I thought Discover pulled EQ Beacon also the same as here (MyFICO)?
I got denied back in 4/22 by Discover,they said my score was 521, while here (MyFICO) my score was 650, what gives?
@Dubious wrote:Discover might be using a bankcard enhanced FICO, which means credit cards are weighed more than installment loans.
That makes sense, I wonder if they look at store cards too
@Dubious wrote:Discover might be using a bankcard enhanced FICO, which means credit cards are weighed more than installment loans.
I like this answer!
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@ahh10000 wrote:I don't mean to revive an old thread, but what does Shogun mean when those are weighed more. If I were to apply for a Discover card today, what are they looking at the most on my CR?
FICO has multiple "flavors" of the algorithm that count some things more heavily than the baseline FICO which we find here.
As an example, and we don't know this for certain; however, say for a Bankcard enhanced FICO, your revolving tradeline history is prioritized: say all of your lates happen to be on credit card payments, but your auto loan and mortgage are pristine: the Bankcard enhnaced score will likely be lower than the traditional or baseline score. Conversely if you have a shoddy auto loan tradeline (lates, repo, etc) but your revolving history is perfect, your Bankcard score may be higher, but on the other hand your Auto enhanced score would be lower in that scenario (and higher in the first one).
That's what's meant by weighing more heavily, it simply counts for a larger percentage of your FICO score under that given version of the model than under the traditional model.
If I had to guess, the reason they have such things is people prioritize payments differently: for example, some people will let their credit cards burn if it means making their mortgage payment, or a different one might be a car: I can get where I have to go (at a huge cost in time) if I lose my car, but if I screw up my credit cards, that's a bigger issue for me personally.
Since not everyone behaves the same, FICO has different models to try to better predict future behavior for any given consumer. My theory anyway.
I couldn't begin to guess, though there's likely a few comparisons between Wally and Merrick scores floating around (normal TU '08 vs. Bank Enhanced TU '08). That's probably the most legitimate, may also be able to dig some things out of the auto loan forum where people have pristine auto loans but awkward revolving history and their scores being markedly higher.
It's difficult otherwise to know, and there may even be slight variations in the real min/max score for that matter.
I don't really worry about it personally, I simply take the approach of trying to build a solid balanced report that will score well regardless of what algorithm is used. I think it's fair to say in any algorithm time since the derogatory is likely a bigger factor than the version used anyway.