Credit One Experian credit score

[Ramsport]

So I recently applied to credit One thinking I would get a higher credit limit because I already have American Express.

I know I know if you have American Express why you applying to credit One it was late I was tired no.

It came back approved with a credit limit of $300 based on a 600 credit score that they got from Experian. The problem is my credit score with Experian is 733 it is now 726 because of their inquiry.

Where did they get 600 from. I get there different scoring models I get it but 133 difference. And if they're pulling directly from Experian how did they get 600.

[Anonymous]

@Ramsport  Perhaps Credit One Bank pulled VantageScore while you were used to seeing FICO.

[Ramsport]

Thank you for responding. Yes I thought that too but 133 point difference! And if they're getting it right from Experian it should at least be closer to my actual score. And I got my FICO score as well and it coincides with what experience is saying that it is now 726 after they're in quarry. I certainly don't need a card with a $300 limit.

I called already and told them I don't want this card and to remove it because they're not pulling the right credit score and they need to tell me where they got it from. I know that sounds pushy I'm hoping it works.

[LADave]

Credit One may be unique to the credit card industry in the sense that they appear to be giving scores to productive clients that are bogus.

Not "bogus" as in "Not FICO,"  but bogus as in "not connected to any kind of criteria that most banks would want to use."

Proud Money on YouTube did an entertaining video where it showed how the positive aspects of his 800+ FICO appeared to hurt his proprietary Credit One "custom risk score." Their model appears to give higher scores for riskier customers, and gave him a score of 398(!). (It actually gave him another score in the 300s on a separarte application, which makes me wonder if these are actual scores or just random numbers that were generated by Credit One.)

If you're a customer they'll give you a monthly Experian VantageScore, which isn't FICO but it's at least connected to criteria that's used by banks that are more desirable than Credit One!

[mgood]

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@Ramsport wrote:

I get there different scoring models I get it but 133 difference.

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I've had 100+ point differences in scores between different scoring models.

Just from Experian, you get:

FICO 8
FICO Auto 8
FICO Bankcard 8
FICO 9
FICO Auto 9
FICO Bankcard 9
FICO 2
FICO Auto 2
FICO Bankcard 2
FICO 3
FICO 10
FICO 10T
FICO Auto 10
FICO Bankcard 10

So if you're seeing FICO 8 and they're looking at FICO 3, it could be wildly different.

I don't know if this is the case. I don't know if  you're getting all your scores.  Just saying this is a possible explaination.

[Ramsport]

So that basically always puts the consumer at an unfair advantage. With so many scoring models is it any wonder that people go out and get new credit or continually spend in order to appease the creditors they already have.

The very fact that these are private businesses who developed these scoring models there should be more regulation.

There is no way for the average person to keep up.

When I was approved for my Platinum Amex my Experian was 666. It then took it down to 661 because of the inquiry. When I got the last bad removed my score jump to 733 across the board.

There shouldn't be so many variations.

Just my two cents. Thank you for responding

[Ramsport]

I will be checking out that video. But if they're creating their own criteria how can they say they're getting it directly from experian. And if they are getting from Experian shouldn't we be told which model it is. 

People are incurring unnecessary inquiries regardless of pre-qualification sites because of this.

And then then we get a ding for excessive inquiries. 

They're very existence relies on information submitted by creditors good and bad. They created these models. So the monster creates the monster to chase after the villagers.

Makes total sense.

Even if I obtain a FICO score which is supposed to be the true score and use that to apply they could be using something totally different. Then how can a FICO score be a true score if everyone else is using something different what do we need a FICO score for

Thank you for responding.

[Ramsport]

I will be checking out that video. But if they're creating their own criteria how can they say they're getting it directly from experian. And if they are getting from Experian shouldn't we be told which model it is. 

People are incurring unnecessary inquiries regardless of pre-qualification sites because of this.

And then then we get a ding for excessive inquiries. 

They're very existence relies on information submitted by creditors good and bad. They created these models. So the monster creates the monster to chase after the villagers.

Makes total sense.

Even if I obtain a FICO score which is supposed to be the true score and use that to apply they could be using something totally different. Then how can a FICO score be a true score if everyone else is using something different what do we need a FICO score for

Thank you for responding.

[LADave]

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@Ramsport wrote:

I will be checking out that video. But if they're creating their own criteria how can they say they're getting it directly from experian. And if they are getting from Experian shouldn't we be told which model it is. 

People are incurring unnecessary inquiries regardless of pre-qualification sites because of this.

And then then we get a ding for excessive inquiries. 

They're very existence relies on information submitted by creditors good and bad. They created these models. So the monster creates the monster to chase after the villagers.

Makes total sense.

Even if I obtain a FICO score which is supposed to be the true score and use that to apply they could be using something totally different. Then how can a FICO score be a true score if everyone else is using something different what do we need a FICO score for

Thank you for responding.

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Banks can (and often do) have their own proprietary scoring models based on what's in your credit reports. For those that don't, there are at least dozens of scores they can pick from with FICO, and others from VantageScore. No one has a single true "score" that banks base their decision off of.

I understand that Credit One does have a prequalification site to see if you're likely to be approved, so you should be able to check without your credit being dinged.

[Ramsport]

I did check the pre-qualify. It came back that I pre-qualified you could have knocked me over with feather when it said 300 limit and my credit score was.

Again if they're claiming they're getting it from Experian it must be the same number that I'm getting from Experian. If it's a different model I should have the right to know that before I go apply for anything.

Thank you for your response.