topic Over 800 on all 3 in Understanding FICO® Scoring

Over 800 on all 3

Stugotsv10 — Mon, 14 May 2018 16:22:35 GMT

in theory one should not be denied ANYTHING (as long as debt to income is good) correct? is it true that they will rarely even ask for proof of anything else?

Asking since I'm new to the 800 club

Re: Over 800 on all 3

SouthJamaica — Mon, 14 May 2018 17:10:12 GMT

@Stugotsv10 wrote:
in theory one should not be denied ANYTHING (as long as debt to income is good) correct? is it true that they will rarely even ask for proof of anything else?

Asking since I'm new to the 800 club

That's not my theory.

They look at things other than your scores. I was turned down for a credit card by a credit union when my score that they pulled was 827.

Also, just because you have 800's on your FICO 8's doesn't mean you have 800's on your other FICO scores. I usually have about a 130-point swing among the various score models (as we speak my highest is 133 points higher than my lowest).

Re: Over 800 on all 3

JBJBJB1 — Mon, 14 May 2018 17:12:28 GMT

Hi:

Probably low risk, but income level is also a factor, rather than just ratio, which is not a factor in FICO or Vantage scores. Banks tend to use thier own models which differ from FICO or Vantage. For instance, Chase used a "Credit Acquisition Risk V2" to determine my worthiness for a Chase Amazon card.

https://www.forbes.com/sites/nickclements/2015/03/24/6-reasons-you-can-be-rejected-with-an-excellent-credit-score/#f7d85fcefe3d

Best,

Re: Over 800 on all 3

Stugotsv10 — Mon, 14 May 2018 17:28:07 GMT

can we check these other Fico scores?

Re: Over 800 on all 3

HeavenOhio — Mon, 14 May 2018 17:51:33 GMT

You can get 28 FICO scores from myFICO.

Re: Over 800 on all 3

Stugotsv10 — Mon, 14 May 2018 18:11:56 GMT

**bleep** 28????? and does checking lower them?

Re: Over 800 on all 3

surferchris — Mon, 14 May 2018 20:04:45 GMT

No, you can check your own scores without any affect on them.

Take care.

Re: Over 800 on all 3

Anonymous — Tue, 15 May 2018 00:28:19 GMT

@Stugotsv10**bleep** 28????? and does checking lower them?

Off-topic here and not directed at the OP, but where did this idea that checking your own credit score can lower your scores come from? Honestly all I can think of is that this idea is manufactured by places like Credit Karma that have commercials that say, "checking your score [with us] won't ever lower your credit score." I feel like when people hear this, they must figure that checking their score at times must lower their credit scores. My opinion is that if we never heard this language from places like CK, people wouldn't ever think in the first place that checking their own scores could possibly lower them.

Re: Over 800 on all 3

iv — Fri, 18 May 2018 04:41:03 GMT

@Anonymous wrote:
@Stugotsv10**bleep** 28????? and does checking lower them?

Off-topic here and not directed at the OP, but where did this idea that checking your own credit score can lower your scores come from? Honestly all I can think of is that this idea is manufactured by places like Credit Karma that have commercials that say, "checking your score [with us] won't ever lower your credit score." I feel like when people hear this, they must figure that checking their score at times must lower their credit scores. My opinion is that if we never heard this language from places like CK, people wouldn't ever think in the first place that checking their own scores could possibly lower them.

No, that's actually been a real concern - people talk to a car dealer, or to a bad mortgage broker/lender, who convinces them to "just let me run your credit" in order to see scores.

But they (the bad LOs, not everyone!), only know how to run credit checks through their normal "live" system, that generates HPs for each "just a credit check". Yes, HPs are a small impact... but still an impact.

And not all that long ago, before Open Access, and the current many-score-models myFICO, and all the other free real-FICO options, that kind of pull was the ONLY way to get real scores. Especially for the mortgage scores. It may not always feel like it, but today is a relative "golden age" of easy consumer access to scores, compared to just a few years ago.

Re: Over 800 on all 3

Anonymous — Sun, 20 May 2018 01:03:46 GMT

@iv
No, that's actually been a real concern - people talk to a car dealer, or to a bad mortgage broker/lender, who convinces them to "just let me run your credit" in order to see scores.

That's different though, as in your example above someone else is running the check. We're talking about when someone checks on their own scores.

As for a few years ago, you'd know much better than I, as I've only been looking at my own credit scores for 2-3 years now. Before that for the first 15 years or so of my credit life I never once checked my own scores and would only find out what they were when I took out a loan.

Re: Over 800 on all 3

iv — Sun, 20 May 2018 19:23:12 GMT

@Anonymous wrote:
@iv
No, that's actually been a real concern - people talk to a car dealer, or to a bad mortgage broker/lender, who convinces them to "just let me run your credit" in order to see scores.

That's different though, as in your example above someone else is running the check. We're talking about when someone checks on their own scores.

You know that difference. I know that difference. The average non-credit-obsessed citizen? Not so much.

It's still "someone else" checking their report - whether it's a car dealer, mortgage loan officer, Credit Karma, or myFICO... all of them will pull their report on their behalf (and then they'll try to push credit products on them! All of them do that...)

And that is exactly why those disclaimers exist. To deal with the very real concern that most people "new" to the reporting/scoring "game" have, based on past experience that "checking your report" == "negative mark on your report".

@Anonymous wrote:
As for a few years ago, you'd know much better than I, as I've only been looking at my own credit scores for 2-3 years now. Before that for the first 15 years or so of my credit life I never once checked my own scores and would only find out what they were when I took out a loan.

And that's the routine the vast majority of people are still used to - with the associated HP impact. Especially in the mortgage world, since direct access to all three "mortage scores" without an HP is still a VERY recent change.