BOA Experian Which Fico score system?

kkapdolee · ‎10-13-2013

HI,

I got a rejection letter for BOA 3-2-1 card. (It's not a big deal as it turns out, I won't really need it anyways.) It says my Experian Fico score is 757. Now, I know there are a few different FICO scores such as FICO 08, Bankcard Enhanced FICO, FICO NextGEN, etc.

Do you know which FICO BOA uses? Is it the regular 300-850 FICO score?

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else

kkapdolee · ‎10-13-2013

Oh nevermind...

After reading the letter more carefully, I realized it says "the range of possible scores is 300 to 850.

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else

youngandcreditwrthy · ‎10-13-2013

My FICO from here(myfico.com) matched the one i got from BOA.
So I think it's the 2008 Version of EXP FICO?

ezdoesit · ‎10-13-2013

@kkapdolee wrote:
HI,

I got a rejection letter for BOA 3-2-1 card. (It's not a big deal as it turns out, I won't really need it anyways.) It says my Experian Fico score is 757. Now, I know there are a few different FICO scores such as FICO 08, Bankrate Enhanced FICO, FICO NextGEN, etc.

Do you know which FICO BOA uses? Is it the regular 300-850 FICO score?

You got a rejection with a 757? WTH

kkapdolee · ‎10-13-2013

@ezdoesit wrote:
@kkapdolee wrote:
HI,

I got a rejection letter for BOA 3-2-1 card. (It's not a big deal as it turns out, I won't really need it anyways.) It says my Experian Fico score is 757. Now, I know there are a few different FICO scores such as FICO 08, Bankrate Enhanced FICO, FICO NextGEN, etc.

Do you know which FICO BOA uses? Is it the regular 300-850 FICO score?
You got a rejection with a 757? WTH

Yeah, I don't know. Some companies (BOA and Cap1) seem to hate me for reason while others (Amex and Chase) love me and gives me instant approval for thousands of dollars of credit.

I have a very short history though. My average length of credit is <1 yr. I guess some companies put more weight on the length than others?

EDIT: Also, I recently got a car loan and have still have a high balance left on it. That was probably another factor that BOA and CAP1 did not take favorably.

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else

kkapdolee · ‎10-13-2013

@youngandcreditwrthy wrote:
My FICO from here(myfico.com) matched the one i got from BOA.
So I think it's the 2008 Version of EXP FICO?

Thanks! That's good to know.

[10%+] Internet, Cable, Cell phone
[5%] Gas, Grocery, Amazon, Airline tickets, Drug Stores, Dept. Stores, Target, MyHabit
[3%] Restaurants
[2%] Everything Else

Anonymous · ‎10-13-2013

If fico from bofa agreed with one obtained here, then it is likely FICO 04 vanilla score. I believe experian score from myfico is FICO 04. Someone tell me if that is true? I know that equifax myfico score is FICO 04.

Revelate · ‎10-13-2013

@Anonymous wrote:
If fico from bofa agreed with one obtained here, then it is likely FICO 04 vanilla score. I believe experian score from myfico is FICO 04. Someone tell me if that is true? I know that equifax myfico score is FICO 04.

TU = FICO '98

EQ = FICO '04

EX = FICO '08

I sort of thought the bankcard enhanced scores were de rigeur for the national lenders now, wonder if we can get some more datapoints from BOFA et al. now that we have a recent version EX score to compare it to.

Anonymous · ‎10-13-2013

Thanks for the info Revelate. Wasn't active on board when EXP FICO scores came back to myfico.

Personally it wouldn't surprise me if they ran some sort of internal scoring model as well that is more similar to bankcard enhanced scoring model in addition to vanilla FICO. This would tend to explain the rejection even with high Vanilla FICO.

Revelate · ‎10-13-2013

@Anonymous wrote:
Thanks for the info Revelate. Wasn't active on board when EXP FICO scores came back to myfico.

Personally it wouldn't surprise me if they ran some sort of internal scoring model as well that is more similar to bankcard enhanced scoring model in addition to vanilla FICO. This would tend to explain the rejection even with high Vanilla FICO.

Every lender of non-trivial size has an internal algorithm. I know from second-hand information that Chase actually pulls multiple scores, and I know from the lenders that I've worked at, that each pulled at least one score and used at least one internal algorithm... and many would pull a second score as well and track that for historical purposes of evaluating whether it produced a better result against their live customer data with their loans in the field with regards to defaults etc.