HD card denied... Says I have a 527, Myfico says 641???

[coldnmn]

How many CC did you apply for after you got your score. If you opened or applied for credit cards each one in the short term will bring down your score. You say once your CC are opened it will increase your score. If you opened or opening lots of credit lines that could be your problem.

[john398]

I wonder if thats the Bankcard Industry Option FICO score

[justcallmeJohn]

I applied and got one card on the way after applying for the Home Depot card.

I also applied for a Menards card. Both places I spend a decent amount of cash at so I assumed I should start there. I called Home Depot credit to inquire but they are very unwilling to discuss anything.

What a bummer. How long do hard hits on your credit last? I have a friend that was a Morgage broker and I plan on haing ime pull my fico to confirm.

[coldnmn]

Hard inq stays on 2 years. Next time you decide to apply do a search on this site for example Citi. Then  see if people with your scores are having success. Also check out www.whogavemecredit.com  

[Walt_K]

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@coldnmn wrote:

Hard inq stays on 2 years. Next time you decide to apply do a search on this site for example Citi. Then  see if people with your scores are having success. Also check out www.whogavemecredit.com  

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Just to clarify a little further, hard inquiries stay on the report for 2 years, but they are only scored by FICO for one year. 

[Anonymous]

OP: Something to remember is there are many (13 AFAIK) FICO scoring models, some with different scoring ranges. For example, the EQ score you get here is a Beacon 5.0 I believe (range 300-850), and most likely what Home Depot pulled is a bankcard enhanced FICO (range 250-900).

[GregB]

250-900 for an EQ FICO would be the BankCard Industry option for Beacon 5.0 or Beacon 9.

If there is truly 114 point difference between EQ FICO Beacon 5.0 from here and the EQ FICO from Citi, I would think it only possible if they are using Beacon 9 AND the BankCard Industry Option. That seems like it would require their Beacon 9 score to be much worse than Beacon 5.0 AND their BC Industry scorecards to have a big negative effect. Still seems like a huge difference.

OP,

Are you an AU on substantial credit where the account holder is not a spouse? Are most or all of your negatives for BankCards?

[kmkchris1]

Some VERY helpful and informative posts here. Good read!

[jodiescha68]

Same exact thing happened to me...I applied for Home Depot and they said my Equifax score was 556 and Myfico says it is 669. Just from personal experience lately it seems it is more what it says on your credit report than what your score is anyway if your score is marginal like mine. I work for a company that sells farm equipment and lawn mowers that are green...lol (not sure if I can say the name but your get it) and I know the finance company will not instantly approve any application with a credit score that is less than 720 on non-recourse notes (revolving credit accounts). I messed up and let my student loan get behind a couple years ago and my utilization is 50/50 and this is why my credit score is low and that is all the creditors are concerned about.