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I recently got denied for a credit card by Lake Michigan Credit Union.
I'm pretty sure they pulled TU FICO Bankcard 9.
Notice of adverse action said "Scores range from a low of 253 to a high of 893"
SJ - that sounds about right. Thanks for the 893 upper limit real world data point for TU Fico 9 bankcard.
For EX Fico 9 bankcard the published limit is 894.
@Thomas_Thumb wrote:SJ - that sounds about right. Thanks for the 893 upper limit real world data point for TU Fico 9 bankcard.
For EX Fico 9 bankcard the published limit is 894.
That's interesting, because MyFICO says the upper limit is 900.
I got my data direct from Experian - and Experian should know.
Not sure that I'd rely on MyFico ranges over what each CRA reports.
Pasted below is a link to the Experian document.
@SouthJamaica wrote:That's interesting, because MyFICO says the upper limit is 900.
Hello SJ! myFICO also erroneously claims that the upper limit for the EQ mortgage score is 850. Same for the TU mortgage score. A contributor recently posted screenshots that show that MF gives a very specific individualized range for each CRA's score -- with 850 being the upper range.
The actual ceilings are much lower. E.g. for the EQ mortgage model it is impossible to score higher than 818.
It's an easy fix for MF to make. I wish they'd get their CMS to show the right ranges.
@Anonymous wrote:
@SouthJamaica wrote:That's interesting, because MyFICO says the upper limit is 900.
Hello SJ! myFICO also erroneously claims that the upper limit for the EQ mortgage score is 850. Same for the TU mortgage score. A contributor recently posted screenshots that show that MF gives a very specific individualized range for each CRA's score -- with 850 being the upper range.
The actual ceilings are much lower. E.g. for the EQ mortgage model it is impossible to score higher than 818.
It's an easy fix for MF to make. I wish they'd get their CMS to show the right ranges.
Well, CGID and T_T, it's pretty amazing to me, considering the business Fair Isaac is in, that it wouldn't be a reliable source for information about its own scoring models
Amazing and yet true.
Actually I don't mind FICO saying "300-850" if they are just giving a sound bite to a journalist. All the elaborate qualifications to that would be overkill and be more confusing than helpful.
It's when the myFICO Ultimate or Premium product gives an individualized range for a particular model at a particular bureau that I think the range should be accurate. I just don't see what the logic of giving something untrue would be -- especially when the incorrect range is markedly different from the true one. (I'd likely cut MF some slack if the true range was only off by a couple points. But that is not the case for the EQ mortgage score, for example. 818 is not 1-2 points from 850.)
Lenders have been giving the true score ranges for a good 7 years -- so there's no reason why myFICO should not do that in its CMS. From "The Many Flavors of FICO":...
Special note about "real-world" score ranges:
When providing information to consumers, FICO always says the range for standard or "classic" scores is 300 to 850. However a little known fact is that the actual, real-world score range is not 300 to 850 for all FICO classic versions.
For many years, the real-world score ranges were known only to financial professionals and rarely disclosed to consumers. In 2009, a change in federal credit laws required greater disclosure of information to credit applicants. As a result, the real-world score ranges began to appear on documents credit applicants received from lenders. The formerly "secret" score ranges became public knowledge.
I'm pleased to see someone pulling a model 9 score. For some reason it's in the "9's" that my scores really excel. All 9 of my model 9 scores (Classic, Auto, and Bankcard) are over 800, ranging from 813 to 838.
Do you have any idea why you were denied, given that your score is in the 800s?
@Anonymous wrote:Do you have any idea why you were denied, given that your score is in the 800s?
Oh sure. For the last year, whenever I've been denied, it's been for the same basic reason, newness of credit.
For the Principal Reason they said "Escalating Debt".
The negative factors cited in my EX report are:
12 Length of time revolving accounts have been established
08 Too many inquiries last 12 months
30 Time since most recent account opening is too short
09 Too many accounts recently opened
The score they pulled was 820.
I almost never get turned down by a bank, but I'm more likely than not to get turned down by a credit union, for these types of reasons.