cancel
Showing results for 
Search instead for 
Did you mean: 

Dispute opens - Equifax FICO 8 immediately dropped 107 points

tag
dafeagans
Established Member

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points

UPDATE - UPDATE

Thanks for all the input folks, I really do appreciate it.

 

Shortly after Equifax closed the dispute, I got all 107 points back. EQ Fico 8 jumped from 636 back to 743. This is the best I've seen my credit in quite a while. Ok, guess it's time to apply for my first credit card in over 5 years.

 

From what I've read  about other people's approvals, I applied for a PenFed credit card thinking that a 743 EQ Fico 8, 85k before taxes should get me a decent starting limit. My only derogatory is the previously mentioned Verizon paid collection.

 

Equifax: Denied - EQ Fico 9 (671). We have carefully considered your request, but
were unable to approve it due to the following reason(s):  • LIMITED CREDIT EXPERIENCE

 

Disappointed..

 

 

EQ Fico 8 - 743, Fico 9 - 671

Message 11 of 16
Revelate
Moderator Emeritus

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points


@dafeagans wrote:

UPDATE - UPDATE

Thanks for all the input folks, I really do appreciate it.

 

Shortly after Equifax closed the dispute, I got all 107 points back. EQ Fico 8 jumped from 636 back to 743. This is the best I've seen my credit in quite a while. Ok, guess it's time to apply for my first credit card in over 5 years.

 

From what I've read  about other people's approvals, I applied for a PenFed credit card thinking that a 743 EQ Fico 8, 85k before taxes should get me a decent starting limit. My only derogatory is the previously mentioned Verizon paid collection.

 

Equifax: Denied - EQ Fico 9 (671). We have carefully considered your request, but
were unable to approve it due to the following reason(s):  • LIMITED CREDIT EXPERIENCE

 

Disappointed..

 

 

EQ Fico 8 - 743, Fico 9 - 671


Post your current tradelines in credit cards for recommendations: starting with 2 decent secured cards with minimum deposit is basically fool proof vis a vis Discover and BOFA though there may be better ones now.

 

If you have no open credit cards, and I'm assuming if you took that large of a drop from the dispute on the collection you probably don't have much in the way of positive tradelines reporting... and the Penfed deny reason pretty much confirms that.

 

It isn't just about the score, not all scores are created equally but it's interesting to see the FICO 9 score in comparison to your FICO 8 and it's probably tradeline history related.  I'd be curious to know what your file has on it too in terms of open/closed/derogatory too FWIW.




        
Message 12 of 16
Anonymous
Not applicable

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points

OP Before you apply for a credit card, do your research find out which algorithm and which CRA the bank typically uses. Then find out what your score is for that flavor. Obviously optimize if possible before apping.

Had you done so, you would’ve known they use FICO 9 and you would’ve known your score and you would’ve known you had a lesser chance of success there than another institution that used the flavor you had a better score with.
Message 13 of 16
dafeagans
Established Member

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points

Revelate, thanks for the input. I really do appreciate it.

Message 14 of 16
dafeagans
Established Member

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points

Thanks Birdman7. I'm learning more every day. Thanks again for the input.

Message 15 of 16
Anonymous
Not applicable

Re: Dispute opens - Equifax FICO 8 immediately dropped 107 points

Defeagans I’m glad you got your points back. That shows you how much that account was helping you due too it’s age.

When it went into dispute, it was totally ignored by the algorithm. It was not treated as a open collection, it was treated as if it had been dropped off of your report. In other words, had the credit repair dispute succeeded you would’ve lost that many points. Sometimes things are better left alone rather than disputed, as you can see from your example.

Rather than going out and applying for cards again, why don’t you do like Rev suggested and post your information and then the forum can give you recommendations that best suit your situation, so you’ll have a better chance of approval. Plus at the same time you contribute data points to the forum.

Either way good luck, I’m glad you got your points back.
Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.