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Which scoring model do they use?

House2021
Frequent Contributor

Which scoring model do they use?

Which scoring model do the decent credit card companies use? Also is it more common to use Equifax Experian or Transunion?

Message 1 of 5
4 REPLIES 4
calyx
Super Contributor

Re: Which scoring model do they use?

Different banks use different bureaus, and frequently use more than one.
They are also known to use different algorithms, too.

If you're looking into a specific card, you can find out what that bank tends to use in your geographic area (still no guarantee).
SOME banks stick more to specific bureaus than others (Bank of America and Amex really like EX, for example, but that doesn't mean they absolutely will not pull from other bureaus).

There are some banks that are known to always pull multiples (CapOne pulls all three, Chase has always pulled two for me).
And this is just hard pulls.    Whenever I applied for new accounts, I would see a hard pull on one or two CRBs, but also see soft pulls on one or more of the others.

Figure out what you are aiming for, and Garden (for the banks who have restrictions on new accounts) or adjust your spending habits as necessary to acheive what you're after.


I once spend months improving one particular score for a card.  It worked!  But it might not have worked for another bank.

F8 EQ: 804 | EX: 785 | TU: 790 | Accounts: 2/6 3/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 2 of 5
House2021
Frequent Contributor

Re: Which scoring model do they use?

Oh, well the whole point is just that I need to open a credit card or multiple credit cards in September, then can pay it off within a few months or definitely within 6 months, if I waited then I wouldn't even need the credit cards, I'm just trying to finance landscaping and some new furniture for my house, my existing credit limits can finance my moving expenses and shutters but landscaping is expensive and I'm putting a lot more down on the house than I had hoped.  

Message 3 of 5
calyx
Super Contributor

Re: Which scoring model do they use?

In that case, I would suggest you go for a 0% intro card - there are some good ones out there that can run from 6/9/12/18+ months.
My local credit union had one of the best intro periods I've run across and they were generous (10k start with no POI, but they would go higher) with a low APR after the substantial intro period (I had to finance 7k of dental work)... and conveniently came with a sign up bonus Smiley Happy

Find a low intro card, do some research to figure out what banks are not too conservative (does you no good if it's a $500SL) so you get a solid starting limit.   Bonus if you can find an SUB and/or low APR later Smiley Happy

F8 EQ: 804 | EX: 785 | TU: 790 | Accounts: 2/6 3/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 5
designated_knitter
Established Contributor

Re: Which scoring model do they use?

Here is a handy thread that will hopefully help you figure out who pulls what.

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

Good luck.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
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