topic Credit Card companies using old credit reports when we apply! in Credit Card Applications

Credit Card companies using old credit reports when we apply!

MikeyMagic — Wed, 17 Apr 2024 18:24:34 GMT

Hello

So I wanted to post this because I have read on this forum and others and had my own experiences with applications for credit cards and CLI's - where these companies/banks are using months old credit reports to make decisions.

I'm sorry but I have a real problem with that. When I tried to get my CLI from my Chase Freedom Rise card on March 30th, I was denied in the app and over the phone. The next day in the message center I got my reasons and a few were not even applicable! And I looked at the date of the Experian report used and it had Feb 29th!! That's a month old and I didn't even have a FICO 8 score yet!! And had a high PayPal Credit Balance that was showing but was paid in full 2 weeks after. Only after I spoke to reconsideration did they use a copy of my recent Experian report and I was approved for a $2000 CL up from $500.

And the other day when I applied for the Savor One - it told me my FICO 8 score was 699 when it was not 699. My FICO 8 score was roughly 730. I remember when it was 699 and that was in early to mid March. Yes I am cool with the $1000 CL but I gotta wonder if I would have gotten a higher CL if Capital One used my recent report that had the 730 score.

Are you guys comfortable with this? I think this does a disservice to us as customers or potential customers that these banks/companies aren't even using our most updated credit report to approve or deny us.

Anyways I think this is so wrong and it makes me worry now down the road when I apply again, as to which date of reports these companies/banks are using.

Re: Credit Card companies using old credit reports when we apply!

GZG — Wed, 17 Apr 2024 18:49:00 GMT

banks do not use old credit reports when you apply for a fresh account

cap1 uses Mortgage fico scores, which is what you saw on your savor one application

banks do use old credit reports when applying for credit line increases, it costs them money to pull a report and score, they don't want to incur that cost every time somebody clicks the CLI button

Re: Credit Card companies using old credit reports when we apply!

MikeyMagic — Wed, 17 Apr 2024 19:10:46 GMT

@GZG wrote:
banks do not use old credit reports when you apply for a fresh account

cap1 uses Mortgage fico scores, which is what you saw on your savor one application

banks do use old credit reports when applying for credit line increases, it costs them money to pull a report and score, they don't want to incur that cost every time somebody clicks the CLI button

So you're saying the 699 is my FICO mortgage score? Is that a bad score? I'm so confused. Why would they use that score when I applied for a credit card? Does Discover and Chase use mortgage FICO scores?

Re: Credit Card companies using old credit reports when we apply!

GZG — Wed, 17 Apr 2024 19:18:03 GMT

@MikeyMagic wrote:
@GZG wrote:
banks do not use old credit reports when you apply for a fresh account

cap1 uses Mortgage fico scores, which is what you saw on your savor one application

banks do use old credit reports when applying for credit line increases, it costs them money to pull a report and score, they don't want to incur that cost every time somebody clicks the CLI button
So you're saying the 699 is my FICO mortgage score? Is that a bad score? I'm so confused. Why would they use that score when I applied for a credit card? Does Discover and Chase use mortgage FICO scores?

it's one of them, yes, there's three FICO mortgage scores

EQ 5, TU 4, Exp 2

Cap1 uses that score because they want to and it's what works for them. It's not a bad score, it just grades things differently and is pretty harsh to young files and files not 0/12

Discover uses Exp FICO 8 and Chase uses their own score which I imagine is based on FICO 8 + their internal scoring as well

Re: Credit Card companies using old credit reports when we apply!

MikeyMagic — Wed, 17 Apr 2024 20:32:26 GMT

@GZG wrote:
@MikeyMagic wrote:
@GZG wrote:
banks do not use old credit reports when you apply for a fresh account

cap1 uses Mortgage fico scores, which is what you saw on your savor one application

banks do use old credit reports when applying for credit line increases, it costs them money to pull a report and score, they don't want to incur that cost every time somebody clicks the CLI button
So you're saying the 699 is my FICO mortgage score? Is that a bad score? I'm so confused. Why would they use that score when I applied for a credit card? Does Discover and Chase use mortgage FICO scores?
it's one of them, yes, there's three FICO mortgage scores

EQ 5, TU 4, Exp 2

Cap1 uses that score because they want to and it's what works for them. It's not a bad score, it just grades things differently and is pretty harsh to young files and files not 0/12

Discover uses Exp FICO 8 and Chase uses their own score which I imagine is based on FICO 8 + their internal scoring as well

Wow interesting. Thanks for the info, I never read this anywhere.

