topic Re: Wells Fargo propel / Fico score in General Credit Topics

Wells Fargo propel / Fico score

itlm062 — Fri, 10 May 2019 20:46:18 GMT

I was gonna apply for the WF Propel card today, took a quick look at my FICO score with WF on their app...was shocked to find the score had dropped form 800+ to 730 due to a "Serious Delinqenucy". Checked on myfico + experian website, and I don't see any baddies... both the scores there still showing 800+. Has anyone else experienced that? Who do I even talk to about this at WF?

thanks.

Re: Wells Fargo propel / Fico score

sjt — Fri, 10 May 2019 21:44:45 GMT

Have you checked your reports?

Re: Wells Fargo propel / Fico score

KLEXH25 — Fri, 10 May 2019 23:36:56 GMT

I would definitely get a copy of your credit reports ASAP. If it wasn’t you, it could be fraudulent.

Re: Wells Fargo propel / Fico score

Anonymous — Sat, 11 May 2019 00:15:38 GMT

When did you see your FICO 9 at > 800?

Have you had a loan modified?

Re: Wells Fargo propel / Fico score

itlm062 — Sat, 11 May 2019 03:14:16 GMT

I haven't had my actual report pulled since March, but I am on the 3 months product with myfico, and I usually get a notification if something happens on my report...I do not have a loan modified and the last I saw my fico 9 over 800 was on my last report in March on myfico. The Fico 8 score they constantly update is still over 800 as well as on the actual experian website. Is it possible at all that WF made a mistake if this baddie is not showing up anywhere else?

thanks.

Re: Wells Fargo propel / Fico score

Anonymous — Sat, 11 May 2019 13:11:15 GMT

FICO 9 drops scores in a big way (from an otherwise clean profile) when it perceives that a loan modification has been done. FICO 8 and earlier models do not do this. The reason given is that of a "serious delinquency." BTW, can you give us the precise complete wording of the negative reason statement?

I suggest that you look at your Experian FICO 9 score through the $1 trial at Credit Check Total and see if the EX score dropped there as well (compared to your March myFICO Ultimate 3B report). The CCT report will also confirm that your FICO 8 scores remain in the 800s.

I also suggest that you keep in touch with forum moderator Revelate who has become interested in this quirk of FICO 9, partly because there are at least two other threads in the last few days on this.

If you can't figure out what might be happening from the CCT report/score, you might choose to pull your full Experian report at annualCreditReport.com, with special scrutiny given to every loan that you have or have had. The 3B report you get from myFICO next month may also shed some light -- you'll get to see all three FICO 9 scores.

Re: Wells Fargo propel / Fico score

Trudy — Sat, 11 May 2019 15:51:54 GMT

The big concern is to find out what caused the serious delinquency. But if you got your WF FICO score from the one they provide monthly to account holders it is your FICO 9. And if you're referring to an EX product you pay for they don't provide FICO 9 scores. And MyFiCO only alerts for FICO 8 and provide 9 scores quarterly as it sounds like you have that product. Anything could have happened since your last 3B report.

So you could be looking at 2 different score models. But it is likely WF will use the one you see on their site. When I got my Cash Wise last year they used that score.

Re: Wells Fargo propel / Fico score

Caardvark — Sat, 11 May 2019 18:03:56 GMT

I've done the CCT trial several times but I've never seen my FICO 9. The only scores I've seen are:

3B FICO 8
EX FICO 2
EX FICO Auto 2
EX FICO Auto 8
EX FICO Bankcard 8
FICO 3
FICO Bankcard 2

Am I looking in the wrong spot? I'd live to see my FICO 9

@Anonymous wrote:
I suggest that you look at your Experian FICO 9 score through the $1 trial at Credit Check Total and see if the EX score dropped there as well (compared to your March myFICO Ultimate 3B report). The CCT report will also confirm that your FICO 8 scores remain in the 800s.

Re: Wells Fargo propel / Fico score

Anonymous — Sat, 11 May 2019 22:17:02 GMT

I apologize. I could have sworn that people started reporting this year that CCT had begun including FICO 9 in the new EX scores they give. Sorry for any misleading info on my part.

Re: Wells Fargo propel / Fico score

itlm062 — Sun, 12 May 2019 19:20:35 GMT

one thing that *might be related is my wife's score...

She does have a collection on her report from 2013. However our WF checking account has always been seperate from one another.

