MYFICO IS A LIAR

[Anonymous]

I applied for a credit card last week and was denied. When I received the disapproval letter my transunion score was 593 according to the bank.But all three scores on myfico are in the 620's. Any ideas why they are off by 30 points?

[Anonymous]

Probably used a different scoring model than the straight FICO8. Which card?

[Anonymous]

Lenders use many different versions of the Fico score, there are several. I've gotten denial letters where mine were 40 pts higher than what CCT or MyFico had. MyFico isn't a liar but it can be hard to know which version a lender is using.

[Anonymous]

It's a credit union credit card

[Pway]

I would not have made such a general statement as the one you have made.  You should of been aware that there are many different FICO models that lenders use when making a decision on a credit application.  The credit union you have applied with probablly use FICO 4 scores, just my assumption.  

The scores one receive from this site is their current FICO 8 scores.  However, there is more that goes into a credit approval other than your scores.   They look at your whole credit profile not just one scores.  Keep that in mind as well.  

[gdale6]

Here is a good primer on the many flavors of Fico. I also think your CU has used a Fico 04 model. One of mine does and it uses the Fico 04 mortgage for all credit it issues.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

[Anonymous]

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@Anonymous wrote:
It's a credit union credit card

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Credit unions are notorious for using other versions of Fico than Fico 8.

[myjourney]

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@gdale6 wrote:

Here is a good primer on the many flavors of Fico. I also think your CU has used a Fico 04 model. One of mine does and it uses the Fico 04 mortgage for all credit it issues.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

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I'd be willing to bet it was Fico 04 as well 

[Anonymous]

My credit union uses a morgage verson of fico 5 for credit. which puts me at a 634. Just depends on the lender. It's one of the questions I ask if I'm not sure.

[NRB525]

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@Anonymous wrote:
I applied for a credit card last week and was denied. When I received the disapproval letter my transunion score was 593 according to the bank.But all three scores on myfico are in the 620's. Any ideas why they are off by 30 points?

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When I applied for Capital One Venture in July, my TU FICO 08 from here was 775, confirmed on my Slate card.

When Capital One sent me the reasons letter, my TU score was 712, on a scale from 325 to 850, a different scoring model than FICO 08.

Your CU was likely also a different score model from FICO 08. Which Credit Union, and what range of scores do they show on the Reasons Letter?