topic Re: Walmart Scoring Model in Credit Cards

Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 13:52:42 GMT

I've brought my score into the low 600s. I apped for the Walmart card and got the 7-10 day notice. Today I get an email saying it was declined and that my TU score was 414!

What gives??? I thought the TU FICO score here was the real deal?

Re: Walmart Scoring Model

xiownthisplacex — Sat, 25 Aug 2012 13:55:23 GMT

myfico uses an older version of TU Fico that almost no one uses anymore (TU04), everyone uses TU08 now.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:27:26 GMT

With that knowledge - the myfico score is basically useless and I will cancel.

What a bunch of bullsh*t.

Re: Walmart Scoring Model

jsucool76 — Sat, 25 Aug 2012 14:27:36 GMT

Also, the score they give you in your letter is not a fico score. GECRB uses their own scoring model.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:33:36 GMT

@xiownthisplacex wrote:
myfico uses an older version of TU Fico that almost no one uses anymore (TU04), everyone uses TU08 now.

myfico sells TU98, not TU04. FICO 04 is the most widely used Fico scoring model. Some use FICO 8. Few still use FICO 04. Also, EQ Fico score sold by myfico is FICO04. So basically right on your basic facts but just wrong on the various numbers .

Re: Walmart Scoring Model

Jlu — Sat, 25 Aug 2012 14:34:32 GMT

inb4 sh*tstorm

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:34:52 GMT

@Anonymous wrote:
I've brought my score into the low 600s. I apped for the Walmart card and got the 7-10 day notice. Today I get an email saying it was declined and that my TU score was 414!

What gives??? I thought the TU FICO score here was the real deal?

I highly doubt this is a FICO score. Can you give us the exact language off of denial letter? What would be even more helpful would be the range of scores from that letter.

Re: Walmart Scoring Model

jsucool76 — Sat, 25 Aug 2012 14:36:32 GMT

GE scores range from like 300-620 i think. They pull your reports and use their own proprietary scoring model.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:42:41 GMT

Our decision was based in part on a credit scoring system that was used to evaluate your application. The reason's where you did not score well compared with the other applicants have been determined and are listed below:

	TOO MANY INQUIRIES LAST 12 MONTHS NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS

	If more than one agency is disclosed below and if box above is completed,the reason(s) shown in that box are based on the report provided by the first listed agency.

Some information used to make this decision was obtained from the consumer reporting agency (agencies) listed below. This consumer reporting agency (agencies) did not make this credit decision and is unable to provide you with the specific reason(s) for our action. If you want a copy of your credit report, or if you think that there is an error in your credit report, please contact the consumer reporting agency.

T.U. CONSUMER RELATIONS
2 BALDWIN PLACE, PO BOX 1000
CHESTER, PA 19022
800-888-4213

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 15:03:25 GMT

I have one unpaid collection for student loans, the rest have been PFD. 6 months perfect history on an auto loan, 2 secured cards.

I have no public records. Never had a credit account in collections.

I only have 4 positive trade lines - auto loan, WF secured card, Cap1 secured card, Sears Citi. Other than that I have no recent credit.

And it appears to be the GE scoring model.

Apparently I can't win.

Re: Walmart Scoring Model

jsucool76 — Sat, 25 Aug 2012 14:47:09 GMT

How many inquiries do you have? They accepted me with 12 or 13.

GE tends to be one of those companies that, when they deny you, just throw at random reasons and hope they stick.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:51:55 GMT

Around 20? A couple of car dealerships went nuts in a 2 month time frame when I asked them to stop floating my information around if they couldn't get an approval. In fact, after they got an approval and I purchased else where - they still kept apping me.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:58:29 GMT

@Anonymous wrote:
I have one unpaid collection for student loans, the rest have been PFD. 6 months perfect history on an auto loan, 2 secured cards.

I have no public records. I only have 4 positive trade lines - auto loan, WF secured card, Cap1 secured card, Sears Citi. Other than that I have no recent credit.

And it appears to be the GE scoring model.

Apparently I can't win.

what is the score range?

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 14:59:41 GMT

300-620

Re: Walmart Scoring Model

Jlu — Sat, 25 Aug 2012 15:00:31 GMT

^ I hate dealers that do this. There should be a law against it. I've seen scores tank 700 to 620's after dealer app sprees. I own a car dealership and I am always sensitive about how many apps I do for my customers and I always make them aware that it is a hard pull and explain the difference.

Re: Walmart Scoring Model

Anonymous — Sat, 25 Aug 2012 15:05:38 GMT

It sucks. I know for a fact some of them kept apping me after they had gotten a couple of approvals, and I went else where to buy. EQ has more than any of them - over 50! All from companys I have never even heard of.

Re: Walmart Scoring Model

jsickz32 — Sat, 25 Aug 2012 15:12:42 GMT

the monthly TU cr i get from walmart has me a 695 this month and last month at 693. But when i was approved for their card they had me at 404 in their internal score system.

Re: Walmart Scoring Model

xiownthisplacex — Sat, 25 Aug 2012 17:02:36 GMT

@Anonymous wrote:
@xiownthisplacex wrote:
myfico uses an older version of TU Fico that almost no one uses anymore (TU04), everyone uses TU08 now.
myfico sells TU98, not TU04. FICO 04 is the most widely used Fico scoring model. Some use FICO 8. Few still use FICO 04. Also, EQ Fico score sold by myfico is FICO04. So basically right on your basic facts but just wrong on the various numbers .

You're right lol, i don't know how I switched them hehe, thanks for correcting me!

Re: Walmart Scoring Model

gettnthere — Sun, 26 Aug 2012 01:32:25 GMT

@jsickz32 wrote:
the monthly TU cr i get from walmart has me a 695 this month and last month at 693. But when i was approved for their card they had me at 404 in their internal score system.

@jsickz32, how did you get GE's internal score for you? i was just recently approved and got my card and cardmember agreement today but i couldnt find any kind of score on any of the paperwork? i was just curious to see what score they had me at lol

Re: Walmart Scoring Model

jsucool76 — Sun, 26 Aug 2012 01:36:36 GMT

Lenders are only required to provide you with a score if you're either denied, or not given the best terms they offer (I.E, Higher APR)