewatch was a 606 the day I applied. I got the denial letter today and they say my EQ score is 511. What gives?
That's a big difference. You might want to post on the Understanding FICO® Scoring section.

I'm not an expert, but there are different EQ scores, and some CCCs use a credit-card-enhanced version of FICO, while some use their own scoring algorithms based on your FICO score.

I would re-read the letter carefully and see what it says about the score they're giving you. It might have some clues to either help you or help us to answer your question.

HSBC does use their own in-house scoring just an FYI