And yes, her fico9 score has been in the 730 range with that serious deliquency remark...

She recently (3 weeks ago) closed her WF account...I wonder if they somehow merged our accounts?

Re: Wells Fargo propel / Fico score

Revelate — Sun, 12 May 2019 22:00:51 GMT

@itlm062 wrote:
one thing that *might be related is my wife's score...
She does have a collection on her report from 2013. However our WF checking account has always been seperate from one another.
And yes, her fico9 score has been in the 730 range with that serious deliquency remark...
She recently (3 weeks ago) closed her WF account...I wonder if they somehow merged our accounts?

I'd start looking at before and after reports if you have them; if it were me (cause $20 is irrelevant currently towards figuring out something awkward on my credit) I'd look at an Experian report here on myFICO to get at my FICO 9 score and reason codes there too... if that money matters to you, I wouldn't cause frankly FICO 9 isn't that widely used other than a select few lenders (NFCU, WF, maybe a few others) and not by anything that is truly critical (mortgage).

WF should be getting the score from Experian, but as people have noted we as consumers can't get it from there (which is total fail but meh), but the concept of merging should have no relevance unless something got updated on your credit report... in addition to mortgage loan modifications potentially any debt paid less than full might count similarly, though at an 800 on FICO 8 doesn't sound like you have traditional blemishes.

Anyway something likely changed, but it's admittedly not easy to find out when it comes to FICO 9.

Re: Wells Fargo propel / Fico score

Anonymous — Mon, 13 May 2019 02:37:38 GMT

Hey ITLM. As Revelate observes, very few lenders use FICO 9 so there's no reason to worry about that particular score in the short term -- and since you have a myFICO Ultimate Report scheduled to pull in a month I would just wait for that.

To the extent that you are concerned that a serious derog might have appeared on your EX report, that can be disconfirmed by pulling a new EX report and your FICO 8 score. That can be done for free or for a buck. (Ask if you don't know how to do that.) If a serious derog had appeared a careful review of the report will show it and also your FICO 8 score would have dropped.

The only exceptions to the FICO 8 score dropping would be if an unpaid collection for < $99 had appeared, or if a loan modification had appeared. Neither of those would harm your FICO 8 but both are considered serious derogs by FICO 9.

Your main concern may not be a derog worry but rather the desire to apply for the Propel. If so, is there a Propel promotion going on that you believe will likely cease this month?

Re: Wells Fargo propel / Fico score

itlm062 — Mon, 13 May 2019 17:51:38 GMT

Looks like my next pull will be on 6/2/19, I guess I will just wait till then.

There isnt' any reason to app for the Propel sooner...I just wanted a no AF metal card : )

thanks all!

Re: Wells Fargo propel / Fico score

Anonymous — Mon, 13 May 2019 19:54:12 GMT

I think the Savor is still running a $500 sign up bonus with no annual fee for the first year. And you can downgrade it at month 12. The Savor is my only metal card, which I am ashamed to say was a thrill at first. But I think the thrill will likely pass for you after a few months. It did for me anyway. I like the Savor's 4% cashback on restaurants.

Re: Wells Fargo propel / Fico score

itlm062 — Wed, 29 May 2019 22:07:24 GMT

ok, I also have the Ollo card (haven't logged into since Jan 2019) which gives the fico 9 exp score...that also dropped to 740ish, with the same remark...

Yet my fico 8 exp score is still over 800+ on both myfico / experian.com.

Speaking of loan modification, my US bank morgage was sold to SPS on 02/2019, and SPS started reporting on APR 2019...that might have something to do with it...

I can't wait till 6/2/19 when myfico gives me the new report to see what's going on...

But how do I even dispute this if it doesn't show on my Experian account?

thanks.

Re: Wells Fargo propel / Fico score

itlm062 — Mon, 03 Jun 2019 01:57:59 GMT

I pulled my free 3B report today, all Fico 8 scores are 800+ while all Fico 9 scores are 700+

(same exact on the wife's)

All the Fico9 reason for the lower score was the “Serious Delinquency” that I think is due to our old mortgage company sold to the new one back in Feb...they didn't start reporting until Apr 2019...

I started researching on the forum and like you guys had mentioned, this has been an issue...and no solution I found so far...

I guess I will keep on waiting and see...

(sucks for Penfed quarterly offers...guess I won't be getting any from them...)