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Why is score different on decline letter?

james3332
Regular Contributor

Why is score different on decline letter?

I applied as a co-signer on my son's student loan application and unfortunately got denied.  It was with Navy Federal Credit Union.  The reason given was "prior judgement, charge-off, collection, lien, or reposession (cosigner)".  I do have a few things on my report that need addressing, mostly a few small-medium sized collections that I will hopefully get PFD.  However, this is really a side note to my real question here...It notes that my Experian credit score is 636.  I've been paying $9.99 a month for the Experian service to get my Fico score from them, updated daily.  I also did Creditchecktotal when the $1 thing was working.  Bottom line, for the past 2+ months my Fico 8 score has hovered in the 684-690 range...no higher and no lower.  When I checked all three bureaus a couple times over the past couple months TU and EQ reported similar scores.  Why does NFCU tell me my Experian score is 636?  It hasn't been that low since probably last spring or so.  

Also, I applied for a Chase Sapphire Preferred card in September and was denied..again they stated my score was somthing like 635 or so (I don't remember exactly) when I know all three bureaus had it in the 680-700 range (it was about 702 till it dipped a bit cause of some inquiries I think).  Anyway, what is going on here?  Please help me understand why lenders are seeing scores around 50 points lower than I am.

 

Thanks!

16 REPLIES 16
dynamicvb
Valued Contributor

Re: Why is score different on decline letter?

They are most likely using one of the other fico versions. The ones you are getting on your reports is a fico 8 and they are using one of the other verisons. If you order the 3b report from myfico, then you can get all the other versions lenders may use.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 2 of 17
james3332
Regular Contributor

Re: Why is score different on decline letter?


@dynamicvb wrote:

They are most likely using one of the other fico versions. The ones you are getting on your reports is a fico 8 and they are using one of the other verisons. If you order the 3b report from myfico, then you can get all the other versions lenders may use.


How frustrating.  I thought they generally always used Fico 8.  So much for that score meaning anything.  Although when I look at Experian it gives me a bunch of scores:

Fico 8-690

Fico 2-656

Fico Auto score 8-709

Fico Auto score 2-671

Fico Bankcard score 8-707

Fico Bankcard score 3-680

Fico Bankcard score 2-673

 

There are more??

Message 3 of 17
calyx
Super Contributor

Re: Why is score different on decline letter?


@james3332 wrote:

@dynamicvb wrote:

They are most likely using one of the other fico versions. The ones you are getting on your reports is a fico 8 and they are using one of the other verisons. If you order the 3b report from myfico, then you can get all the other versions lenders may use.


How frustrating.  I thought they generally always used Fico 8.  So much for that score meaning anything.  Although when I look at Experian it gives me a bunch of scores:

Fico 8-690

Fico 2-656

Fico Auto score 8-709

Fico Auto score 2-671

Fico Bankcard score 8-707

Fico Bankcard score 3-680

Fico Bankcard score 2-673

 

There are more??


In addition there are scores that are generated 'in house' or with proprietary algorithms that some lenders may use (Chase, I believe, is one of those).
Fico8 is still most common, but not universal.

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 17
kxkxkxx
Regular Contributor

Re: Why is score different on decline letter?

Agree 100% with the others...they are pulling a completely different score...just like a mortgage lender would.

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 5 of 17
Overmedicated
Community Leader
Valued Contributor

Re: Why is score different on decline letter?


@james3332 wrote:

@dynamicvb wrote:

They are most likely using one of the other fico versions. The ones you are getting on your reports is a fico 8 and they are using one of the other verisons. If you order the 3b report from myfico, then you can get all the other versions lenders may use.


How frustrating.  I thought they generally always used Fico 8.  So much for that score meaning anything.  Although when I look at Experian it gives me a bunch of scores:

Fico 8-690

Fico 2-656

Fico Auto score 8-709

Fico Auto score 2-671

Fico Bankcard score 8-707

Fico Bankcard score 3-680

Fico Bankcard score 2-673

 

There are more??


Yes there are more.  When you apply for a card there, I believe they pull TU FICO 9.  The monthly score provided is EQ FICO 9.  They will typically check EQ for the CLOC and a CLI.  If they are checking EX, I would assume it may be EX FICO 9.  Does your EX FICO 9 score match the score you were given?

FICO 8
Message 6 of 17
NRB525
Super Contributor

Re: Why is score different on decline letter?

OP can you read the entire letter, looking for the score range (lowest and highest) relevant to that model, and whether it says FICO or Vantage? May have to dig through fine print.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
Message 7 of 17
james3332
Regular Contributor

Re: Why is score different on decline letter?


@NRB525 wrote:
OP can you read the entire letter, looking for the score range (lowest and highest) relevant to that model, and whether it says FICO or Vantage? May have to dig through fine print.

300-850. Doesn’t say FICO or Vantage. 

Message 8 of 17
Revelate
Moderator Emeritus

Re: Why is score different on decline letter?

Generally if it doesn't say FICO it isn't, but realistically if it was a FICO score it would be FICO 9 coming from NFCU.




        
Message 9 of 17
james3332
Regular Contributor

Re: Why is score different on decline letter?

What are the main factors that impact FICO 9 scores? What can one focus on in general to bring that score up? Any tips or tricks like AZEO or having three revolvers for FICO 8?
Message 10 of 17
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