Concerned my fico!

Anonymous · ‎09-24-2007

I Applied for a hsbc platinum mastercard and I already have another card from them. They only allow one card at a time. I called them up and they said that my score was to low. I mentioned that I am near 600 now with all 3 scores and she said that the scores she has are way off from mine...

I told her I just got all 3 scores last friday and my score watch updated Saturday only a 3 point drop to 579./ SHe said her scores were way different than mine and she is using myfico scores.

So what gives? How can this be? Is my fico wrong or is hsbv using something fishy? What credit card can I get with all 3 scores ranging in the 600 range with at least 1,000 limit?

Please help? Is my fico wrong?

Anonymous · ‎09-24-2007

joemc3 wrote:

I Applied for a hsbc platinum mastercard and I already have another card from them. They only allow one card at a time. I called them up and they said that my score was to low. I mentioned that I am near 600 now with all 3 scores and she said that the scores she has are way off from mine...

I told her I just got all 3 scores last friday and my score watch updated Saturday only a 3 point drop to 579./ SHe said her scores were way different than mine and she is using myfico scores.

So what gives? How can this be? Is my fico wrong or is hsbv using something fishy? What credit card can I get with all 3 scores ranging in the 600 range with at least 1,000 limit?

Please help? Is my fico wrong?

The score that you currently receive from myfico are the Classic scores. It is possible tha they are using a Bankcard score or a bankruptcy risk score all depending on what they have requested to be provided.

It seems the CSR should have been able to tell you which scores they are using. Personally, my TU Bankcard score is a lot lower than my classic fico score by about 50 points. Short revolving credit history. My BK riskscore, according to Juniper is lower still since they only include revolving bankcard accounts but seem to count all negatives.

It all depends on the score the lender is using.

Anonymous · ‎09-24-2007

Brammy wrote:

joemc3 wrote:
I Applied for a hsbc platinum mastercard and I already have another card from them. They only allow one card at a time. I called them up and they said that my score was to low. I mentioned that I am near 600 now with all 3 scores and she said that the scores she has are way off from mine...

I told her I just got all 3 scores last friday and my score watch updated Saturday only a 3 point drop to 579./ SHe said her scores were way different than mine and she is using myfico scores.

So what gives? How can this be? Is my fico wrong or is hsbv using something fishy? What credit card can I get with all 3 scores ranging in the 600 range with at least 1,000 limit?

Please help? Is my fico wrong?

The score that you currently receive from myfico are the Classic scores. It is possible tha they are using a Bankcard score or a bankruptcy risk score all depending on what they have requested to be provided.

It seems the CSR should have been able to tell you which scores they are using. Personally, my TU Bankcard score is a lot lower than my classic fico score by about 50 points. Short revolving credit history. My BK riskscore, according to Juniper is lower still since they only include revolving bankcard accounts but seem to count all negatives.

It all depends on the score the lender is using.

If this is the case, why are we paying for myfico Classic scores when they aren't even the same scores that lenders use? What is the point? I may as well just go by my FAKOs since even the real numbers can vary depending on the lender.

It really ticks me off that consumers are at such a disadvantage over things like this. There should be some universal number that all lenders go by and consumers have access to it. Or at the very least, MyFico needs to offer options to view your scores as "bankcard" or "bankruptcy risk" along with the classic score.

Anonymous · ‎09-24-2007

Thanks brammy then what card will use the classic fico scores if any? Ones that I can probably get approved for.

Anonymous · ‎09-24-2007

I'll be perfectly honest with you. IMHO, the first thing you need to do is to address WHY your scores are near 600. Anything below 620 is considered 'poor' credit. You could always go the First Premiere, Aspire and Tribute avenues but improving your existing scores should be your first priority.

You can go the the HSBC website and search for a card. Most will come back secured. There is no such thing as demanding credit in the poor or fair categories.

What do we need to assist you with working on BEFORE applying for new credit?

Anonymous · ‎09-24-2007

Well brammy, I am workign on it, but I do have some concerns that I can't seem to get answered.

My trans is 584 it was 499 so i have been workign hard on my credit and the other scores have also gone up a lot.

I currently have a charged off credit card with a balance of 1,450. In fact it went up $11 and my score dropped 2 points. This account was opened in 2001 and they show day of last activity as 2004 which is wrong and I am disputing.

I have 3 other collection accounts: 280, 279,250. Which I will pay, but I prefer pfd.

I have payed on the credit card, I stopped as they were still charging interest I paid $600 worth and once it updated it was like I payed $250 due to the interest so I said screw it.

I do have other lates, but some are goign to fall off soon. I have 4 accounts two being credit cards that have never been late and paid early. Those accounts were opened earlier this year. I can see my low score is tied to the high limit charged off account. I wanted a credit card with a 1,000 limit to pay this off.