topic Surprise score from NFCU in Credit Cards

Surprise score from NFCU

Anonymous — Sat, 21 Apr 2012 23:40:55 GMT

I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.

Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.

How could this be possible?

Re: Surprise score from NFCU

webhopper — Sat, 21 Apr 2012 23:56:09 GMT

@Anonymous wrote:
I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.
Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.
How could this be possible?

Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.

Re: Surprise score from NFCU

Anonymous — Sun, 22 Apr 2012 00:29:31 GMT

@webhopper wrote:
@Anonymous wrote:
I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.
Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.
How could this be possible?
Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.

The thing is I subscribe to EQ's Advantage product so it's the offical EQ score using what ever model they use.

Re: Surprise score from NFCU

TNTransplant — Sun, 22 Apr 2012 00:58:14 GMT

@Anonymous wrote:

@webhopper wrote:
@Anonymous wrote:
I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.
Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.
How could this be possible?
Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.
The thing is I subscribe to EQ's Advantage product so it's the offical EQ score using what ever model they use.

Unfortunately, the EQ Advantage score is considered a FAKO score - this is EQ's own score they created, and it has absolutely no relation to the actual FICO score that lenders use. If you had pulled your FICO score from Equifax, or here at myFICO, there's a good chance it would be the same as the 658 given to you by NCFU.

Re: Surprise score from NFCU

Anonymous — Sun, 22 Apr 2012 01:07:51 GMT

@TNTransplant wrote:
@Anonymous wrote:

@webhopper wrote:
@Anonymous wrote:
I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.
Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.
How could this be possible?
Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.
The thing is I subscribe to EQ's Advantage product so it's the offical EQ score using what ever model they use.
Unfortunately, the EQ Advantage score is considered a FAKO score - this is EQ's own score they created, and it has absolutely no relation to the actual FICO score that lenders use. If you had pulled your FICO score from Equifax, or here at myFICO, there's a good chance it would be the same as the 658 given to you by NCFU.

My apologies for the mis-information.

I just checked and the score was from their product called "Equifax Complete Advantage Plan". I sure hope this is not a FAKO score.

Re: Surprise score from NFCU

TNTransplant — Sun, 22 Apr 2012 01:28:56 GMT

@Anonymous wrote:
@TNTransplant wrote:
@Anonymous wrote:

@webhopper wrote:
@Anonymous wrote:
I just received my EQ FICO score from NFCU when I apped for their cashRewards card and to my surprise they have it listed as 658.
Now here is the kicker before I apped for the card I pulled my EQ score nowing that's the RA they use and it was 688. I apped for the card 10 minutes after pulling my EQ.
How could this be possible?
Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.
The thing is I subscribe to EQ's Advantage product so it's the offical EQ score using what ever model they use.
Unfortunately, the EQ Advantage score is considered a FAKO score - this is EQ's own score they created, and it has absolutely no relation to the actual FICO score that lenders use. If you had pulled your FICO score from Equifax, or here at myFICO, there's a good chance it would be the same as the 658 given to you by NCFU.
My apologies for the mis-information.
I just checked and the score was from their product called "Equifax Complete Advantage Plan". I sure hope this is not a FAKO score.

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.

Here is Equifax's own statement about this score (copied directly from their website):

The Equifax Credit Score is a proprietary credit model designed by Equifax. It may be calculated using the information contained in your Equifax, Experian and Transunion Credit Files. The score is intended solely for your educational use. There are numerous credit scores and models available in the marketplace and lenders are likely to use a different score when evaluating your creditworthiness.

Re: Surprise score from NFCU

pizzadude — Sun, 22 Apr 2012 01:26:58 GMT

@Anonymous wrote:
@TNTransplant wrote:
The thing is I subscribe to EQ's Advantage product so it's the offical EQ score using what ever model they use.
Unfortunately, the EQ Advantage score is considered a FAKO score - this is EQ's own score they created, and it has absolutely no relation to the actual FICO score that lenders use. If you had pulled your FICO score from Equifax, or here at myFICO, there's a good chance it would be the same as the 658 given to you by NCFU.
My apologies for the mis-information.
I just checked and the score was from their product called "Equifax Complete Advantage Plan". I sure hope this is not a FAKO score.

Sorry but it is a FAKO score: Track your Equifax Credit Score™, and see how it changes over time.

The ONLY time that you can be sure you are getting a FICO score is if it explictly says FICO score. If the word FICO is missing from the score then it is a FAKO.

Equifax will sell you a FICO score here: http://www.equifax.com/credit-score-watch/

Re: Surprise score from NFCU

Anonymous — Sun, 22 Apr 2012 01:33:59 GMT

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.

Man that blows.

I just paid off my AFCU Visa from 54% to 8% and was expecting my scores to go above 700 so I can app for the BCP next month.

Now that's out the window I will have to re-evaluate my plan.

Wish I would have found this forum before I signed up for the EQ plan.

