FICO vs FAKO - Which CCC's use FICO for determining approvals

[Anonymous]

Added daughter as AU on 5 of my CC's.  HUGE differences in her scores.  Since AU's will not be factored into FICO (someday), she needs to get CC's in her own name.

Which CCC's use true FICO scores when determining approval.

FICO   TU 694  EQ 667  EX 738  01/18/08

FAKO  TU 522  EQ 515  EX 486  01/18/08 (scores from Chase Identity Protect)

[Anonymous]

I am not aware of a single CCC using FAKO scores for approvals.

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dwarfess wrote:

Added daughter as AU on 5 of my CC's.  HUGE differences in her scores.  Since AU's will not be factored into FICO (someday), she needs to get CC's in her own name.

Which CCC's use true FICO scores when determining approval.

FICO   TU 694  EQ 667  EX 738  01/18/08

FAKO  TU 522  EQ 515  EX 486  01/18/08 (scores from Chase Identity Protect)

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[Anonymous]

Thanks! 

Do the CCC's just pull scores, or do they also look at the reports?  I've been holding off on having her submit apps until her BK (dismissed) falls off May.  She has 3 CA's from 2002/2003, BK (dismissed) from 2001, and a TL/CO for $241 (DOFD = 04/06).  Otherwise, she has no credit other than AU accounts.

Message Edited by dwarfess on 01-21-2008 11:08 PM

[haulingthescoreup]

Most CCC's look at things beyond the simple score --have there been lates within a certain timeframe, are there open collections, is there a BK, does the applicant already have two revolving accounts, etc.

The best bet is to enter a CCC name in the search box and find some cards that seem to fit her situation. Once you get some candidates, you then might want to post a summary of her history (short history, thin file, 2 separate 30-days, one 8 months old, one 2 years old, only has one CC so far, etc.), list the candidate cards, and ask the forum if the cards are a good match.

[Anonymous]

Would some of the ccc that do soft pulls work in her situation, for a preapproval? Like Orchard, BoA, spiegal? Sorry, I know this doesn't answer OP's question. I've never BK so, not sure about what is actually checked when they do the preapproval.

[Anonymous]

stef, from what I've had in pre-apps, they come to you from a 3rd party, apart from the ccc, based on credit scores alone. A pre-ap, is NOT to be thought of as a maybe, sorta, approval....just and advertising gimic.

I can't begin to tell you how may times I responded in years past for one of those's, just to be declined.

IMHO, it's based on some criteria in a person's credit file, that triggers the mailing. I believe it to be the scores.

But that's just my thoughts. Take it for a grain of salt.

[Anonymous]

Took a chance and did Wamu, BofA, Hooters, Walmart and Target.

Wamu - Instant approval - $1000 CL

BofA - Declined, but offered secured card

Hooters - Approved, subject to verification of information

Walmart - Further processing required

Target - Further processing required

Amex - Declined

Thanks everyone!

[haulingthescoreup]

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@Anonymous wrote:

Took a chance and did Wamu, BofA, Hooters, Walmart and Target.

Wamu - Instant approval - $1000 CL

BofA - Declined, but offered secured card

Hooters - Approved, subject to verification of information

Walmart - Further processing required

Target - Further processing required

Amex - Declined

Thanks everyone!

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Those should get her well on her way. She's going to take the BofA secured, isn't she? I wouldn't pass that one up. It creates a nice savings account too (that secures the card.)