topic Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751 in Understanding FICO® Scoring

PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Thu, 28 Mar 2019 17:53:12 GMT

Why would PENFED have a score of 660 when MYFICO CREDIT 9 FICO is 751? Is this somehting others have experienced?

Thank you.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Thu, 28 Mar 2019 18:16:11 GMT

Are you sure PenFed pulls FICO 9? Not FICO 8? Or one of the bank card variations of Fico? They’re all different. My Fico 9 is significantly higher than my Fico 8 because 9 doesn’t take paid collections into account like 8 does

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Thu, 28 Mar 2019 18:30:48 GMT

No I am not sure but my lowest Myfico is is 751. Range from 751 to 768. That's why I think it is crazy that Penfed is saying my score is 660. It's almost like they are using an old score on file from years ago.

Any help you or anyone can provide is appreciated.

Thanks.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

SouthJamaica — Thu, 28 Mar 2019 19:04:15 GMT

@Anonymous wrote:
Why would PENFED have a score of 660 when MYFICO CREDIT 9 FICO is 751? Is this somehting others have experienced?

Thank you.

It pulls EQ FICO 9, but you have to look at the date of the pull. Mine, at the moment, is from January 8th -- more than 2 1/2 months ago.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Thu, 28 Mar 2019 19:37:49 GMT

The Date says 3/28/2019 so I am really confused now. I applied for credit with PenFed about a year ago and I'm pretty sure the score they used then was 660 as well. It almost seems like they don't want to grant me credit and just use the same form letter.

Very concerning that MYFICO has one set of Equifax scores and Equifax is reporting another set to PENFED.

Or could it be that Letter from PenFed says 3/28/2019 but the credit report they are actually using is older?

Thank you.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

SouthJamaica — Thu, 28 Mar 2019 21:17:29 GMT

@Anonymous wrote:
The Date says 3/28/2019 so I am really confused now. I applied for credit with PenFed about a year ago and I'm pretty sure the score they used then was 660 as well. It almost seems like they don't want to grant me credit and just use the same form letter.

Very concerning that MYFICO has one set of Equifax scores and Equifax is reporting another set to PENFED.

Or could it be that Letter from PenFed says 3/28/2019 but the credit report they are actually using is older?

Thank you.

The date of what says 3/28/2019? I was talking about the date when you check your score on the website.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

NRB525 — Fri, 29 Mar 2019 00:16:16 GMT

Op, does the letter say specifically FICO 9, or is there some other description of what the score model is? Does it even say FICO anywhere on the page, or is that (FICO) missing?

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Fri, 29 Mar 2019 12:33:43 GMT

@Anonymous wrote:
Why would PENFED have a score of 660 when MYFICO CREDIT 9 FICO is 751?

If you're comparing two scores that are wildly different like this, chances are you're comparing apples to oranges.

The only 3 factors that matter when talking scores are the scoring model used, the bureau data used and the point in time when these first two factors were used. If 1 or more of these 3 things is different, which is clearly the case based on the scores you provided, you can't compare the scores. Instead you need to determine the differences in these 3 scoring factors and understand that wildly different scores are very normal when they're not the same.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Squishy — Fri, 29 Mar 2019 12:42:02 GMT

i just checked my Fico score on PenFed it is :

Your FICO® Score 9, based on Equifax data and pulled on 01/08/2019, is 616 and is the same score that PenFed uses to manage your account.

its way outdated. the score you get on MyFico will be the most current one.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Fri, 29 Mar 2019 16:42:16 GMT

Outdated scores can be very misleading to people. I don't think the common person that logs into an account (that's supposed to update a score monthly) ever looks at the date the score was generated. They just look at the score and go on with life. Where that becomes a problem is if the score isn't updating for 2-3 cycles or more in some cases, the individual simply thinks that their score isn't changing. They may very well know that their profile (CR) is changing, so it may be frustrating to think that their score isn't changing to go along with it. This can be even more true for someone that has a lot changing with their credit report... perhaps they're paying down utilization on many accounts, are getting negative items removed and so on.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Fri, 29 Mar 2019 17:03:22 GMT

FYI

Called PenFed and they advised me to right a formal request for reconsideration with details from my current Equifax report. I don't have a problem doing that but why is the onus on me. Shouldn't PenFed be looking into their process. I can't imagine that I am the only person this has happened to and seems to go against FCRA and ECOA to some extent. Perhaps I should report them to CFPB.

