topic Re: CHASE CCs in Credit Card Applications

CHASE CCs

sectionals — Thu, 14 Jul 2022 08:53:23 GMT

Hey all. I'm aware of all the different variables that go into an app being approved. I was curious though as to if Chase is using FICO 8 or 9 Bankcard scores and from what bureaus. If anyone has any DPs that would surely be appreciated.

Re: CHASE CCs

Brian_Earl_Spilner — Thu, 14 Jul 2022 13:29:40 GMT

They use an internal scoring system called CARS v2.

Re: CHASE CCs

keekers — Thu, 14 Jul 2022 15:28:47 GMT

@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.

I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?

Re: CHASE CCs

OmarGB9 — Thu, 14 Jul 2022 20:03:36 GMT

@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?

Yes.

Re: CHASE CCs

SouthJamaica — Fri, 15 Jul 2022 18:02:01 GMT

@sectionals wrote:
Hey all. I'm aware of all the different variables that go into an app being approved. I was curious though as to if Chase is using FICO 8 or 9 Bankcard scores and from what bureaus. If anyone has any DPs that would surely be appreciated.

They pull your data from one or more credit bureaus, then apply their own internal score.

For me they have always pulled EX.

In April they turned me down for a card. My Chase internal score was 710, which was about 10 points higher than my EX FICO 8.

Re: CHASE CCs

SarahJo — Fri, 15 Jul 2022 19:44:01 GMT

@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?

Chase is absolutely influenced by the relationship and products you have with them. They do use their internal score, which is mainly based on Experian. The big however is, it is regionally dependent. Northeast, Southwest, etc. can be different CB's pulled. Also, Chase may pull two bureaus...meaning EX is pulled, but if your app is needing a lil more confirmation TU will be pulled as well for data (do a search on the forums for your area you should find some data points, people here are great about that). One of the best ways, in my observance and experience, is to open a Chase checking account if you have no previous relationship with them. Depending on your score it may be needed. In my case, I've cold apped every Chase product I have, except for my second car loan, that I was preapproved for. My husband, whose scores are significantly lower than mine (he is learning 'the way" and starting to reap the benefits!) opened a Chase checking account and around 4 months later started receiving preapprovals (Green star, states approved limit) to accept. One month ago he accepted the Unlimited offer and yesterday he just got a Subaru car loan through Chase! Hope this helps!

Re: CHASE CCs

Binbinimiwi — Fri, 15 Jul 2022 19:51:41 GMT

Glad I found this thread. Good info, so thanks all. I am going to try to hop out of the garden come August or Sept for a travel card. I was considering the CSP, but I am thinking they may not like my profile given that I do have 30-day baddies (student loans) from last fall. I've been trying to get them removed via GW since it was a matter of COVID and the servicer was requiring a monthly call in to apply the COVID waiver rather than applying it automatically until the halt was removed as the federal government intended. I missed calling in twice, so that's a huge impact.

Anyway, I'm trying to gauge whether or not I should should skip Chase and try again in a year or two. My DTI is currently sitting at 22%, income is over $100K, and FICO Bankcard scores are (F8) 680 EX & EQ / 699 TU, and (F9) 727 EQ / 708 TU / 717 EX. The baddies are 9 reported 30-day lates two months straight. (I pay 1 payment, but they report 9 times on each loan individually) - great when you are paying on time and/or don't forget to call in, so earlier this year I consolidated and changed servicers to get a company that actually handles things better.

Any thoughts or input on my chances? I'm thinking of skipping Chase but haven't decided yet. TIA!

Re: CHASE CCs

Brian_Earl_Spilner — Fri, 15 Jul 2022 19:57:33 GMT

@SarahJo wrote:
@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?
Chase is absolutely influenced by the relationship and products you have with them. They do use their internal score, which is mainly based on Experian. The big however is, it is regionally dependent. Northeast, Southwest, etc. can be different CB's pulled. Also, Chase may pull two bureaus...meaning EX is pulled, but if your app is needing a lil more confirmation TU will be pulled as well for data (do a search on the forums for your area you should find some data points, people here are great about that). One of the best ways, in my observance and experience, is to open a Chase checking account if you have no previous relationship with them. Depending on your score it may be needed. In my case, I've cold apped every Chase product I have, except for my second car loan, that I was preapproved for. My husband, whose scores are significantly lower than mine (he is learning 'the way" and starting to reap the benefits!) opened a Chase checking account and around 4 months later started receiving preapprovals (Green star, states approved limit) to accept. One month ago he accepted the Unlimited offer and yesterday he just got a Subaru car loan through Chase! Hope this helps!

As a former Chase corporate employee, I can assure you that they do not take relationships into account. This extends to private clients. Unless you're carrying a JP Morgan Reserve, you will be handled on the merits of your reports and internal score.

