Wells Fargo is using Fico 3 for Credit Cards?

[Anonymous]

My current EXP is 732 and I appd and was approved for a WF Visa Sig last week.  The letter arrived today with the approval notice and noted my EXP score was 714, which is exactly correct for Fico 3.  Is there a reason they are not using Fico 8?

[CreditCuriosity]

Mean Fico 2?  Not familliar with Wells Fargo, but places like US Bank just used Fico 04 on me, DCU is known to use Beacon 5 I believe..  Guess they are just tried and true systems and just haven't upgraded yet?  Alot of CU and such use older versions and WF isn't known to be cutting edge or maybe they just prefer that version, who knows.. Just my 2 cents..  

[Anonymous]

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@CreditCuriousity wrote:

Mean Fico 2?  Not familliar with Wells Fargo, but places like US Bank just used Fico 04 on me, DCU is known to use Beacon 5 I believe..  Guess they are just tried and true systems and just haven't upgraded yet?  Alot of CU and such use older versions and WF isn't known to be cutting edge or maybe they just prefer that version, who knows.. Just my 2 cents..  

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I just looked here myFICO and it states FIco Sore 3 under credit card lending.  Fico Bankscore Score 2 is shown at 719.  Bummer, Fico Bankcard Score 8 is 746. 

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

Mean Fico 2?  Not familliar with Wells Fargo, but places like US Bank just used Fico 04 on me, DCU is known to use Beacon 5 I believe..  Guess they are just tried and true systems and just haven't upgraded yet?  Alot of CU and such use older versions and WF isn't known to be cutting edge or maybe they just prefer that version, who knows.. Just my 2 cents..  

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I just looked here myFICO and it states FIco Sore 3 under credit card lending.  Fico Bankscore Score 2 is shown at 719.  Bummer, Fico Bankcard Score 8 is 746. 

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Hmmm my bad, pulled up an old EX report and must of missed the 3 somewhere on it on the different versions..  regardless they are using an older scoring model like other banks/cu I mentioned earlier use..  Sure they will goto the 08 model eventually.. Just like my current auto loan they used 04 auto enhanced vs 08 auto enhanced.   Probably the cost of upgrading and such or bigger issues to fry first.  

Each model has their benefits and drawbacks and what they put emphasis on.. Before Fico 08 came out I believe barely anyone had 850's, now I hear it is pretty common for 850's across the board.. Although I am far from it

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@CreditCuriousity wrote:

Mean Fico 2?  Not familliar with Wells Fargo, but places like US Bank just used Fico 04 on me, DCU is known to use Beacon 5 I believe..  Guess they are just tried and true systems and just haven't upgraded yet?  Alot of CU and such use older versions and WF isn't known to be cutting edge or maybe they just prefer that version, who knows.. Just my 2 cents..  

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I just looked here myFICO and it states FIco Sore 3 under credit card lending.  Fico Bankscore Score 2 is shown at 719.  Bummer, Fico Bankcard Score 8 is 746. 

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Each model has their benefits and drawbacks and what they put emphasis on.. Before Fico 08 came out I believe barely anyone had 850's, now I hear it is pretty common for 850's across the board.. Although I am far from it

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LOL, I hear ya on that.  Thanks for the replies, obviously some banks will have reasons for how they do things.

[Anonymous]

i would not know!