Bank using Classic 98 Fico Score, What do I do?

[Anonymous]

I was denied because I was 20 points under their needed score. I asked what score they use and they said classic 98 TU Score. How am I supposed to monitor that? 

[thom02099]

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@Anonymous wrote:

I was denied because I was 20 points under their needed score. I asked what score they use and they said classic 98 TU Score. How am I supposed to monitor that? 

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I think you'll be hard pressed to find any of the major credit monitoring services that would provide monitoring for the classic 98 TU score. 

Frankly, I would recommend consideration of getting a new bank.  If they are using technology that old, and don't offer something at least a generation removed, then that speaks volumns about the quality of that bank's lending/underwriting business.  They are doing their customers a disservice.

That's like saying "we only use Windows 3.0"! 

ETA:  Did you ask them if they can/will use a more up-to-date scoring model, or pull from EQ or EX?

[StartingOver10]

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@Anonymous wrote:

I was denied because I was 20 points under their needed score. I asked what score they use and they said classic 98 TU Score. How am I supposed to monitor that? 

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Was this for a mortgage?

[Anonymous]

Loan for a enclosed trailer

[Anonymous]

There more banks/credit unions that still use 98.  I know State Department FCU does for sure and have read about others.

[takeshi74]

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@Anonymous wrote:

I was denied because I was 20 points under their needed score. I asked what score they use and they said classic 98 TU Score. How am I supposed to monitor that? 

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While you may have difficulty monitoring that particular model you should still be able to identify deficiencies in your reports and work on addressing them.  Addressing those remaining 2 derogs in your signature, if possible should help.

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@thom02099 wrote:

That's like saying "we only use Windows 3.0"!

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That's a poor analogy. It's not like tech or an OS. There are other reasons why creditors may use an older scoring model.

[thom02099]

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@takeshi74 wrote:

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@Anonymous wrote:

I was denied because I was 20 points under their needed score. I asked what score they use and they said classic 98 TU Score. How am I supposed to monitor that? 

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While you may have difficulty monitoring that particular model you should still be able to identify deficiencies in your reports and work on addressing them.  Addressing those remaining 2 derogs in your signature, if possible should help.

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@thom02099 wrote:

That's like saying "we only use Windows 3.0"!

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That's a poor analogy. It's not like tech or an OS. There are other reasons why creditors may use an older scoring model.

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That was meant as a tongue-in-cheek statement...hence the emoji!