Becon/FICO score mean anything?

Discussion in 'Credit Talk' started by Becky, Jun 2, 2001.

  1. Becky

    Becky Well-Known Member

    Do these scores mean anything when applying for credit? I have an Equifax Becon of 751. Applied for an AMEX Blue card & was denied.

    I have only had 2 inquiries in the past 6 months & only one was for credit the other for my auto insurance they pull every six months.

    I have two CC with $0 balances showing.

    No Loans

    So what is the point of the high score?
  2. Marie

    Marie Well-Known Member

    call and have them manually review your application.
  3. curiouser

    curiouser Well-Known Member

    What reasons did Amex give for denial? Also, is there a possibility that your Beacon score (Equifax) is substantially different from your FICO score via Experian?

    There is another possibility to consider. You may be an excellent credit risk but an unprofitable customer. A few years ago I applied for a Great Western Visa. I had high scores, a perfect payment record and I never carried a balance on any of my cards. I was denied. I was shocked. I immediately called to find out what happened. Not carrying a balance on any of my cards was the problem. The official line was that they weren't sure that I could handle credit responsibly because I never carried a balance. I didn't demonstrate that I had the discipline to make minimum monthly payments. (Granted, this was completely ignoring the fact that I used and paid off my accounts monthly.) I think the bottom line was that the bank viewed me as a very unprofitable customer. I actually became less profitable by moving my checking, money market, and CDs out of Great Western. However, this experience gave me a good glimpse of how the credit game works. On my lowest rate card, I started running a balance (10% of limit). My scores actually increased a bit. I also started getting more pre-approvals.

    Most of the time I pay accounts in full (I also play the float game like Bill Bauer). However, once or twice a year on different cards I run a small balance. It seems to keep everyone happy; the banks get a little money and I'm not denied credit.
  4. Becky

    Becky Well-Known Member

    Actually yes there is a difference between my Experian & Equifax scores. Equifax was the only CRA that I got to clear up most of my credit error's. Experian just kept sending the paper work back to me with more forms to fill out.

    2) I don't carry a montly balance. When I do use them I pay them off right away. Gee didn't think that would be a problem. I always thought that was a good thing:)

    Reasons were: delinquency reported on accounts (there from 3-4 years ago)

    Proportions of loan balances to loan amount is to high (I have no loans)

    Too many recent credit checks (I have had 2 since Feb. none since August, 2000)

    Delinquency date to recent or unknown (have no idea what that means)

    I have a current copy of my Equifax so I know what's on it.
  5. Doug

    Doug Well-Known Member

    Go to and get a free online report of what is on your Experian credit report. Hit consumer information at their website, and follow instructions, make sure you hit been denied credit in the last 60 days. You will get a FREE online report in seconds after filling out Name, Address, SSN, etc. This make clear some issues uo. Good Luck.
  6. Doug

    Doug Well-Known Member

    Sorry for typing errors, once you review what is on file on your Experian report, this might clear up some issues, why you were denied an American Express Card.
  7. 2244y

    2244y Well-Known Member

    my friend with FICO 795 was declined by Cap one platinum and they did offer her a classcal card.She has one 30 days late payment in 1995 on credit report.
  8. Becky

    Becky Well-Known Member

    Why do they use Experian too? The letter they sent me had just Equifax listed as the only agency listed for reciving info.

    I had a recent copy of experian too. It has a lot of errors on it. Last year I tried cleaning it up, but they sent me the paperwork back with a form to fill out. After playing this game several times. I gave up.

    So how are you suppose to get credit?

    Is there any company that specifically looks at Equifax?

    Ok I just tried to get my on line report from Experian. It said it could only be sent to me. I had to send them my information, along with the credit denile letter with their name specifically on it. Two forms of identification & two forms of address verification.

    Why not a blood sample & DNA while I am at it.

  9. Doug

    Doug Well-Known Member

    Juniper, Wells Fargo, Security First Network Bank, Household Bank, also GM Card, and Bank of America ran only my Equifax report. Live in Texas. Approved for all cards. Instant approval on Juniper, Wells Fargo, Household card, GM Card, and SFNB.
  10. steve

    steve Well-Known Member

    I thought your credit report doesn't say anything about whether or not you are carrying a balance. Say you charge $300 in a given month and pay it off and then charge $50 a few days later on the same card, it is a good chance that the report will show a balance of $50. The banks may interpret this as a reduction of total balance from $300 to $50 and that you may be paying interest on the balance they think you are carrying. So they may think that you are still a profitable customer even though you never carry a balance.
  11. G. Fisher

    G. Fisher Banned

    How did you get your Experian score?

    Were the reasons you listed the score reasons, the denial reasons, or both? Forgive me if this is redundant, but the reaons you listed words used as credit bureau report score reasons-- not necessarily lender denial reasons-- although the are sometimes used as such.

    What were the denial reasons? From what you're describing, it could be lack of credit history.

    If you're having problems getting errors corrected, I'm looking for stories to tell.

    My experience is that American Express has very stringent approval criteria-- try some of the other popular MC/VISA credit card companies.

    What attracted you to Blue? If you have two cards, why do you need more?
  12. Becky

    Becky Well-Known Member

    The reasons for denial I wrote. Are exactly how they have it listed on the letter. Thy are very similiar to what the score read from Equifax.

    The two cards that are on my report aren't mine. I am only autorized user. I do not use them. I wanted one in my name only.

    American Express has always had a good rep.
  13. Surphie

    Surphie Well-Known Member

    Becky, lenders considering almost any kind of credit decision will look at a variety of types of information, your credit history, including credit scores. Paying on time every time is very important to maintaining a good credit profile but it does not mean you have to pay off the entire CC balance every time��whether you pay interest or not is not considered by the FICO score, but banks and credit card companies might consider you a better customer if you occasionally pay them interest�

    Lenders also look at other information, so having a great score won't guarantee that you get approved.

    About AmEx, among other qualifying criteria, you must have a couple of credit cards in your name and in good standing (monthly payments made on time) for 2 years.

    Hope this info helps. Good luck!!
  14. G. Fisher

    G. Fisher Banned

    Set your sights lower and apply for a run-of-the-mill bank MC or VISA.

    If they don't take you, get a secured card. Most people need to save more, anyway. You'll hit two birds with one stone, that way.

    I'm still courious; How did you get your Experian score?
  15. Becky

    Becky Well-Known Member

    My husband & I had our credit pulled for when we were looking in to a construction loan. The lender gave the scores to us.
  16. breeze

    breeze Well-Known Member

    Greg, E-loan based their credit scores on Experian reports. I think that's what they're referring to.


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