Lenders using different scoring model but claiming another?

[Anonymous]

I have gotten into habit of checking prequalifications on different sight (I hope a soft pull does not adversly effect a CBR somehow)

But Lending point pre approved me for a loan at $9900, 3 years @ 34%. I did not take it. but on the acceptance email they show my Exp Fico 9 at 604 when other Exp FICO 9 scores have me 682 (Discover and FreeCreditScore has me at 654)

Can Lending point use a proprietary scoring model but state it is another? 

[Anonymous]

Correction the FreeCreditScore is a  FICO 8 not a FICO 9

[Anonymous]

Where are you getting EX FICO 9?

[Anonymous]

Wells Fargo has the FICO 9 Experian score. 

Wells Fargo FICO 9

[Anonymous]

Ok just wanted to make sure because it sounded like you thought Discover provides FICO 9 in your first post. I don't know why there is a discrepancy in scores or if Lending Point uses own internal score but they can't just label it FICO 9 if it isn't. In any case, Lending Point seem like a predatory lender who targets people with bad credit, I doubt the rate would be much different with the right score, you would be crazy taking a loan in that APR territory.

[Anonymous]

Agreed. With that interest rate, you might as well just use a CC @ 19.99% basic rate. I'm sure there are better rates out there for a personal Loan.

[Anonymous]

@Janus, @Oldman87 the discrepancy just blew me away. I did not/still don' t understand it. But yeah they are predatory from what I can see. I took out a high APR personal loan back in June but I really needed the money and no one else would look at me. I accepted and chalked up the higher interest as the price to pay to start establishing credit again.  I will refinance it after 1 year. I have already talked to my Credit Union and while they are not entirely BK friendly they told me no lates, no overages and I could get a signature loan with them to pay off the high interest loan. 

Everyone seems to tell me 1 year is the magic number for a tradeline to actually mean something.  The dealership guy told me to wait 1 year before I refinanced it so it will count towards my credit rebuilding. In all honestly I thought he was telling me that becuase he probably got some incentive. He is a BK only guy that works for a Chevy dealership.  

My and my wife's credit scores are climbing a lot faster than I thought they would < 1 year out of BK but there is still the fresh BK shadow that no score can diminish. So we are gardening.  We both have 3 cards now each. My wife was just approved last week for a $3,000 QS1 card even though the was immediately shut down back in April.  I upgraded my Plat MC to a QS but got no CLI. My wife asked me who had the better card I shot off quickly I don't have an AF she said yep but I don't have a $400.00 CLI either ...... /touche

[zerofire]

Joke is going to be on her is 4-6 months. You probably were entered into credit steps or even given the toy limit to prove yourself. That limit will most likely start growing nicely as Capitol One's generosity gets warmed up to you and does the automated CLI's. Then the fact that you have no AF will be to your benifit.