Attentional bias to threat, the process of preferentially attending to potentially threatening environmental stimuli over neutral stimuli, is positively associated with behavioral inhibition (BI) and trait anxiety. However, the most used measure of attentional bias to threat, the dot-probe task, has been criticized for demonstrating poor reliability. The present study aimed to assess whether utilizing a sequential sampling model to describe performance could detect adequate test–retest reliability for the dot-probe task, demonstrate stronger cueing effects, and improve the association with neural signals of early attention. One hundred and twenty children aged 9–12 years completed the dot-probe task twice. During the second administration, event-related potentials (ERPs) were obtained as time-sensitive neural markers of attention. BI was not associated with traditional or diffusion model measures of performance. Traditional and diffusion model measures of performance were also not associated with N1, P2, or N2 ERP amplitude. There were main effects of Visit, in which RTs were faster and standard deviation of RT smaller during the second administration due to an increase in drift rate and a decrease in non-decision time. The traditional RT bias score (r = 0.06) and bias scores formed via diffusion model parameters (all r’s < 0.40) all demonstrated poor reliability. Results confirm recommendations to move away from using the dot-probe task as the primary or sole index of attentional bias.