PenFed uses this FICO score

[Revelate]

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@Anonymous wrote:

No, it is a true FICO.  Look for NextGen in for example, http://en.wikipedia.org/wiki/Credit_score_in_the_United_States

The NextGen Score is a scoring model designed by the FICO company for assessing consumer credit risk. This score was introduced in 2001, in 2003 the second generation of NextGen was released.n 2004, FICO research showed a 4.4% increase in the number of accounts above cutoff while simultaneously showing a decrease in the number of bad, charge-off and Bankrupt accounts when compared to FICO traditional.[11] FICO NextGen score is between 150 and 950

There it lists other names used by issuers for this score.

Penfed says that THIS is the score they use for managing the account, which means, even if FICO weren't involved, it wouldn't be a FAKO!

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I suspect that Penfed only buys this particular score, and under the FICO Open Access program they're allowed to present a score which they are purchasing free to their customers which they are buying the score on.

Incidently that explains why the share account holders such as myself don't get the freebie score: Penfed isn't doing SP's of my report with a resulting score in this instance.

We've also known anecdotally that the score ranges they were providing matched the Pinnacle (EQ Next Gen product name) score.

I am glad that more lenders are opting to do this: I'm hoping Chase does something similar in the future but not holding my breath.  Amex no doubt won't (competes with their Credit Secure product).

[Anonymous]

Good to know what score PenFed uses in case you want to apply for a PenFed credit product, which people like. So not totally useless. 

[maceto]

Now we need to get some score comparisons up (fico vs nextgen) and please post your "profile" (utilization, pulls, AAoA etc). This way one can figure out the "breaking points" for Penfed. Some have 780 fico scores and are turned down with Penfed, my guess is that AAoA counts significantly more and so does new credit. So much so that the weighting is close to 30% on AAoA and 20% on new credit. Because at the same time I see people with baddies get approved as long as long AAoA's

[takeshi74]

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@Revelate wrote:

People actually care about their FICO Next Gen score?  It's a very dated model, in between the '98 and '04 releases there was Gen 1 and Gen 2.

Penfed is one of the outliers that still uses it 

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Doesn't seem surprising to me that PenFed customers would like to have some sort of metric for where they stand with PenFed.

[WuXing5]

here is a direct link to the page if anyone needs it https://online2.penfed.org/PenFedOnline/Forms/OtherServices/FICOCreditScore.aspx

[Ubuntu]

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@WuXing5 wrote:

here is a direct link to the page if anyone needs it https://online2.penfed.org/PenFedOnline/Forms/OtherServices/FICOCreditScore.aspx

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That link takes me to a "Your session has timed out" page whether I'm logged into PenFed or not.  If I change the online2. to www. or remove it I get a "Page not found" message.

[-Wade-]

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@maceto wrote:
Now we need to get some score comparisons up (fico vs nextgen) and please post your "profile" (utilization, pulls, AAoA etc). This way one can figure out the "breaking points" for Penfed. Some have 780 fico scores and are turned down with Penfed, my guess is that AAoA counts significantly more and so does new credit. So much so that the weighting is close to 30% on AAoA and 20% on new credit. Because at the same time I see people with baddies get approved as long as long AAoA's

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myFico 08 score is 806 vs Penfed nextgen score is 860.

[-Wade-]

Your FICO® NextGen Score, pulled on 05/27/2014, is the same score that PenFed uses to manage your account.

FICO and 'The score lenders use' are trademarks or registered trademarks of Fair Isaac Corporation in the United States and other countries.  ©2014 Fair Isaac Corporation.  All rights reserved.

Key Factors affecting your FICO® NextGen Score:

	Lack of recent retail account information Your FICO® Score evaluates your mix of credit products, and your credit report shows no retail accounts or sufficient recent information about your retail accounts. People who demonstrate responsible use of different types of credit are generally less risky to lenders.
	Actions You Can Take: If you already have a retail card, you may want to show new activity by using it and paying it back on time. If you don't have a retail card, consider opening one. However, be aware that a new account opening, and to a lesser extent, the credit inquiry associated with applying for a new card may lower your FICO® Score in the short term.
	Insufficient installment payment history Your credit report shows no recent non-mortgage loans (such as auto or student loans) or sufficient recent information about your loans. Having a loan along with other types of credit demonstrates that you are able to manage a variety of credit types.
	Actions You Can Take: Consider financing your next purchase with an installment loan, and paying back the loan on time. However, be aware that a new account opening, and to a lesser extent, the credit inquiry associated with applying for a new account may lower your FICO® Score in the short term.

[maceto]

Hmm so in your case Wade, less than 50 off a perfect fico, your are close to 100 away from the penfed. So not a like for like, when considering the different ranges

[maceto]

I have 777 fico Eq (today), will jump to about 785 once my Barclay reports. After the 17th of July I will only have 1 inq (last 12 months), however my AAoA is still under 2 years and utilization on one card will be around 50%, all others are either 0-5%. No I can't pay down the balance on the one card before it reports. I can however spread to get about 15% on 3 cards.

I am tempted to give Penfed a go. But if not I will ask for CLI's across the board. As lowest cards have 3K's "biggest cards" are at 30K for credit line. 107.500 credit extended to me