Let's talk EQ score and Target visa

First of all I want to express my sympathy with anyone getting turned down for the new Target visa card. Especially those that have been Guest card holders and expected approval. If this had happened to me, I would have been irritated too.

Now some facts and then a question.

Facts - I have previously posted that 2 weeks ago I got approved for a $10K, 12.9% apr. card. To my horror, Target pulled Equifax, my worst report. yet I still did receive the card and my daughter and I are doing XMAS shopping with it.

Today, I paid for a scorepower credit report. The results...

A dismal 677 score. This means that 32% of the public have a credit score lower or the same as me. 68% have a score higher than me. This is not impressive. My report shows a Chap 7 Bk from '98 and 2 discharged BK credit card accounts. However, my report also includes 30 positive entries including
16 open tradelines. Some of the open tradelines go back to the '80's.

My guess is that my credit score was 680 when Target pulled my credit report ( remember the inquiry).

My income is very high and I only had credit trouble in '98. Everything before and after that is perfect.

Question??? - Is it possible that the EQ scorepower score is bogus like the EX creditexpert score???

I ask this because I read Maer's thread about Target being jerks. Also, Roni has started a thread questioning her EQ credit score.

Last summer, I found out that the EX Creditexpert score was 27 points lower than the score the credit union gave me when I obtained credit. As I remember the scores were 701 vs 728 (approx).

I know first hand that the Creditexpert score is not the true score the Lenders see. The TU score is widely belived to be bogus. But the EQ score has been somewhat assumed to be accurate.

Does anyone have anything else to contribute on this topic? My Target visa approval was instant. The only thing I had to do was negotiate the apr. down from 15.9% to 12.9%.

I am very suspicious that the scorepower scredit score is underinflated just like Creditexpert.

Jim

 

DaveLV used a good word "random".

Let's assume that I am wrong and that the EQ credit score is accurate. That my score really was 680. Then it appears that Target must have a computer generated algorithm that takes into account other factors.

I have to apologize and admit that I don't remember what questions Target asked of me on the application. I do believe that annual income was one of them. My debt to credit limit ratio is low. 95% of my available revoling credit is unused.

But here is what bothers me. Only twice have I received credit when EQ was pulled. Both times were in April when my EQ score was 633...

Nextcard gave me a $6,500 card at 15.9 with a teaser. But they also pulled TU which had a 800+ TU score. There was an approval on-line but Nextcard said the final approval would be 3 days later.

GM card made me wait 30 days for a decision while they did a manual review of my application. Then they gave me a low $1,500 limit with a teaser. It should be obvious to anyoneone that one intent of the GM card is to get a customer into a GM showroom to buy a car. So the GM card may be somewhat easy to get.

Target simply gave me instant approval and told me to activate the card on-line immediately.

So I have to admit that I really don't know the answer to my own question. But I remain suspicious of the EQ scorepower credit score.

Jim

 

Cariba - You may be on to something!

In April my scorepower was 633. In July it was 673. I posted this information on the board at these intervals.

I have added $20K + of prime credit since July through the credit unions by increasing the limit on credit cards, adding a new gold card. and LOC. All of this credit was gained via Experian.

In addition, my July EQ report showed 3 Bk discharged accounts. I got one removed - leaving only the the two discharged accounts I mentioned in my original post on this thread plus the public record of my BK. The only inquiry since April is the Target inquiry.

The change in score from July to November "7" points. From 673 to 680.

I think EQ scorepower is a completely bogus score or as you pointed out - who knows when EQ gets around to updating it for us consumers.

For Target to instantly approve me for a $10K card makes me suspect that Target saw a much higher score than I did when I paid $12.95 for scorepower.

Any other thoughts guys????

Jim

 

Roni,

Ask for a reduction in apr. to 15.9%. That is the next increment down from 18.9%. I know you consistently read the board so you should have noticed that it appears the Target reps have the ability to lower your apr. one increment if you complain about it loud enough.

Sticking to facts, I refused to activate my card on-line. I waited until I received it. Then I called 1-888-755-5856 and activated the card over the telephone with the provision that I got an apr. reduction of one increment from 15.9% to 12.9%. The 9.9% best apr. is impossible to obtain with my EQ credit standing. I undersatnd and accept this. If you already activated your card on-line, you may have difficulty getting a reduction at this time. I say "may" because I really don't know.

I took a chance giving you the telephone number because I live in a different part of the country than you and there may be a different telephone number where you live.

Next year, I will request an apr. reduction.

Yes, the silver card is handsome compared to that ugly red card. LOL

Best regards,

Jim