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Barclay Card approval but massively confused...

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Valued Member

Barclay Card approval but massively confused...

Having been a mortgage lender I thought I had a pretty good handle on credit. I've been going through a rebuild for the past couple years but haven't opened any new accounts. Was an AU on two pristine accounts; AMEX and HD but nothing has reported since 2014. My baddies have been falling off or removed. No lates in the last 36 months. I've been seeing my FAKOs going up so I bit the bullet and ordered the real thing hear. Of course my FICOs are lower. Got approved for a Cap One QS in October with a very low limit $300. I've been using it and paying it multiple times in a month.

So I started applying for some of the suggested cards because I want three trade lines to get a mortgage next year. Got turned down by Chase but they were pulling Experian which is my worst score. Checked which lenders pull TU (my best) and applied with Barclay. Turned down. Letter said score was 598 which was 50 points lower than what MyFico said.

 

Disappointed, I got an AU on another HD card, high limit, perfect payment but it's only been open 8 months. Two trade lines. I need three.

 

I started reading about recons here and decided to do the Barclays because I know it's my highest score. Called in but it was over 30 days and the rep said reapply online. I did. It was insta-denied. Waited a week and reconned. They asked me some questions and ended up approving it for $250. Got the denial letter later in the day and it showed a score of 651. Question 1 - Are lenders really denying 651 scores these days? When I was doing lending, that was a decent score. Question 2 - I have a good income and zero debt. The limit seems very low. The HD account didn't report until after the recon, so only the Cap One is showing. Can I expect that to go up quickly with use and solid payment history? Should I do a limit recon in 90 days when I've got more history on my revolving accounts?

Part 2

As my EQ improved, I applied for a Discover IT. It was turned down. My EQ was 630. They also pulled EX which is my lowest at 589. Makes sense. After my EX rose to 603 I reconned with Discover. Still denied. Frustrated, I applied with Target since I thought it would be very easy for approval based on some of the posts here. Turned down. Letter said my EQ was 558 though MyFico showed 628. No version of MyFico showed my EQ any where near that low. None of my FAKOs showed anything in that range. Does anyone know why the lender pull would be that much lower from MyFico? I've cancelled MyFico because of this. An no, the recon with Target didn't work. 

All my scores are on the rise. I now have my three trade lines. Should I just wait for my new accounts to age? I'd like a card with a higher limit but I don't really want any more cards. The score discrepancy is the most concerning as I don't want any surprises when I get my mortgage.

 

Thanks for your thoughts and thanks for the great advice on these forums. I've learned a lot over the years.

Message 1 of 13
12 REPLIES 12
Senior Contributor

Re: Barclay Card approval but massively confused...


@saltlakere wrote:

Having been a mortgage lender I thought I had a pretty good handle on credit. I've been going through a rebuild for the past couple years but haven't opened any new accounts. Was an AU on two pristine accounts; AMEX and HD but nothing has reported since 2014. My baddies have been falling off or removed. No lates in the last 36 months. I've been seeing my FAKOs going up so I bit the bullet and ordered the real thing hear. Of course my FICOs are lower. Got approved for a Cap One QS in October with a very low limit $300. I've been using it and paying it multiple times in a month.

So I started applying for some of the suggested cards because I want three trade lines to get a mortgage next year. Got turned down by Chase but they were pulling Experian which is my worst score. Checked which lenders pull TU (my best) and applied with Barclay. Turned down. Letter said score was 598 which was 50 points lower than what MyFico said.

 

Disappointed, I got an AU on another HD card, high limit, perfect payment but it's only been open 8 months. Two trade lines. I need three.

 

I started reading about recons here and decided to do the Barclays because I know it's my highest score. Called in but it was over 30 days and the rep said reapply online. I did. It was insta-denied. Waited a week and reconned. They asked me some questions and ended up approving it for $250. Got the denial letter later in the day and it showed a score of 651. Question 1 - Are lenders really denying 651 scores these days? When I was doing lending, that was a decent score. Question 2 - I have a good income and zero debt. The limit seems very low. The HD account didn't report until after the recon, so only the Cap One is showing. Can I expect that to go up quickly with use and solid payment history? Should I do a limit recon in 90 days when I've got more history on my revolving accounts?

