Got the equifax fico score. Says 706?? How can that be? Have a paid judgement listed on there as well as 2 chargeoffs and 2 120 days late. Those are old..1995-1996. Have 2 recent accounts with some lates. Is this possible? I did a credit score on qspace maybe 3 months ago and it was 602. I just started disputing but round one is not even completed yet. The credit report online has not changed so I know nothing was changed early from investigations.
How accurate? There has, as far as I know, never been any publicly released studies that show whether or not FICO is truly as accurate at predicting delinquencies as Fair, Isaac claims. Nevertheless, the FICO scores are used something like 75%+ of home loans. The Q-Space score is used in something like 0% of home loans...
so why am i getting denied still for cc's? Is it because of recent info? What do they check in the 60 seconds you wait for an answer?
Good question. I don't really know. I think every credit card company does it a little differently. If they asked you a bunch of questions (income, monthly rent/house payments etc.) they could certainly make decisions based on that as well as FICO. Some don't even use FICO (I don't think Cap One does). Of course your score might not be so great on your other reports that the companies might be checking. I'm not sure but the credit card companies might be able to have the computer look for specific things on your credit report (ie collection accounts) and then perhaps reject you on that...
I think you've hit the nail on the head. When I applied to Chase, it was an instant turn down since I have a charge off. I could be walking on proverbial credit water and still get a TD due to that.
Same here with regards to the high fico (692) and a couple of charge-offs. I applied for a personal loan from my credit union and they immediately declined my app! Time cures all...
