topic Re: Discover Denial Score in Credit Cards

Discover Denial Score

BrokaToe — Wed, 23 May 2012 23:29:16 GMT

Ok, now I'm really weirded out. I received the letter stating the reasons for denial from when I applied for the discover more card bout a week ago.

Says from Equifax

Type of score: FICO

Your Credit Score: 603

But myFICO says my EQ score is 660, how can that be. Can anyone shed any light on this for me, any help would be appreciated.

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:29:42 GMT

Discover might be using a Credit Card Enhanced FICO score maybe?

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:30:38 GMT

Also, have you called their reconsideration line and talked to a credit analyst to see if they can get you approved? You should definitely try since you already took the hard pull. You can find the number in the Backdoor Numbers thread at the top of the Credit Cards Forum page. Good luck!

Re: Discover Denial Score

BrokaToe — Wed, 23 May 2012 23:31:43 GMT

I suppose that's possible, are there different types of FICOS that would all come from Equifax? Wasn't aware they offered different types of FICO, forgive my ignorance, but isn't there just one true FICO?

Re: Discover Denial Score

BrokaToe — Wed, 23 May 2012 23:33:17 GMT

@hedgeclipper2 wrote:
Also, have you called their reconsideration line and talked to a credit analyst to see if they can get you approved? You should definitely try since you already took the hard pull. You can find the number in the Backdoor Numbers thread at the top of the Credit Cards Forum page. Good luck!

Yah, actually I already did try a recon, but they would only accept with a joint applicant. And of course we all know that's not an ideal situation, so I respectfully declined their offer.

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:34:12 GMT

@BrokaToe wrote:
I suppose that's possible, are there different types of FICOS that would all come from Equifax? Wasn't aware they offered different types of FICO, forgive my ignorance, but isn't there just one true FICO?

What you get here is a true FICO score, however there are many different types of FICO scores.

The score you see here is exactly what you would see on a mortgage inquiry score most likely.

There are also credit card enhanced fico scores, auto-enhanced fico scores, etc.

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:35:31 GMT

@BrokaToe wrote:
@hedgeclipper2 wrote:
Also, have you called their reconsideration line and talked to a credit analyst to see if they can get you approved? You should definitely try since you already took the hard pull. You can find the number in the Backdoor Numbers thread at the top of the Credit Cards Forum page. Good luck!
Yah, actually I already did try a recon, but they would only accept with a joint applicant. And of course we all know that's not an ideal situation, so I respectfully declined their offer.

Do you have relatively new credit?

Re: Discover Denial Score

BrokaToe — Wed, 23 May 2012 23:36:20 GMT

@hedgeclipper2 wrote:
@BrokaToe wrote:
I suppose that's possible, are there different types of FICOS that would all come from Equifax? Wasn't aware they offered different types of FICO, forgive my ignorance, but isn't there just one true FICO?
What you get here is a true FICO score, however there are many different types of FICO scores.

The score you see here is exactly what you would see on a mortgage inquiry score most likely.

There are also credit card enhanced fico scores, auto-enhanced fico scores, etc.

Very good info to be aware of, preciate the feedback

Re: Discover Denial Score

spengbab — Wed, 23 May 2012 23:44:57 GMT

Yeah Discover uses a FIdifferent FICO score. I think it said Beacon V5 or something like that when they mailed me my credit score. My FICO EQ showed 641 and their system showed 660. It was weird.

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:46:13 GMT

Sometimes its almost like they just pick a number and mail it to you. Their scores have never matched any other scores I have gotten.

Re: Discover Denial Score

spengbab — Wed, 23 May 2012 23:50:01 GMT

From what I understand, myFICO scores are supposed to be helpful when you get a loan for a car or a house. CCCs use all kinds of weird scoring methods. When Chase mailed me my card they said they used their own proprietary scoring system. So for CCs I would take myFICO scores as a general guideline, but more accurate in general compared to FAKO scores.

Re: Discover Denial Score

hedgeclipper2 — Wed, 23 May 2012 23:52:27 GMT

@spengbab wrote:
From what I understand, myFICO scores are supposed to be helpful when you get a loan for a car or a house. CCCs use all kinds of weird scoring methods. When Chase mailed me my card they said they used their own proprietary scoring system. So for CCs I would take myFICO scores as a general guideline, but more accurate in general compared to FAKO scores.

+1,000%

Re: Discover Denial Score

SwiftTone — Thu, 24 May 2012 00:56:26 GMT

That's incorrect. Discover does not use EQ FICO Beacon 5! The ones sold here are Beacon 5s. They use a different EQ FICO but I'm not sure which one. I called to ask when they sent me my approval letter because my EQ Beacon 5 FICO was 729 but the EQ FICO they sent was 680s. They wouldnt tell me which version they use. There has been threads about this that you can search

Re: Discover Denial Score

spengbab — Thu, 24 May 2012 01:21:25 GMT

The letter definitely tells you what scoring they used. It definitely said Beacon something....

Re: Discover Denial Score

Mailak — Thu, 24 May 2012 01:24:54 GMT

I just got my letter from Discover. It does list an EQ score different from the myFICO EQ score for me as well. Do they send one to everybody? I thought CCC only sent it when you didn't get the best terms. (I didnt?) It doesn't list details other than you were approved and here is your score and a bar chart for reference.

Re: Discover Denial Score

BrokaToe — Thu, 24 May 2012 01:46:22 GMT

Yah, I've read the letter back to front, front to back, it definitely doesn't say which EQ FICO they use, it just says Type of Credit Score used was FICO, and that they acquired it from Equifax

Re: Discover Denial Score

AndySoCal — Thu, 24 May 2012 02:00:13 GMT

Does the leter indicate the scre range? If the high end of the score is 950 it is the enhanced Beacon 5.0 most likley the bankcard model.

Re: Discover Denial Score

Mailak — Thu, 24 May 2012 02:11:05 GMT

@AndySoCal wrote:
Does the leter indicate the scre range? If the high end of the score is 950 it is the enhanced Beacon 5.0 most likley the bankcard model.

Mine says 300-850. There's nothing to indicate what type of EQ score it is.

Re: Discover Denial Score

BrokaToe — Thu, 24 May 2012 03:42:36 GMT

The score range shown on mine says 300 to 850

Re: Discover Denial Score

Whereis750 — Thu, 24 May 2012 04:24:09 GMT

Any one come across a definitive answer to exactly what EQ scoring model Discover uses?