How can this be?? I just had my FICO for Experian pulled yesterday!!!

[let]

I am trying to purchase a home, so the relator pulled my scores: TU  592, EQ 572, EX 607.  I have been trying to get a Macy's card, to help the mix of my credit.

Well, I got the (on line) 7-10 notice.  So I called this morning and they told I was declined.  I asked for a supervisor for a recon.  He said he couldn't approve me because I didn't fit the criteria.  I asked him what is the criteria?

His answer was that you need a 540 to be approved with them and I had a 514!!!  With Experian no less- my highest score!!  I asked him how can that be is that my FICO?  I went on to explain to him there must be some mistake, and that my relator just pulled my scores yesterday.  He said he had no idea, and that all they get is a number from the CBR...

Can anyone explain to me what is going on?? I've worked so hard on my scores and I'm so disappointed about this 514...whose scores are right Macy's or the relator?? I'm inclined to believe my relator... thanks...

[Anonymous]

Ask your realtor which version of scores they pulled.

[Anonymous]

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@Anonymous wrote:

Ask your realtor which version of scores they pulled.

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There are different versions?

[Anonymous]

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Eiso wrote:

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@Anonymous wrote:

Ask your realtor which version of scores they pulled.

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There are different versions?

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Yes.....and there are "Credit Scores" and "FICO Scores".

Credit scores are scores from various sources, usually from the credit reporting agencies, calculated using  a formula they developed. We call these FAKOs.

Then there are FICO Scores......these are based on data from the credit reporting agencies, but are calculated using a FICO's formula. These are what most lenders use.

Every so often FICO will update their formula and release a new version. Some lenders update and go to the new version, some never do, and some take a few years.

[Anonymous]

thanks mod. there i learn some new things today.

[llecs]

And to add, some lenders may opt to use their own internal scoring system that may or may not factor in things like income or housing payment. Amex does this.

Message Edited by llecs on 04-01-2009 12:19 PM

[let]

Well, the relator and all he said (when I asked him what version of the score he used) all he could tell me what was "Credit Technology"  so who knows????

[Anonymous]

i would ask the relator for a copy of your report.  They should provide it to you.

[Anonymous]

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let wrote:
Well, the relator and all he said (when I asked him what version of the score he used) all he could tell me what was "Credit Technology"  so who knows????

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I believe that is a 3rd party reseller of credit reports. The reports should state what score is being shown.

Also, as mentioned, some creditors will use their own internal scoring and may also use a version that places more weight on your other accounts of that type(for instance Macy's may use a formula that scores other CC accounts more heavily than other types of accounts on your reports).

[let]

I didn't think about that! I'll do that today.