Credit card approval: FICO Score 8 or FICO Bankcard Score 8? One is so high, the other isnt.

[surfit]

My FICO 8 averages 840, but my FICO Bankcard 8 is considerably lower at an avg of 740.

I've been planning out my app spree and was all set for takeoff.... until I saw my Bankcard 8 lol

 

1- Which set does Citi, Amex, NFCU and other prime cards look at?

2- Any idea why my scores between the 2 sets are so spread out?

 

Should I pause my planned app spree until Bankcard improves into excellent territory?

I have 1 HP, 1% util, 0 lates, nothing negative anywhere.

[shifter]

Citi uses Bankcard 8. Amex uses FICO 8 and NFCU uses FICO 9.

 

740 vs 840 doesn't really make any difference. Credit cards aren't approved based on credit score anyway. Most issuers use internal scoring models in addition to FICO. 

 

As far as why your Bankcard model is lower, likely due to your profile having some low limit cards and very few cards in total. Bankcard 8 is out of 900 vs 850 for FICO 8 so traditionally it's higher if you have a good credit card profile. 

[cashnocredit]

7 minutes ago, shifter said:

Citi uses Bankcard 8. Amex uses FICO 8 and NFCU uses FICO 9.

 

740 vs 840 doesn't really make any difference. Credit cards aren't approved based on credit score anyway. Most issuers use internal scoring models in addition to FICO. 

 

As far as why your Bankcard model is lower, likely due to your profile having some low limit cards and very few cards in total. Bankcard 8 is out of 900 vs 850 for FICO 8 so traditionally it's higher if you have a good credit card profile. 

Yep. My FICO 8 Bankcard scores typically run about 15 points higher around 830 v 815 for FICO 8. And they max out at 900.. 100 points lower is really odd. Might be something like high card utilization and/or few cards compared to auto loans/mortgages. Need more info to tell.

[surfit]

Ok yes, I have no auto loans and no mortgage accts reporting.

 

For an app spree now, maybe I should initially only pursue prime cards that pull FICO 8 then (AMEX, any others?), and after I've managed those for 6-8 months, I'll have increased my Bankcard 8 scores. Then I can do another app spree.

 

But... CCs dont use exclusively use FICO. It so confusing on what to do and how to approach for best results. I dont want to screw it up.

 

Another option is to try out the pre-qualifiers first.

 

THX FOR THE TIPS ya'll

[hdporter]

37 minutes ago, surfit said:

 

For an app spree now, maybe I should initially only pursue prime cards that pull FICO 8 then (AMEX, any others?), and after I've managed those for 6-8 months, I'll have increased my Bankcard 8 scores. Then I can do another app spree.

 

You may need to take another gander at these two credit scores:  A difference of 100 pts is possible, but they usually are better correlated.

 

I'm inclined to think that the cause of the difference between the two scores is that they reflect different CRA sourced data.  (i.e. one is based on a Equifax pull, the other TransUnion).

 

If that is the case, then you likely are more concerned with what CRA a prospective issuer pulls than what score they use.  That said, both scores are respectable and you're unlikely to be denied by any issuer based on either of those scores.  If an app is declined, it will be because of the creditor's own criteria and specific content on your report (e.g. Chase "5/24" rule).

[surfit]

2 hours ago, hdporter said:

 

You may need to take another gander at these two credit scores:  A difference of 100 pts is possible, but they usually are better correlated.

 

I'm inclined to think that the cause of the difference between the two scores is that they reflect different CRA sourced data.  (i.e. one is based on a Equifax pull, the other TransUnion).

 

If that is the case, then you likely are more concerned with what CRA a prospective issuer pulls than what score they use.  That said, both scores are respectable and you're unlikely to be denied by any issuer based on either of those scores.  If an app is declined, it will be because of the creditor's own criteria and specific content on your report (e.g. Chase "5/24" rule).

Just spoke with a FICO.COM supervisor. The discrepancy between the main 8 FICO scores and the ‘specialized scores’ comes from my membership level. 
 

I pay $29 monthly and get quarterly reports vs $39 for monthly reports. Well, specialized scores only update when a new credit report is pulled. 
 

So I’ve had many changes that aren’t reflected in the specialized scores yet but are reflected in the main FICO 8 which update in real time… go figure lol 

[hdporter]

1 hour ago, surfit said:

So I’ve had many changes that aren’t reflected in the specialized scores yet but are reflected in the main FICO 8 which update in real time… go figure lol 

 

Makes sense: 

 

I took time to familiarize myself with the myFICO product you subscribe to.  Yes, only the quarterly reports include the extended FICO score variations.  All periodic alerts just cite your current standard FICO score.

 

Only your quarterly report updates would give you an "apples to apples" comparison between score models.

 

------------

 

An added note:  I don't recommend purchase OF ANY of the myFICO subscriptions:

 

--  They're too expensive to justify a monthly, or even quarterly, report.  Scores stay reasonably consistent over time and, absent a major credit event, tend to stay within a moderately close range over time (say, peak to low of about 40 pts). 

 

My advice is to manually purchase a score report when you either plan to apply for a major purchase loan (car/home), when you're aware of a major credit event (e.g. large credit repay or a new derogatory), or when a long period has elapsed since your last report (6 mo, or even a year).  Consulting a report prepared in proximity to the event prompting it is more valuable then one received at pre-defined intervals) ... and typically cheaper too.

 

You can get something like a $4 discount on a single bureau report (normally $19.95) by searching google with "myFICO discount").

 

 

 

Edited September 23 by hdporter
post updated after I refreshed my myFICO product familiarity

[surfit]

17 hours ago, hdporter said:

 

Makes sense: 

 

I took time to familiarize myself with the myFICO product you subscribe to.  Yes, only the quarterly reports include the extended FICO score variations.  All periodic alerts just cite your current standard FICO score.

 

Only your quarterly report updates would give you an "apples to apples" comparison between score models.

 

------------

 

An added note:  I don't recommend purchase OF ANY of the myFICO subscriptions:

 

--  They're too expensive to justify a monthly, or even quarterly, report.  Scores stay reasonably consistent over time and, absent a major credit event, tend to stay within a moderately close range over time (say, peak to low of about 40 pts). 

 

My advice is to manually purchase a score report when you either plan to apply for a major purchase loan (car/home), when you're aware of a major credit event (e.g. large credit repay or a new derogatory), or when a long period has elapsed since your last report (6 mo, or even a year).  Consulting a report prepared in proximity to the event prompting it is more valuable then one received at pre-defined intervals) ... and typically cheaper too.

 

You can get something like a $4 discount on a single bureau report (normally $19.95) by searching google with "myFICO discount").

 

 

 

I agree, it adds up. But while I was rebuilding it was helpful. Now that I’ve reached my goals, after my app spree I’ll cancel and let it coast. Will check in every 5-6 months or so with purchased reports. 
 

And I have another fraud monitoring service so that’s covered.