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Banks and Credit Cards offer FICO score but...

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Banks and Credit Cards offer FICO score but...

I have several banks and credit cards that offer free scores.  My issue is I feel like I was bait and switched with my local credit union.  They offer my fico score for free and I look at it monthly as it changes.  I applied for a loan and they say my score is 50 points lower than what the tool they offer shows.  Why show me a score they have no intention of using?

Message 1 of 11
10 REPLIES 10
Super Contributor

Re: Banks and Credit Cards offer FICO score but...

Just because an institution shows you a monthly scores doesn't mean that they use that score.  This is true of essentially anyone that provides monthly VS 3.0 score.  A couple examples of that would be Capital One and Chase.

 

Monthly FICO scores are of course more relevant, but again different banks use different scoring models based on the situation and product.  If you applied for a loan, they very well may have used a scoring model tailored to loans.  For example, if it was an auto loan they may have used one of the FICO Auto Score models.  Just ask what FICO score version they used for the loan and on the screen where you're seeing you monthly FICO score provided by them it should say the scoring model (and bureau data) used to generate that score.  No doubt the two models are different.  I don't feel they pulled a bait and switch at all.  It's definitely up to you to make sure you do your homework and always know what type (version) of a FICO score is getting pulled. 

Message 2 of 11
Contributor

Re: Banks and Credit Cards offer FICO score but...

I am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all.  Hey here is what is in your bank account $100.  Cool can I would like to withdraw the $100 dollars.  Oh, you want to withdraw it well it's really only $50 because you want to use it for something other than keeping it in your account.

 

Edit:  I have done my homework and I know how this racket really works I am just complaining Smiley Happy

Message 3 of 11
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Valued Contributor

Re: Banks and Credit Cards offer FICO score but...

Penfed, for one, does show you the same score that they use - Equifax FICO 9.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 4 of 11
Senior Contributor

Re: Banks and Credit Cards offer FICO score but...


@BundiFan wrote:

I have several banks and credit cards that offer free scores.  My issue is I feel like I was bait and switched with my local credit union.  They offer my fico score for free and I look at it monthly as it changes.  I applied for a loan and they say my score is 50 points lower than what the tool they offer shows.  Why show me a score they have no intention of using?


Like BBS says the score they use can be different based upon what to of you are trying to get.   A credit card from the bank might use FICO 8,  or the FICO 8 credit card enhanced score, an auto loan might use the FICO 8 auto loan enhanced, for a mortgage they might use a different FICO all together, and then even within each of those types of scores they might pull from more than  one CRA.   So maybe they did look at the score they provided you but also another score as well, and that other score might be lower or higher than the one you see.

 


FICO 8 Starting Score

Current Scores




Garden Goal is All Reports Clean

Message 5 of 11
Super Contributor

Re: Banks and Credit Cards offer FICO score but...


@BundiFanI am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all.  

It may be a score they use at times, but not or all products.  There are many banks out there that issue credit cards, mortgages and auto loans (among other loan types).  3 different scores generally speaking would be used for those types of accounts.  If the bank provides a free monthly FICO score, naturally it can only be 1 of the 3, meaning that 2/3 of the time their provided score likely woudn't be used in lending decision.  Just something to consider here when looking at the big picture.

Message 6 of 11
New Contributor

Re: Banks and Credit Cards offer FICO score but...


@BundiFan wrote:

Hey here is what is in your bank account $100.  Cool can I would like to withdraw the $100 dollars. 

 


Sorry, those aren't US Dollars, those are Zimbabwean Dollars.  You only have $0.26 USD in the account.

Credit decimated by health issues, rebuild starting point: Dec 2016
Starting Score: EX: 485 - EQ: 486 - TU: 475
Current Score (Oct 29, 2017):EX: 574 - EQ: 596 - TU: 586
Goal Score (Jan 01, 2018): 600+


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Message 7 of 11
Community Leader
Super Contributor

Re: Banks and Credit Cards offer FICO score but...


@BundiFan wrote:

I am just saying if you are going to show me a score on your website make it the score you use or don't bother showing me at all.  Hey here is what is in your bank account $100.  Cool can I would like to withdraw the $100 dollars.  Oh, you want to withdraw it well it's really only $50 because you want to use it for something other than keeping it in your account.

 

Edit:  I have done my homework and I know how this racket really works I am just complaining Smiley Happy


Maybe they have their own internal scoring system as well. Many people dont realize that the FICO is not the end all be all when it comes to credit. While it is a standard, banks like Chase have an internal scoring system and I was denied a Southwest card due to it years ago despite having a FICO in range of what they normally would approve.

 

In addition, did you maybe apply after the monthly score was pulled, and also after some accounts were reported? I just paid all of my balances down and got a CLI. Unfortunately, the reporting on half of them are after the last score was pulled, so I won't see what my true score is until the 14th of next month unless I pay for a new one.







Message 8 of 11
Super Contributor

Re: Banks and Credit Cards offer FICO score but...


@BundiFan wrote:

I have several banks and credit cards that offer free scores.  My issue is I feel like I was bait and switched with my local credit union.  They offer my fico score for free and I look at it monthly as it changes.  I applied for a loan and they say my score is 50 points lower than what the tool they offer shows.  Why show me a score they have no intention of using?


Agreed. It would be much more meaningful, and less misleading, to display the score they actually use.


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 9 of 11
Valued Contributor

Re: Banks and Credit Cards offer FICO score but...

Fico 8 scores are the most used scores, but many credit cards use the fico bankcard for approvals. I personally prefer to recieve the fico 08 score. Citi DC card for 1 does use the same score they supply, the bankcard 08.

TU fico08=823 10/28/19
EX fico08=813 10/16/19
EQ fico08=823 10/04/19
EX fico09=810 10/02/19
EQ fico bankcard08=844 09/24/19
Message 10 of 11
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