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This CU Pulled TU Vantage Score !!!

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New Contributor

This CU Pulled TU Vantage Score !!!

Hello MYficoers. I've been rebuilding pretty well since October 2017. So after my recent success earlier this month with NFCU, I thought that it would be a good idea to try for an unsecured card with Baxter Credit Union since I've also had their non graduating secured card since October 2017. So on 5/20/2019 , I called the nice CSR and explained how well my rebuild had been going since the early stages when I received the secured launch card with a 478 credit score after my BK7 in October 2017.  I  explained that my FICO scores (8&9) have increased at least 200 points since the rebuild began and the secured card was going nowhere. BCU provides a free TU vantage score and the CSR told me that that is the score that they use for credit card lending decisions. What!?!?! The CSR was able to see that I had a TU Vantage Score of 674, not great but not terrible, so I decided to go ahead and apply for the Simply Visa and rquested a reasonable credit line. No immediate decision. So I waited and a few days ago I received the denial letter with the following reasons:

A.Escalating Debt Load

B. Limited re-established credit since bankruptcy

Of course, I'll get over the rejection, but the fact that they pulled "Vantage Score" not FICO and their denial reasons were very interesting to say the least. 

 

Message 1 of 18
17 REPLIES 17
New Contributor

Re: This CU Pulled TU Vantage Score !!!

Wow, those are interesting reasons- and I'm even more surprised about them pulling the FAKO score. Thanks for the DP and good luck on your rebuild, seems like you're already well on your way!




Message 2 of 18
Super Contributor

Re: This CU Pulled TU Vantage Score !!!

Lots of lenders pull vs along with fico. Vs trends data for the past 2 years. Fico has started offering trended data, but it's not as good as vs. Thats why you're number 1 reason for denial is escalating debt. They looked at the trended data from vs.








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Message 3 of 18
New Contributor

Re: This CU Pulled TU Vantage Score !!!

Thanks. I think I'll just sit tight right now and wait 6 months to try for the NFCU CLI.

Message 4 of 18
Highlighted
New Contributor

Re: This CU Pulled TU Vantage Score !!!

Hi Brian. Trended data over a two year period versus the more recent snapshot of the credit profile. Very Interesting indeed.  Thanks for that information

Message 5 of 18
Super Contributor

Re: This CU Pulled TU Vantage Score !!!


@jmos wrote:

Hi Brian. Trended data over a two year period versus the more recent snapshot of the credit profile. Very Interesting indeed.  Thanks for that information


NFCU is using trended data now, as well. I was recently denied because my average debt over 12 months was too high. I made a thread about it.








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Message 6 of 18
New Contributor

Re: This CU Pulled TU Vantage Score !!!

I'm going to have to check out your thread regarding trended data. I think that I'll have to sit tight for awhile, as well. Thanks.

Message 7 of 18
Frequent Contributor

Re: This CU Pulled TU Vantage Score !!!

Just wanted to give you a heads up. I have been a member of BCU for several years. I have a CC with them, LOC, several personal loans, and several auto loans. They have always conducted a hard pull on Experian for any type of business that I have conducted with them. Be it from new CC's to CC increase requests. The only thing the CU uses the vantage score for is a rate reduction. If your vantatge score is between xxx-xxx they will give you are rate reduction. They tell you these scores when you obtain their products. I got rate reductions on auto loans because of this feature. Hope this helps.

Message 8 of 18
Member

Re: This CU Pulled TU Vantage Score !!!

Within the last 8 months BCU switched exclusively to Vantage 3 for their scores.  Doesn’t matter what product you are applying for, they are no longer using FICO.  Vantage is beginning to matter more and more.

 

Starting Score: EQ 557 EX 551 TU 583
Current Score: EQ 630 EX 633 TU 662
Goal Score: 730
Message 9 of 18
New Contributor

Re: This CU Pulled TU Vantage Score !!!

Exactly, Newzie. That's why I wanted to point this out.

Message 10 of 18
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