topic Re: Nextgen in General Credit Topics

Nextgen

Tropical24 — Fri, 09 Jun 2017 20:36:09 GMT

Hello Myfico can anyone tell me which score on my Fico is equivalent too or equal to Nextgen. I have a Equifax 680 credit score and only got approved for the 500 cloc. They said my internal score was 628. Please advise.

Re: Nextgen

Anonymous — Fri, 09 Jun 2017 22:58:43 GMT

My comments below in blue.

@Tropical24 wrote:

Hello Myfico can anyone tell me which score on my Fico is equivalent too or equal to Nextgen.

There is no score supplied by any of the myFICO products that is equivalent to FICO NextGen. Almost no lenders use it (One notable exception being PenFed.)

I have a Equifax 680 credit score and only got approved for the 500 cloc.

Where are you getting this 680 credit score from? Are you getting it from myFICO? If so, which model are you talking about? There are many EQ scores in your myFICO report... you may be thinking of FICO 8 Classic, but it's hard to be sure.

They said my internal score was 628. Please advise.

Who is "they"? Is it the lender to whom you applied for a CLOC? What is the lender's name?

Re: Nextgen

Tropical24 — Fri, 09 Jun 2017 23:04:43 GMT

Ok thanks for letting me know about no score equivalent . My 680 fico score is from MyFico score 8. They who I'm referring to is Penfed Credit Union.

Re: Nextgen

Tropical24 — Fri, 09 Jun 2017 23:06:01 GMT

Yes when you apply for a checking account your score is ran and they let me know what I can be approved too. It was at that time the CLOC.

Re: Nextgen

SouthJamaica — Fri, 09 Jun 2017 23:22:30 GMT

@Tropical24 wrote:
Hello Myfico can anyone tell me which score on my Fico is equivalent too or equal to Nextgen. I have a Equifax 680 credit score and only got approved for the 500 cloc. They said my internal score was 628. Please advise.

There is no such thing.

I took one of my scores which was closest to NextGen 2 and thought maybe that one will be able to give me an idea as to what my NextGen 2 is.... but then when NG2 updated, they were wildly different.

Re: Nextgen

Tropical24 — Fri, 09 Jun 2017 23:43:41 GMT

Wow. That's crazy because if you want to bring your Nextgen 2 score up so you have better offers from Penfed you have nothing to compare to.

Re: Nextgen

Anonymous — Sat, 10 Jun 2017 00:05:11 GMT

It's just that PenFed is virtually alone out of thousands of lenders in using it. So there's no market for supplying consumers with this thing that almost no lenders use.

The good news is that a lot of the same principles are involved. So if you want to know how to improve your NG score, I am sure you could get all kinds of practical advice here. We'd just need to know about your derogs, your CC balances and credit limits, etc.

Re: Nextgen

Tropical24 — Sat, 10 Jun 2017 02:46:45 GMT

Yes that would be good information....I have a couple credit cards and NFCU 14,000 bal 4000, NFCU LOC 15,000, Discover 2000, bal 350 capital one quicksilver 500, bal 50 , Quicksilver 300 bal 300. walmart 790, bal 790 TJRewards 490, bal 490. 3 new inquiries. Penfed 500 bal 500 OLOC. these are all cards I have just rebuilding thank god.

Re: Nextgen

Anonymous — Sat, 10 Jun 2017 03:53:59 GMT

Thanks! Would you mind giving those revolving accounts again, but maybe in this format?

Card 1. Current balance = ____ Credit Limit = ____

Card 2. Current balance = ____ Credit Limit = ____

Card 3. Current balance = ____ Credit Limit = ____

etc.

Just fill in the blanks and have each account be a separate line. I was having trouble figuring out what the balances and limits were for each account. It's fine if some of them aren't cards -- some can be LOCs or whatever. You can change the word "Card 1" or "Card 2" (etc.) to the card name if you want -- or not. Doesn't matter.

The big idea is that your FICO scores (NextGen is no exception) will go up if you pay all your revolving accounts to $0 except one, with the remaining one being a true credit card with a small balance.

If that's not easy to do financially, then you don't need more offers from PenFed. You have already got a lot of revolving tradelines, far more than you need to have a perfect score.

Also, can you confirm that you don't have any derogs? (Lates collections, chargeoffs, liens, judgments, public records, etc.)

Re: Nextgen

Tropical24 — Sat, 10 Jun 2017 04:07:41 GMT

NFCU current balance = 4000 credit limit =14,000
NFCU CLOC balance =0 credit limit =15000
discover balance =350. Credit limit= 2000
Walmart balance =0 Credit limit =790
TJX Rewards = 0. Credit limit= 490
Quicksilver balance = 0 credit limit =300
Quicksilver One balance =95 credit limit = 500
Penfed OLOC balance =500. Credit limit = 500

I have 5 closed cards that is reporting late, one collection on Experian

Re: Nextgen

Anonymous — Sat, 10 Jun 2017 04:27:05 GMT

It looks like you have one revolving account that is maxxed out (the OLOC?). I am guessing that is harming your score a good deal.

The folks in the rebuilding forum can help you with strategies for getting your derogs removed. This may take a while. But paying off all revolving debt can be done in a few days, assuming one has the funds to do so.

You have several revolving accounts, so you are set there. Some people have a perfect 850 with only five revolving accounts. So you don't need to apply for any more cards. You can and should just focus on paying off debt and getting derogs removed. As you do that your scores will go up (NextGen, FICO 8, FICO 9, mortgage scores, etc.)