Security Service FCU - PLOC App and Credit Scoring

[DenverFox]

Hi All,

I applied for and was approved as a new customer for Security Services FCU Personal Line of Credit (40k). That was the good news They pulled TU and the rate is 10.15% which is their mid-level (silver) rate. I expected the 8.24% "Gold" rate

What is confusing me is that on the account disclosure, they show my score at 718 which is significantly lower than I have seen in years. I went ahead and did a refresh this morning for MyFICO just to confirm and this is what I show for my scores:

Fico 8 - 806

Fico Bankcard 8 - 836

Fico 9 - 819

Fico BankCard 9 - 826

Fico 10 - 811

Does anyone know if they are using some custom scoring solution? I dont know quite how to approach this with them if the score came back from TU inaccurate. Any thoughts apprecaited.

[SouthJamaica]

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@DenverFox wrote:

Hi All,

I applied for and was approved as a new customer for Security Services FCU Personal Line of Credit (40k). That was the good news They pulled TU and the rate is 10.15% which is their mid-level (silver) rate. I expected the 8.24% "Gold" rate

What is confusing me is that on the account disclosure, they show my score at 718 which is significantly lower than I have seen in years. I went ahead and did a refresh this morning for MyFICO just to confirm and this is what I show for my scores:

Fico 8 - 806

Fico Bankcard 8 - 836

Fico 9 - 819

Fico BankCard 9 - 826

Fico 10 - 811

Does anyone know if they are using some custom scoring solution? I dont know quite how to approach this with them if the score came back from TU inaccurate. Any thoughts apprecaited.

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Most likely they're using your mortgage score, TU FICO 4.  Take a look at the other scores in your report.

[DenverFox]

I checked the FICO 4 and it's 765 for TU

All scored updated today.

[SouthJamaica]

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@DenverFox wrote:

I checked the FICO 4 and it's 765 for TU

All scored updated today.

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Now I'm stumped. I guess you should ask them what score that was.

[DenverFox]

I appreciate your thoughts.. I've never had this situation where I couldn't align with a FICO model and I am very surgical with my credit The only thing I could theorize is they are using some custom scoring model or they fat-fingered my score in underwriting

[DenverFox]

I wanted to provide an update. I just spoke with the team at SSFCU and it turns out they do not use any FICO version for their scoring. They use something called CreditVision which is its own trended scoring model (seemed offered by TransUnion). That explains why I could not align with any of my FICO versions.

[Anonymous]

@DenverFox

Really! You must not have told them you were "Golden" ... ?

Wonder if they would re-consider or are they good about rate adjustments with a performance track record?

[SouthJamaica]

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@DenverFox wrote:

I wanted to provide an update. I just spoke with the team at SSFCU and it turns out they do not use any FICO version for their scoring. They use something called CreditVision which is its own trended scoring model (seemed offered by TransUnion). That explains why I could not align with any of my FICO versions.

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Well that sort of throws our work of trying to improve FICO scores out the window.  We now have to find out how to improve our CreditVision scores

[badgerdog]

Been with SSFCU for a full decade+ and recently joined NFCU to switch from SSFCU. I will keep my SSFCU loans as they are very low interest and small saving account for paying them off. With your post I questioned NFCU this morning about Credit Wise and was informed they do not use Credit Wise. I have discovered issues with SSFCU that are not compatible with how I do my banking. They cannot do anything to resolve issues. Not acceptable for me. It has been good run with SSFCU. Just time to leave. 

thank you for posting this info

[DenverFox]

Hi @badgerdog,

NFCU is fantastic. I have been with them for many years and have my vehicle financed with them @ 2.49% and I have a Platinum card with them @ 6.24% (40k). They have by far the best ongoing rate on their platinum card and they charge 2% more for cash (8.24% in my case) with no balance transfer, cash advance or foreign transaction fees. I usually make large purchases on other cards that earn points, and then do a free of charge balance transfer to the NFCU card keeping the interest extremely low.  Anyway, I absolutely love NFCU.

They use FICO 9 and for new credit apps I believe they pull TransUnion, but for CLI's they pull Equifax.