Do CC companies see your FICO scores

dlm0820 · ‎03-25-2007

when applying for a CC or do they just see your file? I'm not applying for any now, but I was just curious. Someone can have baddies on their file, but through the passage of time have scores about 660.

Thanks

Anonymous · ‎03-25-2007

Instant approvals are generally score-based. Usually when you aren't instantly declined nor approved, that means your application is going for further review where they actually eyeball your report. That generally happens when you are right at the cutoff or slightly below.

"Someone can have baddies on their file, but through the passage of time have scores about 660"

Living proof right here I have a BK on my record but my Scorewatch puts me at 672 That's with one card reporting maxed out and small balance on all cards. By EOM I expect that to improve significantly since all but two have been paid off just waiting on the update.

dlm0820 · ‎03-25-2007

Appreciate the info Brammy. When my scores get up, I'll go for the instant approval ones...LOL.

Anonymous · ‎03-25-2007

An instant approval can still consider the things on your report. Granted those things are somewhat the same things that a score will be concerned about the results may be different. It's possible to have a good score with a larger utilization than say the one the instant approval is looking for.

Anonymous · ‎03-25-2007

That is true as some cards absolutely exclude credit that has a BK in the history regardless of what the current score is and that can result in an instant decline. They just don't actually see it unless it goes for further review.

dlm0820 · ‎03-25-2007

Brammy wrote:
That is true as some cards absolutely exclude credit that has a BK in the history regardless of what the current score is and that can result in an instant decline. They just don't actually see it unless it goes for further review.

That's ok. I'm more concerned about my FICO score through this site so I can keep track of what the mortgage lenders will look at. My wife and I are looking to buy a house sometime mid next year and obviously the higher my score the better the rate. I can survive with my HHB card and my Cap One card for now. Assuming we get the mortgage and it starts reporting that would help also. Right now, I should be able to qualify for a decent interest rate with my mid at 650. That and a 35% downpayment (we own a co-op) will surely help with the banks...LOL.

Anonymous · ‎03-25-2007

Brammy wrote:
Instant approvals are generally score-based. Usually when you aren't instantly declined nor approved, that means your application is going for further review where they actually eyeball your report. That generally happens when you are right at the cutoff or slightly below.

"Someone can have baddies on their file, but through the passage of time have scores about 660"

Living proof right here I have a BK on my record but my Scorewatch puts me at 672 That's with one card reporting maxed out and small balance on all cards. By EOM I expect that to improve significantly since all but two have been paid off just waiting on the update.

LOL!

All I did is have less than $1000 in charge-offs OVER TWO YEARS AGO and they've got me at 575 FICO FOR LIFE!

Goes to show what a sham the whole FICO system is...

Anonymous · ‎04-02-2007

The New World Man wrote:

LOL!

All I did is have less than $1000 in charge-offs OVER TWO YEARS AGO and they've got me at 575 FICO FOR LIFE!

Goes to show what a sham the whole FICO system is...

I've read several posts on this site over the last week before I've posted myself. Some of your posts, in particular, have made me chuckle although I know you're probably not intentionally trying to be funny and I'm definitely not laughing at your pain - simply some of your comments.

I just wanted to say that it's not all that bad. I had 3 charge offs almost 7 years ago. Since then, I've just never really cared about credit scores, credit cards, etc., because I never could get credit after that. I was young and stupid and just resolved to paying everything in cash for what I thought was going to be the rest of my life. I was never taught anything about credit. My parents just preached that it isn't responsible to default on debts from anyone and my grandfather preaching that 'If you can't pay in cash, then you don't need it anyway.' I have NEVER known what my credit score is/was until last week. I just know that I bought a car last August and had a somewhat difficult time getting the loan because of my poor credit. Now I want to buy a home and am learning about all of the FICO stuff for the first time ever. I can already tell this whole process (not just FICO scores) is going to be a bit of a headache. However, even with one of the charge-offs still showing on my report and no other credit other than my car payment which has been made faithfully (because I'm much older and more responsible now), my credit score ranges are 599, 601 and 710. That is with having horrible credit when I got my car and simply making the payment before it's due from day one.

That tells me that you just have to be patient and pay whatever lines of credit you do have ON TIME. Since I've gotten access to my credit scores, I want to see a change every hour and if I give into that I know I'll drive myself crazy. I think I'm simply going to continue to do what I've been doing and just check everything once every 6 weeks. I recently got financing for a personal purchase and will pay that as I have my car payment and leave the rest to the gods that be. That has seemed to work so far, knock on wood. I can't actually purchase a home for another 7 months to a year regardless, therefore, I see no point in obsessing over it. I'm just trying to get advice on what I can do to bring the scores up even more without losing my mind in the process.

I know my scores aren't much to brag about but, afterall, I thought I was in the bottom 1% when I recently started my credit spring cleaning so it was a pleasant suprise. I don't know how or why I'm not where I thought I would be but I'm certainly not going to complain because it's not bad for someone who hasn't even seen her credit report in 6 years much less tried to rectify it.