Penfed Denied BUT EQ Score MUCH higher then My Fico EQ Score....Why

[Andy77]

Yesterday I pulled my EQ through myfico and it was 692.

I applied for a Penfed credit card yesterday and was declined and in the decline letter dated 2/20/14, it said they pulled Equifax and my score was 721

Which one is wrong?

[user5387]

First thing I'd do is determine whether Penfed and MyFico are using identical scoring models.

If not, then neither is wrong, because applying different formulas to the same report will yield different results.

[Andy77]

I think I figured it out...Penfed uses fico nextgen score or pinnacle and my fico must not

Question...if Penfed ever deceided to not use pinnacle, I am assuming all cards I was once approved for under pinncle would not be approved under a different EQ scoring model?

[user5387]

If you apply different formulas to the same data, I don't know that it's a given that one formula will always produce a higher value than the other.

So I'm not sure that there's a clear answer to the question.

[Andy77]

Well yes for sure it is a given....example

Myfico uses a different model of equifax resulting in a lower score

Penfed uses Pinnacle model, different then myfico, and I have heard that that model puts more emphasis on the amount of debt you owe, so the score will be higher with Pinnacle, as it was yesterday

[notfancy]

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@Andy77 wrote:

Yesterday I pulled my EQ through myfico and it was 692.

I applied for a Penfed credit card yesterday and was declined and in the decline letter dated 2/20/14, it said they pulled Equifax and my score was 721

Which one is wrong?

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beyond the score- why did they deny you? 721 seems like a good enough score to get approved for pretty much anything?

[Sooners2013]

So why did they deny you?  If you could share the other info: scores, utlization, etc.  They are strict and love to use the pyramiding debt excuse. 

[user5387]

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@Andy77 wrote:

Well yes for sure it is a given....example

Myfico uses a different model of equifax resulting in a lower score

Penfed uses Pinnacle model, different then myfico, and I have heard that that model puts more emphasis on the amount of debt you owe, so the score will be higher with Pinnacle, as it was yesterday

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What I'm trying to say is that if one model produces a higher value than another on a given date, for the same data, it't not necessarily the case that this will be true on another date, assuming that the report data may have changed a bit.

In other words, I don't think we can conclude that model A always produces higher scores than model B, even though it obviously does in some cases.

[Andy77]

Oh, I am sorry, now I understand what you are saying.  This makes sense.

[Creditaddict]

I thought on the other thread you got approved?