Credit One Approval/Scoring Model Question

[StephanieS]

I was recently approved for a Credit One Visa with a limit of $400. Yay me!

've been working on my credit for about a year and my lowest was 404 this time last year.

I've been rebuilding my credit since a nasty custody dispute which cost me about 50K in legal fees.

What scoring model does Credit One Use?

They pulled Experian and it came back as 639.

However my FICO 8 is 540 and likely around 530 at the time of the approval.

I also get the FICO 3B reports with the enhanced Bankcard score and its in the 500's as well.

Any ideas?

Thanks 

[StephanieS]

bump

[Revelate]

Three big questions on any score you get from a lender:

1) Since you have the 3B report does it match any of the other score versions assuming that was pulled recently? (or at least in the ballpark if not)

2) Does the score you received from CreditOne say FICO on it anywhere?  If not, it's not FICO.

3) Does the score you received from CreditOne have a range on it?  If it says FICO and there's a range we can probably figure it out as they're pretty unique for the older models.

[Anonymous]

The score you received from Credit One is almost for sure some sort of FAKO.  Please be aware that Credit One's parent company is Sherman Financial, which is a big time collection agency and JDB...probably not the sort of company you want to be doing business with.  Check out  other peoples experiences with them here...

https://www.consumeraffairs.com/credit_cards/credit_one.html

[StephanieS]

The score is way off from my 3B FICO and my Vantagescore. When I was approved it stated FICO with the range from 300 - 850 (what you would expect to see on a credit decision letter). Thank you for replying.

[Revelate]

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@StephanieS wrote:

The score is way off from my 3B FICO and my Vantagescore. When I was approved it stated FICO with the range from 300 - 850 (what you would expect to see on a credit decision letter). Thank you for replying.

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Are you referring to the monitoring scores which are FICO 8 or every single one of the other Experian scores provided (FICO 2, FICO 3, FICO 8, FICO 9)?

If the 3B report wasn't pulled at the same time, or at least with no meaningful changes, there may well be shifts in the score as those scores are only refreshed with a new pull.  The top end range of 850 excludes all the industry options at least.  What was the date of the lastl 3B pull and out of curiosity what were all the scores for EX on it?

[StephanieS]

I was referring to FICO and in none of the scoring model am I anywhere near a 600 anything.

I am rebuilding my credit and it was 404 this time last year.

As of today my FICO 8 EQ is 540 EX 517 and TU 542.

My Vantagescore is EQ 586 EX 574 and TU is 609

Credit One pulled Experian FICO and it came back 639 according to them.

Thus my question.

Its not that serious because I know my FICO isnt 639 in any place in the world that reports, was just curious.

[CYBERSAM]

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@StephanieS wrote:

I was referring to FICO and in none of the scoring model am I anywhere near a 600 anything.

I am rebuilding my credit and it was 404 this time last year.

As of today my FICO 8 EQ is 540 EX 517 and TU 542.

My Vantagescore is EQ 586 EX 574 and TU is 609

Credit One pulled Experian FICO and it came back 639 according to them.

Thus my question.

Its not that serious because I know my FICO isnt 639 in any place in the world that reports, was just curious.

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They also use their own internal scoring model!

Your best bet is to cancel Credit One ASAP... They are horrible in every which way possible. Their business model is to prey on ppl with credit issues. They are not here to help you.

If you can qualify for Credit One then you most certainly can qualify for a secure card.

Good luck!

[StephanieS]

Thanks, I have 2 secured cards. My credit one is unsecure. Clearly I'm rebuilding so choices are limited.

[Anonymous]

If you have 2 secured cards, then you definitely don't need Credit One.  Did you read the link I provided?  Can't you see they are going to try to cheat you every way they possibly can?  There is nothing wrong with having secured cards.  A great many people on this forum started their rebuild with them.  Keep you overall utilization low and always pay on time (if I had to distill credit scoring advise to one statement, that would be it) and soon you'll have unsecured cards with legitimate companies.  Good luck to you, StephanieS.