Someone's got some explaining to do...

Anonymous · ‎07-19-2016

Someone needs to explain this one to me.

LIterally 4-5 days ago, I applied for an AMEX card, denied of course. The said my score was 622 on the denial record, obviously they pulled Experian like they always do. Why is it, when I went to my local credit union, thinking I had an okay score for their standards (yesterday), that they pulled up 574? How did they get a score that is nearly 50 points lower than the one American Express pulled up?

I was absolutely shocked when she told me what my score was. Obviously I won't qualify for a card from that credit union for the time being. Kinda disappointed.

Anonymous · ‎07-19-2016

I should mention that the credit union also pulled Experian.

Anonymous · ‎07-19-2016

I'm sorry that you had to learn about this after 2 HPs over a 5-day period

Information found in a credit report (your credit report kept by Experian in your case) is processed by a computer, using a version of a proprietary computer program or "algorithm" (I'm guessing Amex still uses FICO Score 08) to generate a score (resulting to 622 on your first app)

Although the CU used the same underlying information (same credit report, ie Experian), it may have been processed using a different version and/or enhancement of that proprietary computer program (It could be that your CU used FICO Bankcard Enhanced Score 04) that generated a different score (resulted to a 574 on your seconf app)

In a simple math format:

App 1: Experian x Fico 08 = 622

App 2: Experian x Fico bankcard 04 = 574

If you were to buy from this site your Experian Fico Score, you will notice that in addition to the standard score (FICO® Score 8), you will get other related scores (9 – 10 additional FICO Score versions) http://www.myfico.com/Products/FICO-Score-1B-Report/

I hope this reply doesn't add more to the confusion

Anonymous · ‎07-19-2016

It's just ridiculous. How are you supposed to go into a lending meeting with someone when you have no idea what your score is. You do your best to try to figure it out, but then you get 10 different scores for each credit pull, some 50 or more points in difference. And then they sit there and go, "well, here's your hard pull, even though the score was 50 points off from what it seems like it was supposed to be."

Anonymous · ‎07-19-2016

@Anonymous wrote:
It's just ridiculous. How are you supposed to go into a lending meeting with someone when you have no idea what your score is. You do your best to try to figure it out, but then you get 10 different scores for each credit pull, some 50 or more points in difference. And then they sit there and go, "well, here's your hard pull, even though the score was 50 points off from what it seems like it was supposed to be."

Yes, its very frustrating. It would be nice if you could just ASK a given lender before applying, which score they use.

FWIW, a LOT of lenders have not yet migrated to FICO 8, so it pays to know your "mortgage" scores (FICO 2/4/5).

Anonymous · ‎07-19-2016

I am so sorry you had to learn this the hard way.

One thing you can do is post in the credit card applications forums prior to applying anywhere. Crowdsourcing our experiences is the best thing we can do to figuring out beforehand how likely we are to be approved. Even then, though, we can still be wrong.

I applied for Barclay's, since others with my score had gotten one, and I was declined. When I called they told me I needed more history on my capital 1 card, which is currently 5 months old. YMMV with everything, but at least we can share our experiences as much as possible to get a leg up.

Anonymous · ‎07-19-2016

Sometimes you CAN ask beforehand. "What bureau do you pull, and which scoring model do you use?" My credit union auto loan rep gave me all the info up front, including what score would likely be required for approval. Going in armed with full knowledge is really, really helpful.

Anonymous · ‎07-19-2016

Amazingly I was able to get approved, even though the loan officer was probably laughing at me when I walked out the door yesterday before she gave the info to the underwriters.

Anonymous · ‎07-19-2016

Well, congrats on the approval. Sorry for the crappy LO.

Anonymous · ‎07-20-2016

@Anonymous wrote:
Sometimes you CAN ask beforehand. "What bureau do you pull, and which scoring model do you use?" My credit union auto loan rep gave me all the info up front, including what score would likely be required for approval. Going in armed with full knowledge is really, really helpful.

Problem is most front line reps have not a clue....