PenFed uses this FICO score

[-Wade-]

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@maceto wrote:
Turned me down, to recent apps/cards little history etc. so I am now refinancing auto's with my local at 1.65% as up 7500 on both cars. So happy to bring it down from 2.6%. Saves me a few dollars a year (also a principle to pay as little as possible) Upped my Discover (SP) to 5500, Barclay's to 7500 (HP) as only 20 days since they gave me an auto CLI. Citi up from 15 to 25K. My local credit union (where refinance autos - will call me on the cash back cc in less than 30 min) So goodbye Penfed and hello to the rest!

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Sorry to hear that.

[Pashanla]

That is what I used to think too! However, I took a chance and appied in May, actually made my firtst post about it.

I was approved for the Signature card with a $50,000 limit. 4 of my accounts were opened 10 months to a year ago, 1- 60 day(bogus) late, Utilization was about 21%, EQ fico about 715. I only had a savings account opened for about a year with only $5.00. I appled when I opened the account and was denied.  I was fully expecting to be denied again, so yes I am still in shock. Point is you never really know, YMMV!

[vanillabean]

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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 am reminded that Liz Weston once wrote that "it flopped because it had a different numerical range (150 to 950) that would have required lenders to revamp their underwriting systems and software."

[maceto]

My score was 685 vs a fico (scorewatch) at 783! So clearly something they are not happy with on my file!

[maceto]

If used their weighting, I would have a fico score of 620.. Or thereabouts

[boireann]

I hadn't logged into the online account for a couple of weeks.  was very surprised to see this.  I like it.  Even if it isn't the standard scoring models.  It is still helpful.  Gave me a score of 861.

[Revelate]

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@boireann wrote:

I hadn't logged into the online account for a couple of weeks.  was very surprised to see this.  I like it.  Even if it isn't the standard scoring models.  It is still helpful.

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True that, in actuality any lender which is taking advantage of the FICO Open Access program is a good thing, regardless of my personal opinions regarding the particular score in question

[VinnyofLegend]

Has anyone had a score update yet?...if if it was every 3 months it should have updated by now. Also Q4 is about to start, I imagine they'd soft pull in the next few days for Q4 pre-approvals.

[kevinjjc]

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@VinnyofLegend wrote:

Has anyone had a score update yet?...if if it was every 3 months it should have updated by now. Also Q4 is about to start, I imagine they'd soft pull in the next few days for Q4 pre-approvals.

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No updates yet. My score was 883 and pulled on 05/27/2014. My mom's score was 906 and pulled on 05/27/2014. My dad's score was 905 and pulled on 05/27/2014.

[takeshi74]

No update as of today.  IIRC we really don't have an established track record for PenFed's updates on this score since the current score is the first one provided.