Last year I spent fixing up my credit and achieved what I thought decent results. My best FICO score of 774 is based on Experian report. Considering that I have good income, I finally figured I should get approved for any CC that pulls Experian. I learned that Discover usually pulls Experian so I applied for DiscoverMore Card from their website. To my surprise I was denied. On the letter it did say that they use Experian report in making their decision and the reason for denial is limited credit history. MyFico report doesn't list that as a factor that hurting my score. I'm really puzzled. Does Discover use different scoring model than FICO? Today I learned that there is also a new VantageScore model. I pulled it from Experian and it is only 609 and gives me a grade of D. I have 2 AU accounts that give me good length of credit history and good payment history for FICO, but they are not used for VantageScore calculation. I only have 1 CC of my own, which is only 60 days old and has a line of $500. Does that mean that Discover now uses VantageScore? Any other ideas why I was possibly denied? Given that, can anyone suggest some other CCs that use Experian FICO? Any ideas and info is greately appreciated.
The whole issue about credit scores, how they're computed, how each credutor uses them will forever remain a Chinese puzzle. Big name CC companies have different evaluation methods than smaller banks.
Greg is correct. I applied to Chase because I heard that they pull Experian and that's my best score. But they pulled Equifax, my worst, and I was denied. I called to request reconsideration, and in the course of the conversation I mentioned that if I knew they were going to pull Equifax, I wouldn't have bothered to apply because my score is so low. The CSR replied that they don't use the scores, they look at the actual information in the report and judge it on their own criteria. Every creditor is different. Some use the scores for screening but also look for specific information in the report. For example, it is common that an unpaid collection will kill an application no matter how high the score.
No, no one uses the "Vantage Score." Usually, Discover pulls TU. However, they kick applicants with some inquiries and they don't like to see other accounts with avaliable credit.
From my recent denial letter of Discover More Card, they pull Equifax too. ttp://creditrally.blogspot.com/2010/04/denied-discover-more-credit-card.html