Re: CHASE CCs

SarahJo — Fri, 15 Jul 2022 20:03:41 GMT

@Brian_Earl_Spilner wrote:
@SarahJo wrote:
@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?
Chase is absolutely influenced by the relationship and products you have with them. They do use their internal score, which is mainly based on Experian. The big however is, it is regionally dependent. Northeast, Southwest, etc. can be different CB's pulled. Also, Chase may pull two bureaus...meaning EX is pulled, but if your app is needing a lil more confirmation TU will be pulled as well for data (do a search on the forums for your area you should find some data points, people here are great about that). One of the best ways, in my observance and experience, is to open a Chase checking account if you have no previous relationship with them. Depending on your score it may be needed. In my case, I've cold apped every Chase product I have, except for my second car loan, that I was preapproved for. My husband, whose scores are significantly lower than mine (he is learning 'the way" and starting to reap the benefits!) opened a Chase checking account and around 4 months later started receiving preapprovals (Green star, states approved limit) to accept. One month ago he accepted the Unlimited offer and yesterday he just got a Subaru car loan through Chase! Hope this helps!

As a former Chase corporate employee, I can assure you that they do not take relationships into account. This extends to private clients. Unless you're carrying a JP Morgan Reserve, you will be handled on the merits of your reports and internal score.

There are many data points over the years on here indicating that establishing a checking account with Chase can be beneficial when considering a further credit relationship with them. I respect your experience, but I also trust mine, we shall agree to disagree :-)

Re: CHASE CCs

Blender — Sun, 17 Jul 2022 22:30:05 GMT

will be the first card i apply for after i close on the new mortgage. hopefully by then my score will have increased by 15 points or so. good luck to you!

Re: CHASE CCs

Anonymous — Tue, 19 Jul 2022 18:39:05 GMT

@Brian_Earl_Spilner wrote:
@SarahJo wrote:
@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?
Chase is absolutely influenced by the relationship and products you have with them. They do use their internal score, which is mainly based on Experian. The big however is, it is regionally dependent. Northeast, Southwest, etc. can be different CB's pulled. Also, Chase may pull two bureaus...meaning EX is pulled, but if your app is needing a lil more confirmation TU will be pulled as well for data (do a search on the forums for your area you should find some data points, people here are great about that). One of the best ways, in my observance and experience, is to open a Chase checking account if you have no previous relationship with them. Depending on your score it may be needed. In my case, I've cold apped every Chase product I have, except for my second car loan, that I was preapproved for. My husband, whose scores are significantly lower than mine (he is learning 'the way" and starting to reap the benefits!) opened a Chase checking account and around 4 months later started receiving preapprovals (Green star, states approved limit) to accept. One month ago he accepted the Unlimited offer and yesterday he just got a Subaru car loan through Chase! Hope this helps!

As a former Chase corporate employee, I can assure you that they do not take relationships into account. This extends to private clients. Unless you're carrying a JP Morgan Reserve, you will be handled on the merits of your reports and internal score.

How come you don't have any Chase card 😲

Re: CHASE CCs

FinStar — Tue, 19 Jul 2022 20:51:13 GMT

@Brian_Earl_Spilner wrote:
@SarahJo wrote:
@keekers wrote:
@Brian_Earl_Spilner wrote:
They use an internal scoring system called CARS v2.
I thought Chase wasn't moved at all by having a relationship with them (e.g. Chase products)? Or do they just take existing credit report info and do their own math on it to arrive at their internal score?
Chase is absolutely influenced by the relationship and products you have with them. They do use their internal score, which is mainly based on Experian. The big however is, it is regionally dependent. Northeast, Southwest, etc. can be different CB's pulled. Also, Chase may pull two bureaus...meaning EX is pulled, but if your app is needing a lil more confirmation TU will be pulled as well for data (do a search on the forums for your area you should find some data points, people here are great about that). One of the best ways, in my observance and experience, is to open a Chase checking account if you have no previous relationship with them. Depending on your score it may be needed. In my case, I've cold apped every Chase product I have, except for my second car loan, that I was preapproved for. My husband, whose scores are significantly lower than mine (he is learning 'the way" and starting to reap the benefits!) opened a Chase checking account and around 4 months later started receiving preapprovals (Green star, states approved limit) to accept. One month ago he accepted the Unlimited offer and yesterday he just got a Subaru car loan through Chase! Hope this helps!

As a former Chase corporate employee, I can assure you that they do not take relationships into account. This extends to private clients. Unless you're carrying a JP Morgan Reserve, you will be handled on the merits of your reports and internal score.

Actually @Brian_Earl_Spilner, the above statement is not entirely accurate. I would imagine you didn't work in the marketing, strategy or servicing aspects of Card or Commercial Card (Paymentech) divisions, otherwise you would know.

Having done some extensive large scale projects for Chase (even going back to the Bank One/FirstUSA legacy), they do consider some aspects of the product relationship but it depends on client segments. Having a vehicle loan isn't one of those channels for instance, but on the deposit or investment side, there are opportunities. This also depends on the type of client relationship as well. Obviously, having $100 sitting in a checking account or $500 in a savings account isn't going to place a customer on the radar, but depending on a variety of marketing campaigns and card acquisition strategies, there's some leverage for some prospective clients.

From personal experience, and before 5/24 was enforced across all products, one of the items that was mentioned when I was approved for one of their business cards (on judgemental override), was the existing CPC relationship that was able to get me across the line. They already knew income was more than sufficient, I already had several CCs with them, and internal exposure hadn't been reached yet.

So, in a way, @SarahJo's comments are on point.