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Prequal rejection letter shows TU score..??

Prequal rejection letter shows TU score..??

Ck encouraged me to do a prequal for an Avant loan and I've been trying to figure out how to limp through this next month anyway (till I start getting paychecks from my new job), so I figured why not, it's not a hard inquiry or anything, let's see what terms they give me, maybe I'll consider it. To my surprise I got denied! Then they sent me an email saying they pulled my TU score!! How is that not a hard inquiry?? I did NOT agree to that!!! And to make matters worse, the TU score is FIFTY POINTS lower than even my LOWEST TU score on any of the fifty million scoring sites!! I know a lot of those sites are FAKOs but I was under the impression that the FICO 8 was accurate (& that score actually lines up with almost all the FAKOs, at least on TU). So why is this loan prequal thing showing a score 50 points lower?? That's a huge discrepancy!! And how did they even pull that info in the first place on a prequal??!!

Really upset and confused..
7 REPLIES
Valued Contributor

Re: Prequal rejection letter shows TU score..??

CK basically is just advertising for cards and loans, never trust them with saying you are "prequalified". Do you have your real FICO scores. CK and alot of other free sites are vantage scores, completely different and used by pratically ZERO lenders/banks. My CK and TU score are not even close to my actual FICO score at all.

 

Sorry if you "applied" they will pull an inquiry, you gave them permission by applying.

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Message 2 of 8

Re: Prequal rejection letter shows TU score..??

I didn't apply though, all I did was the thing to see if I was prequalified, the thing that specifically says it does not affect your credit etc.
Message 3 of 8
Super Contributor

Re: Prequal rejection letter shows TU score..??


@whodidwhatnowAnd to make matters worse, the TU score is FIFTY POINTS lower than even my LOWEST TU score on any of the fifty million scoring sites!! I know a lot of those sites are FAKOs but I was under the impression that the FICO 8 was accurate (& that score actually lines up with almost all the FAKOs, at least on TU). So why is this loan prequal thing showing a score 50 points lower?? That's a huge discrepancy!!

The bureau here (TU vs the others) is irrelevant when comparing a FICO score to a VS 3.0 score. Your TU FICO scores will not align any better with a TU VS 3.0 score compared to the other major 2 bureaus.  Some people report their FICO scores to be 50-100 points higher than their VS 3.0 scores, where others report the exact opposite with their FICO scores 50-100 points lower.  The bottom line is that you are comparing apples to oranges when comparing a FICO score to a non-FICO score.

Message 4 of 8
Community Leader
Legendary Contributor

Re: Prequal rejection letter shows TU score..??

As for how they could pull your credit report without your authorization, the FCRA is specifically structured to avoid the need for expresss consumer authorization.  Otherwise, credit and business transaction approvals would come to a crawl.

 

The requirment for obtaining a consumer's credit report is that the party show that the purpose is for one or more of the reasons set forth under FCRA 604.  If the inquiree provides a statement of any of the listed permissible purposes, then the CRA can provide the requested credit report.  

A consumer initiated request for credit is one of the permissible purposes provided under section 604, and thus by applying, you provided the creditor the right to pull your credit report.

A consumer-initiated request for credit is the primary type of inquiry that is intended to be shown in consumer credit reports, and is always hard unless the creditor codes as soft.

Message 5 of 8
Highlighted

Re: Prequal rejection letter shows TU score..??

I don't understand. I've done plenty of prequalification screenings before that didn't pull an actual credit score and weren't hard inquiries. Why is this one different? Or, according to what you're saying I guess all of the others should have been hard inquiries..? Then what's even the point of checking to see if you're preapproved? That would effectively mean there's zero difference between checking on a pre-approval and just submitting a regular app. That makes no sense.

As for the scoring differences, I know the FAKOs are worthless, what I'm saying is I thought the TU score given by the FICO 8 model was supposed to be my "real" TU score. But what this company reported to me yesterday, from TU, was 50 points lower than my TU FICO 8 score. So what scoring model DO creditors use now, since it's apparently changed or I was misinformed all along..?
Message 6 of 8
Super Contributor

Re: Prequal rejection letter shows TU score..??

It's different simply because that lender has a different policy.  It's crucial that you always read the fine print before doing any sort of pre-qual.  Most will say very clearly that checking won't impact your credit.  If it doesn't say this clearly, there's a chance it could and certainly if you see any language at all to the tune of, "we may pull your credit..." you are definitely open to receiving a HP.  No, not all of the others should be hard inquiries.  HPs are supposed to be used for applications for credit or at times additional credit to an existing credit line.  That doesn't mean that they're ONLY used for these things.  There are utility companies, cell phone providers etc. that will hit you with a HP when you aren't requesting credit with them, for example.

 

You used the term "real" score several times.  There's no such thing as a "fake" score, first of all.  All scores are real, it's just that there are many different scoring models.  "FAKO" scores are real scores.  Are they worthless scores?  Yup, but they're still real, as they're drawn from an actual scoring model... usually VS 3.0.  FICO 8 is the most commonly used FICO scoring model, so you'll see that score version more often than other FICO scores.  If your TU FICO 8 score is X and the score you were provided with was also a TU FICO score that was X - 50, it means more than likely that a different FICO scoring model was used.  Since it was a loan, my guess was that it was a mortgage score and that you're seeing your TU FICO 4 score.  There's more than a good chance that you'd see the ~50 point variance that you're speaking of.

 

As a point of reference, my TU FICO 8 score is 850 and my TU FICO 4 score is 805, so I've got a 45 point variance there that would be right in line with what you're seeing.  I'd give the lender a call and ask them which scoring model they used just to be sure.

Message 7 of 8
Regular Contributor

Re: Prequal rejection letter shows TU score..??

I got the same letter (Marcus) but in rejection, they pulled Transunion and say my score is 760 highest for me
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