No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
My Equifax score here states 686, but I was just declined a PenFed CC. They pulled EQ and reported a score of 646 and a major deliquency.
I haven't been late on anything since June 2007, does that still count as a major delinquncy? It was a car loan that went 60 days past due.
The EQ FICO version here is called Beacon 5.0.
Per FICO, a 60 then probably wouldn't be considered a major delinquency, but each lender has their own standards, so something from then could be weighed heavily in their eyes. They are conservative. I had FICOs in the mid-700s and they still turned me down due to having 20-25% util.
Thanks for the reply. SHoiuld I be concerned thatthere is a 40 point negative difference between what myFico reports for EQ and what PenFed reports as my EQ?
Why such a big difference? Also does Equifax use some vastly different model? My TU (Walmart & MyFico) is 709, Experian (from PSECU) is 701, what's the deal with Equifax?
I just revisited another thread from here which I posted 2 full years ago and apparantly my Equifax score was also 644 then, strange coincidence?
@llecs wrote:The EQ FICO version here is called Beacon 5.0.
Per FICO, a 60 then probably wouldn't be considered a major delinquency, but each lender has their own standards, so something from then could be weighed heavily in their eyes. They are conservative. I had FICOs in the mid-700s and they still turned me down due to having 20-25% util.
I wouldn't be concerned. If both scores were pulled at the same time/day then the difference would be due to the scoring models. In all liklihood Penfed is using a CC-enhanced FICO which weighs your past CC moreso.
@llecs wrote:I wouldn't be concerned. If both scores were pulled at the same time/day then the difference would be due to the scoring models. In all liklihood Penfed is using a CC-enhanced FICO which weighs your past CC moreso.
In addition, PedFed could have pulled a Beacon 9.0 score. While not as common as the Beacon 5.0, there are lenders who do pull it. And the differerences can be significant, both plus AND minus.