Interesting Credit Report Find

For just about anything you want to get off your chest about credit cards.
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Sergio44
 
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Location: nevada

Interesting Credit Report Find

Postby Sergio44 » Fri Mar 21, 2014 10:09 am

Hello,

Recently turned down (as expected) for various Visa and Mastercards due to poor credit rating, which is in the 500's.

But I found out that my credit rating is 705 on the Clarity Services and FactorTrust, Inc
credit reports!

My question: How can I find out what credit cards use these companies so as to obtain a much needed credit card?
Thank you..Sergio


darkguy2
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Location: United States

Postby darkguy2 » Fri Mar 21, 2014 11:43 am

They typically use the FICO score but YMMV. The best score to get is over on myFICO. I think there is a post somewhere on this forum that has a code to get $15 off.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

linuxmachine
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Location: los angeles

Postby linuxmachine » Fri Mar 21, 2014 12:26 pm

As far as I know, all US credit cards are approved based on one or a combination of the FICO scores from Experian, Equifax and Transunion.

What kind of cards have you applied for? Have you tried the easier ones like a Cap1 secured?

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otter
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Postby otter » Fri Mar 21, 2014 6:45 pm

There are other credit reporting agencies out there other than "the big three" (Equifax, Experian, TransUnion), but other than specialized agencies (such as chexsystems for opening checking accounts) or small/alternative reporting agencies (Innovis, PRBC), there really is no other major agency other than the big three at least in the US. In theory, I can start my own credit reporting agency tomorrow. In practice, few creditors are going to routinely report to anyone other than Equifax, Transunion, or Equifax. Some of the smaller agencies might get an incomplete picture of your credit worthiness, but only the big three are going to get most of the data. Equifax, Experian, and TransUnion used to be competitors, but for the most part, their goal is to keep anyone from making it the "big four".

So what credit card company uses a credit score from Clarify or Factor Trust? Well, probably no one. If they did, it would be in addition to the FICO score/data provided from one of the big three (I've heard Amex occasionally uses someone in addition to Experian, and not TU or EQ, in certain cases). If your FICO score is 500 with the big three, no one is probably going to bother to pull somewhere else. It might work the other way- if your FICO was 700 and you had a thin file, someone might pull an alternative credit agency to hopefully get a better picture of you. Sorry... there are no shortcuts to getting cards other than improving your files @ the big three.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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otter
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Postby otter » Fri Mar 21, 2014 6:50 pm

Sergio44 wrote:Hello,

Recently turned down (as expected) for various Visa and Mastercards due to poor credit rating, which is in the 500's.


Not that I am trying to beat you when you are down (and pardon me for being rude and not welcoming you to the forum- Welcome!), but why are you applying for credit cards when you expect to be declined? You shoud never apply for credit unless you think you have a good (or at least fair) chance of being approved.

If you need any help... feel free to ask! Credit unions are often a good way to rebuild credit. Or store cards or secured cards...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

Sergio44
 
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Joined: Fri Mar 21, 2014 9:54 am
Location: nevada

Thank you.

Postby Sergio44 » Fri Mar 21, 2014 7:11 pm

Thank you for the replies. I asked the question just in case I missed something about my fluke rating. And everyone confirmed my thoughts on the "Big 3" The great rating from the other 2 agencies just puzzled me. ( As a side note, my bad credit is due to an ex. Nuff said.)

I do have 2 prepaid cards which are fine for now. I apply for other cards now and then to see if the companies miss something.

Thank you..Sergio



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