FYI: Cap One using FICO 3 score for Venture Apps

[TheConstant]

Just got my denial letter in the mail today.

Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

Anyways, just wanted to let you know they're using FICO 3, at least for Experian.

Only know this because this score is significantly different than all my other FICO model scores (try by like, 60+ points).

Hope this helps you all with your future apps and especially with the Venture!!

[Anonymous]

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@TheConstant wrote:

Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

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I only see 1 reason.

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@TheConstant wrote:

Anyways, just wanted to let you know they're using FICO 3

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WTH is FICO 3? 

[TheConstant]

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@Anonymous wrote:

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@TheConstant wrote:

Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

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I only see 1 reason.

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@TheConstant wrote:

Anyways, just wanted to let you know they're using FICO 3\

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WTH is FICO 3?

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Sorry, same reason, two bureaus. Both TU and EX listed this.

Go to the "SCORES" tab of "My Account" if you are paying for that service, and then if you look at the EX tab of that screen, it shows you several different scoring models that are used in lending. 

One of the least used models (to my understanding), is FICO 3.

I'm thinking they used multiple models and pick the worst one to go by...

[Anonymous]

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@TheConstant wrote:

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@Anonymous wrote:

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@TheConstant wrote:

Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

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I only see 1 reason.

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@TheConstant wrote:

Anyways, just wanted to let you know they're using FICO 3\

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WTH is FICO 3?

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Sorry, same reason, two bureaus. Both TU and EX listed this.

Go to the "SCORES" tab of "My Account" if you are paying for that service, and then if you look at the EX tab of that screen, it shows you several different scoring models that are used in lending. 

One of the least used models (to my understanding), is FICO 3.

I'm thinking they used multiple models and pick the worst one to go by...

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No such thing as Fico 3. Cap One uses the same Fico model as mortgage lenders, which would be called 2, 4, or 5 depending on the CRA. If you have collections in your files, this score will be significantly lower than Fico 8 because 8 places less emphasis on minor baddies.

[TheConstant]

I'm staring right at "FICO Score 3" in the scores list under the score tab... lol

And it's the only one that is significantly different than all my other versions.

EDIT: And it's the same score as in the denial letter.

[Anonymous]

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@TheConstant wrote:

I'm staring right at "FICO Score 3" in the scores list under the score tab... lol

And it's the only one that is significantly different than all my other versions.

EDIT: And it's the same score as in the denial letter.

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I'd be interested to know where you're seeing a Fico 3 score, because this is what I see when viewing Experian, which is the CRA you referenced.

[TheConstant]

Mine has FICO Score 3 in between BankCard Score 8 and BankCard Score 2 WHAT THE HECK!!

[Anonymous]

Okay, that is seriously weird. I don't have that in any of the three CRA's. Maybe they made up a new version just for you. 

[TheConstant]

I don't know, but I swear I don't pay anything extra to get it!!

You should talk to them about it if you want it..

..But anyways, that's the score they used for me. I damn near had a heart attack when I saw that on paper.

[ddemari]

I have a fico bankcard ex 3 on my report