Re: Surprise score from NFCU

webhopper — Sun, 22 Apr 2012 01:36:12 GMT

@Anonymous wrote:

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.
Man that blows.
I just paid off my AFCU Visa from 54% to 8% and was expecting my scores to go above 700 so I can app for the BCP next month.
Now that's out the window I will have to re-evaluate my plan.
Wish I would have found this forum before I signed up for the EQ plan.

Dont feel bad, I paid for 4 yrs worth of FreeCreditReport.com before I knew that those scores were worthless... If I plan on apping, I get my score from here first, while it may not be 100% accurate, its definately closer than those FAKO scores

Re: Surprise score from NFCU

Anonymous — Sun, 22 Apr 2012 02:00:35 GMT

@webhopper wrote:
@Anonymous wrote:

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.
Man that blows.
I just paid off my AFCU Visa from 54% to 8% and was expecting my scores to go above 700 so I can app for the BCP next month.
Now that's out the window I will have to re-evaluate my plan.
Wish I would have found this forum before I signed up for the EQ plan.

Dont feel bad, I paid for 4 yrs worth of FreeCreditReport.com before I knew that those scores were worthless... If I plan on apping, I get my score from here first, while it may not be 100% accurate, its definately closer than those FAKO scores

Guess I will have to purchase my scores from here prior to apping for an Amex next month.

But still I just can't get over the feeling that I was ripped off!!!

Re: Surprise score from NFCU

MarineVietVet — Sun, 22 Apr 2012 02:52:00 GMT

@webhopper wrote:
Its possible that the one on this website is an older version, called Beacon 5.0 Lenders sometimes pull a Beacon 7.0

When I was doing my mortgage apping, my EQ was always lower when the mortgage guy pulled it than what is reported on this website.

I could be wrong but I believe the next version after Beacon 5.0 is 9.0. Could that be what you meant?

I don't think there has ever been a Beacon 7.0.

Re: Surprise score from NFCU

crunching_numbers — Sun, 22 Apr 2012 12:10:39 GMT

@Anonymous wrote:

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.
Man that blows.
I just paid off my AFCU Visa from 54% to 8% and was expecting my scores to go above 700 so I can app for the BCP next month.
Now that's out the window I will have to re-evaluate my plan.
Wish I would have found this forum before I signed up for the EQ plan.

Unless you make significant changes to your credit profile, your score might not get high enough to get approved for an AMEX revolver (like BCP is). Being in the 650's will not be enough for AMEX. If you paid off your util to 8% after you recieved that score, and you know that it is already posting that way to the CB's, then you need to see what your scores are at now.

What other baddies are out there pulling your score down? Are they things you might be able to fix to get your score up?

With your score below 700, your best move might be to apply for the ZYNC to get in the door with AMEX first, while you work on upping your FICO's.

Re: Surprise score from NFCU

Anonymous — Sun, 22 Apr 2012 15:48:18 GMT

@crunching_numbers wrote:
@Anonymous wrote:

Yes, this is a FAKO score - they call it their Equifax Credit Score, and it absolutely has no value to lenders/credit decisions. And don't feel bad - I thought the exact same thing when I joined the forum earlier this year. Equifax does sell the FICO score, but it's hidden far down in their "Products" page. They prefer to sell their own (useless) score, as it means more money for them...

Remember, if it doesn't specifically say it's a FICO score, it does not translate into anything a lender would ever use.
Man that blows.
I just paid off my AFCU Visa from 54% to 8% and was expecting my scores to go above 700 so I can app for the BCP next month.
Now that's out the window I will have to re-evaluate my plan.
Wish I would have found this forum before I signed up for the EQ plan.
Unless you make significant changes to your credit profile, your score might not get high enough to get approved for an AMEX revolver (like BCP is). Being in the 650's will not be enough for AMEX. If you paid off your util to 8% after you recieved that score, and you know that it is already posting that way to the CB's, then you need to see what your scores are at now.

What other baddies are out there pulling your score down? Are they things you might be able to fix to get your score up?

With your score below 700, your best move might be to apply for the ZYNC to get in the door with AMEX first, while you work on upping your FICO's.

Crunch,

I did in deed pay the util down to 8% a week after I apped for the card. The reason I was going to app for the BCP was because I had a Platinum in 2006 (always PIF and no lates) that I closed in 2010 due to some financial issues. I am still able to login to the account and see that the card is closed. I was hoping that my prior relationship Amex would earn me some brownie points with them.

I do have 1 bad account (30 day late on mortgage) that wll be a year old in Sept. Other than that no other negatives.

Was hoping that my scores would be at least 720 with the util down but now I am skeptical about that since my scores are not what I thought they were.

I plan on pulling my scores from here the 1st week in May to see where they are and if they are not 720ish I will app for the Zync instead of the BCP.

Re: Surprise score from NFCU

TNTransplant — Sun, 22 Apr 2012 16:14:43 GMT

@Anonymous wrote:
I plan on pulling my scores from here the 1st week in May to see where they are and if they are not 720ish I will app for the Zync instead of the BCP.

Good plan.