Thinking of getting a Discover card for FICO score

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Callmedory
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Postby Callmedory » Fri Dec 05, 2014 4:50 pm

No reason for one card over the other. The last time we were informed, house refi maybe 5 years ago, all scores were over 800--but I have a bit of OCD, so I'd like to know. It'd be nice if websites told us.


kir
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Postby kir » Sun Dec 07, 2014 5:17 am

I'd say go for it. Besides the free score, I think the Discover card can be pretty useful (decent quarterly categories and shopdiscover come to mind).

ingramjuan
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Postby ingramjuan » Sun Dec 07, 2014 9:34 pm

Capital one offer credit scores also. Discover is an excellent card with great perks. I've looked at that card once and or twice. The type of credit score you may get from Discover and or Capital One may not be the same as what your credit lenders have.
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Dec 07, 2014 10:02 pm

ingramjuan wrote:Capital one offer credit scores also.


But is it a FICO score? I thought it was the 'New Account Score' or whatever non-FICO TU variant that CreditKarma provides.

Discover, Barclays, and Amex give real FICOs.
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PlyrStar93
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Postby PlyrStar93 » Sun Dec 07, 2014 10:42 pm

CarefulBuilder14 wrote:But is it a FICO score? I thought it was the 'New Account Score' or whatever non-FICO TU variant that CreditKarma provides.
CreditKarma used to provide TransUnion New Account model, which is what Capital One Credit Tracker uses (according to myfico), as well as a VantageScore 2.0 model. Now CK has ditched both, and starts providing VantageScore 3.0.
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Dec 07, 2014 10:45 pm

PlyrStar93 wrote:CreditKarma used to provide TransUnion New Account model, which is what Capital One Credit Tracker uses (according to myfico), as well as a VantageScore 2.0 model. Now CK has ditched both, and starts providing VantageScore 3.0.


Did they change it just in the last two weeks or so? I fell like 45 points on CK, and it seemed excessive for one new account / inquiry / 30% utilization on one card.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

flan
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Postby flan » Sun Dec 07, 2014 10:53 pm

CarefulBuilder14 wrote:Did they change it just in the last two weeks or so? I fell like 45 points on CK, and it seemed excessive for one new account / inquiry / 30% utilization on one card.


creditkarma as showing the TU new account score and vantage 2.0 (at least, based on the range.) for me. No change. I'd like to see them provide the 3.0 score, since that model is the one that anyone who use vantagescore are using. (It's used by auto lenders, apparently, so don't snicker. )

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PlyrStar93
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Postby PlyrStar93 » Sun Dec 07, 2014 10:57 pm

CarefulBuilder14 wrote:Did they change it just in the last two weeks or so? I fell like 45 points on CK, and it seemed excessive for one new account / inquiry / 30% utilization on one card.

Yes, like just one or two weeks ago they updated their site, including the themes (btw, I have to zoom in pretty much to view the text clearly in my Firefox). Also they adopted VantageScore 3.0, which has the same score range as FICO 08 and same range as TU's New Account model. You can still see your past archived reports, but now they are given VS 3.0 score, so you will see a different score than what you had seen in the past for a same archived report.

The change in model somehow bumped my score up, even higher than my FICO by 15 points.
flan wrote:creditkarma as showing the TU new account score and vantage 2.0 (at least, based on the range.) for me. No change. I'd like to see them provide the 3.0 score, since that model is the one that anyone who use vantagescore are using. (It's used by auto lenders, apparently, so don't snicker. )

So looks like this change is only applied to "selected" users. Mine can no longer show TU New account and VS 2.0.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Dec 07, 2014 10:58 pm

It says I have the TU new account score, which went down 44 points (735 to 691) the same week that my VantageScore went up 18 points (755 to 773).
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

flan
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Postby flan » Sun Dec 07, 2014 11:11 pm

CarefulBuilder14 wrote:It says I have the TU new account score, which went down 44 points (735 to 691) the same week that my VantageScore went up 18 points (755 to 773).


TU's new account score is very sensitive to new accounts. (Sorry, I couldn't resist.)
It's a specialized score, designed to predict how like someone is to default on a (hypothetical) new account, so it penalizes inquires and new accounts and excessive credit usage heavily.

i wonder if TU are discontinuing it, or if CK is just no longer willing ot pay for it.



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