Part 2

As my EQ improved, I applied for a Discover IT. It was turned down. My EQ was 630. They also pulled EX which is my lowest at 589. Makes sense. After my EX rose to 603 I reconned with Discover. Still denied. Frustrated, I applied with Target since I thought it would be very easy for approval based on some of the posts here. Turned down. Letter said my EQ was 558 though MyFico showed 628. No version of MyFico showed my EQ any where near that low. None of my FAKOs showed anything in that range. Does anyone know why the lender pull would be that much lower from MyFico? I've cancelled MyFico because of this. An no, the recon with Target didn't work. 

All my scores are on the rise. I now have my three trade lines. Should I just wait for my new accounts to age? I'd like a card with a higher limit but I don't really want any more cards. The score discrepancy is the most concerning as I don't want any surprises when I get my mortgage.

 

Thanks for your thoughts and thanks for the great advice on these forums. I've learned a lot over the years.


Different lenders use different versions of FICO.

Message 2 of 13
Valued Member

Re: Barclay Card approval but massively confused...

I understand that. Why am I paying MyFico to get scores lenders use when what they supply is nothing close to what the lender is actually using? An 80 point difference lower is a big deal.

Message 3 of 13
Senior Contributor

Re: Barclay Card approval but massively confused...

They say 90% of lenders use FICO.

 

FICO has 50 versions!

 

Banks use FICO but many have their own algorithms in addition. Lenders do not use just your score in making decisions to extend you credit. There are many different factors.

 

I understand you are confused by the difference in what your seeing and what creditors are seeing. The lender is using another FICO version than FICO 8.

Message 4 of 13
Frequent Contributor

Re: Barclay Card approval but massively confused...

I am in a similar boat in that I was denied for the Cap One Venture and when I got the letter, it showed my Experian score at 588.  Both CCT and My Fico show it as 665.  That is a massive difference.  I was left wondering what report version they pulled??  

Current FICO Scores as of 01/2020 EQ 700 TU 724 EX 694

NFCU CR $24,000 | USAA Rewards Visa Signature $17,000 | USAA Preferred Cash Rewards Visa Sig $17,000 | Walmart MC $10,000 | Wells Fargo Cash Wise $9,000 | Costco Anywhere Visa $13,500 | Citi AAA $5,500 | PenFed Rewards Visa Signature $6,500 | PenFed Promise $5,500 | Amazon Rewards Visa $3,500 | AMEX BCE $2,800 | Barclay Apple Rewards $960 | Capital One QS 3,750 | Chase Sapphire Reserve $5,500 | Discover IT $1,600 | Amazon $7,800 | J Crew $11,500 | Wayfair $6,500 | PayPal Credit $7,800
Message 5 of 13
Valued Member

Re: Barclay Card approval but massively confused...

Exactly my point. TU shows 651, lender pulls 598. 30 days later, TU shows 651, lender shows 651, still declines it. If I knew my scores didn't meet their criteria, I wouldn't apply and risk having my scores go down further.

Message 6 of 13
Frequent Contributor

Re: Barclay Card approval but massively confused...

I have had Myfico be 40 points higher than at time of app (mortgage) and 40 points lower than app showed (car) and anywhere in between, nobody is perfect, everything to do with credit is YMMV. Its a guideline, not a fact. even My FICO lists 10 or so other scores than just the main FICO 8.  Congrats on your Barclay approval btw! 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I Chase Freedom U 55k I JP Morgan Ritz 50k I B OF A Cash Rewards 50k I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Barclays Arrival+ World E 29k I Merril+ 27,800 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 7 of 13
Frequent Contributor

Re: Barclay Card approval but massively confused...

I keep my thoughts about this in check by remembering that this is all BS.  There is no such thing as a true "FICO" score, or else there wouldn't be hundreds of versions looking at the same data differently.  All scores are FAKO's. All they want to do is charge you the most money they can and still know you won't burn them.  You should read all the threads about people with 800's getting denials.  Hilarious. 

FICO 8:  EQ:687  TU:728  EX:735
Message 8 of 13
Valued Member

Re: Barclay Card approval but massively confused...

Barclay's has already reported to Experian. I haven't even received or activated the card yet!

Message 9 of 13
Senior Contributor

Re: Barclay Card approval but massively confused...


@saltlakere wrote:

Barclay's has already reported to Experian. I haven't even received or activated the card yet!


Fast reporting and slow shipping (unless you pay $15 or whatever extra for expedited shipping) is quite typical of Barclaycard.

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Message 10 of 13
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