topic Re: FICO Bankcard Score 8 vs.FICO Score 8 - HELP in Understanding FICO® Scoring

FICO Bankcard Score 8 vs.FICO Score 8 - HELP

CosmoKramer- — Fri, 26 Oct 2018 14:01:01 GMT

Is there a difference between FICO Bankcard Score 8 and FICO Score 8? And if so, what are the differences. I am trying to decide about applying for an Amex Gold card and know that they use Experian (Fico Score 8). The issue is my FICO Bankcard Score 8 score is 654, but my FICO Score 8 is 742. Trying to decide if this will have an effect or not, and whether or not to apply based on what FICO score Amex will pull. Thanks in advance for any help.

Re: FICO Bankcard Score 8 vs.FICO Score 8 - HELP

Remedios — Fri, 26 Oct 2018 16:22:54 GMT

Dont worry about Bankcard score, Amex does not use industry specific score, however whatever is causing your bankcard to be lower by almost 100 points, may come into play during approval process

Do you have high utilization, many cards reporting balances or older derogs?

Either way, amex pre approvals are pretty solid, check to see what they have for you

Re: FICO Bankcard Score 8 vs.FICO Score 8 - HELP

Anonymous — Fri, 26 Oct 2018 17:47:05 GMT

An 88 point difference between FICO 8 and a FICO 8 BankCard may be unheard of. Were the two scores drawn on the same day?

Is there anything that jumps out at you as an explanation? Do you have a very high total CC utilization? Do you have one or more cards maxxed out? (I.e. greater than 88.9% utilization) Do you have any closed cards with a positive balance? Do you have no open credit cards? Do you have major derogs on cards but not on loans?

All of those things would affect both models but I can imagine them hurting the BankCard model more.

Re: FICO Bankcard Score 8 vs.FICO Score 8 - HELP

Thomas_Thumb — Sun, 28 Oct 2018 13:06:09 GMT

@CosmoKramer- wrote:
Is there a difference between FICO Bankcard Score 8 and FICO Score 8? And if so, what are the differences. I am trying to decide about applying for an Amex Gold card and know that they use Experian (Fico Score 8). The issue is my FICO Bankcard Score 8 score is 654, but my FICO Score 8 is 742.

As CGID mentioned, the reported difference between the Classic and Bankcard versions of your score is a red flag. The industry enhanced scores use an industry adjuster overlay which was thought to be influence score Classic score +/- 50 points.

Please clarify the following:

1) That both scores are based on Experian credit report data.

2) Source of each score

3) Date each score was pulled (this is different than the date on a CC statement).

If both scores are from the same CRA (Experian) and were pulled on the same day, the 88 point difference is legendary. Certainly this means the industry adjuster works differently than hypothesizes. It appears like you have a derogatory impacting the Fico 8 bankcard score but not the Classic Fico 8 score. Are you an authorized user on any accounts?

In answer to your AMEX gold question; they use Classic Fico 8. You may want to re-check your score(s) but, if you want the card apply for it.