Anyway, I will try to keep everyone updated if I make any progress.

Thank you.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Queen_Etherea — Fri, 29 Mar 2019 17:31:09 GMT

@Anonymous wrote:
Why would PENFED have a score of 660 when MYFICO CREDIT 9 FICO is 751? Is this somehting others have experienced?

Thank you.

I got a letter from PenFed when I app'd for their AMEX card which said my FICO score was 564!! So PenFed is smoking something... I have literally nothing derogatory on any of my reports, which makes it impossible for me to have a score that low. Also, my FICO 9 score on their site says 719. I need to call back today and figure out what's going on. Was supposed to yesterday, but didn't have time.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

sjt — Fri, 29 Mar 2019 18:54:14 GMT

@Anonymous wrote:
No I am not sure but my lowest Myfico is is 751. Range from 751 to 768. That's why I think it is crazy that Penfed is saying my score is 660. It's almost like they are using an old score on file from years ago.

Any help you or anyone can provide is appreciated.

Thanks.

Did you look at the date when it was pulled? It should be under the score. Have you contacted Penfed?

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Fri, 29 Mar 2019 19:00:54 GMT

@Anonymous wrote:
Perhaps I should report them to CFPB.

On what grounds?

A lender isn't required to update a free provided credit score on your account. The lender isn't even required to report account information to the credit reporting agencies for that matter. While irritating from your perspective, they haven't done anything "wrong" here.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Fri, 29 Mar 2019 19:37:16 GMT

How do you know they have done nothing wrong! They could be redlining, reverse redlining, etc... there is a myriad of things that could be wrong here. You don't know what you don't know. Yes, potential wrong doing looks like it doesn't fall under FCRA but there could be concerns for the CFPB to look into.

I understand what you are saying but I don't think you can make the statement you made with 100% certainty or even 80%.

Thank you.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Glen_M — Fri, 29 Mar 2019 23:32:31 GMT

@Anonymous wrote:
How do you know they have done ... wrong! ... You don't know what you don't know. ...

You haven't provided us with some very basic information regarding the numbers you're comparing, so before you rush off and make some messy legal filings you might want to sort out some of the things you don't know.

You have mentioned two scores, specifically which scoring model are they? Your FICO Bankcard Score 8 based on TransUnion data from 2 days ago could look very different than your FICO Score 9 general score based on Equifax data from two months ago. You mentioned the date of "3/28/2019" but didn't say which score that applied to, or which rating agency it came from.

Right now PenFed is still displaying my FICO Score 9 based on Equifax data that was pulled on January 8, two months ago. But if I applied for a new product, they would proably pull a new report, maybe from a different agency or multiple agencies depending on what kind of product I was inquiring about -- and that number on their website would not updat to reflect that.

If you got denied they are required to send you a formal explanation that will tell you who they got data from and when, but that is usually delivered through USPS and takes a week or two to arrive. Do you have this? What precisely does it say?

Similarly, MyFICO does not always update when your scores change either. If you aren't purchasing any of their services, or if some change in your report did not trigger an alert, it wouldn't automatically update.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Sat, 30 Mar 2019 05:12:18 GMT

I appreciate the arm chair legal advice to some extent. Here are the facts, I am researching what is wrong with PenFed findings currently.

Thank you.

Re: PENFED FICO is 660 and MY FICO 9 Credit card is 751

Anonymous — Sun, 31 Mar 2019 04:20:40 GMT

What are the facts?