Re: Credit Card companies using old credit reports when we apply!

SouthJamaica — Wed, 17 Apr 2024 21:37:43 GMT

@MikeyMagic wrote:
Hello
So I wanted to post this because I have read on this forum and others and had my own experiences with applications for credit cards and CLI's - where these companies/banks are using months old credit reports to make decisions.

I'm sorry but I have a real problem with that. When I tried to get my CLI from my Chase Freedom Rise card on March 30th, I was denied in the app and over the phone. The next day in the message center I got my reasons and a few were not even applicable! And I looked at the date of the Experian report used and it had Feb 29th!! That's a month old and I didn't even have a FICO 8 score yet!! And had a high PayPal Credit Balance that was showing but was paid in full 2 weeks after. Only after I spoke to reconsideration did they use a copy of my recent Experian report and I was approved for a $2000 CL up from $500.

And the other day when I applied for the Savor One - it told me my FICO 8 score was 699 when it was not 699. My FICO 8 score was roughly 730. I remember when it was 699 and that was in early to mid March. Yes I am cool with the $1000 CL but I gotta wonder if I would have gotten a higher CL if Capital One used my recent report that had the 730 score.

Are you guys comfortable with this? I think this does a disservice to us as customers or potential customers that these banks/companies aren't even using our most updated credit report to approve or deny us.

Anyways I think this is so wrong and it makes me worry now down the road when I apply again, as to which date of reports these companies/banks are using.

If you're applying to a new bank, it will be a hard pull, and the data will be up to the minute.

It's soft pulls only that pull up old reports.

Re: Credit Card companies using old credit reports when we apply!

FicoMike0 — Wed, 17 Apr 2024 23:27:07 GMT

@MikeyMagic you have to be careful comparing scores. There are three credit bureaus, transunion, experian and equifax. Among them, there are 28 different fico scores. Then there are vantage scores. If you use myficos free score, it's Equifax fico8.

As far as using old reports, I find that hard to believe, why would they? When I look at my crs, everyone is doing sps all the time.

I'm planning to request a cli from cap1. I'm going to download all three reports first. A week later, I'll do it again. I'll see if they do another sp after the request. I'll report back. I fully expect they will.

I do have a recent dp for a new app. I applied to us b on 28 March with only transunion thawed, since that's who they pull. The next day, I got an alert from credit karma that I had a hard pull on tu.

Re: Credit Card companies using old credit reports when we apply!

SouthJamaica — Thu, 18 Apr 2024 22:15:51 GMT

@FicoMike0 wrote:
@MikeyMagic you have to be careful comparing scores. There are three credit bureaus, transunion, experian and equifax. Among them, there are 28 different fico scores. Then there are vantage scores. If you use myficos free score, it's Equifax fico8.
As far as using old reports, I find that hard to believe, why would they? When I look at my crs, everyone is doing sps all the time.
I'm planning to request a cli from cap1. I'm going to download all three reports first. A week later, I'll do it again. I'll see if they do another sp after the request. I'll report back. I fully expect they will.
I do have a recent dp for a new app. I applied to us b on 28 March with only transunion thawed, since that's who they pull. The next day, I got an alert from credit karma that I had a hard pull on tu.

In my experience Capital One typically uses old (like 2 months old) soft pulls from EQ, and uses the EQ FICO 5 score, for CLI applications.

Re: Credit Card companies using old credit reports when we apply!

MikeyMagic — Thu, 18 Apr 2024 22:56:02 GMT

@SouthJamaica wrote:
@FicoMike0 wrote:
@MikeyMagic you have to be careful comparing scores. There are three credit bureaus, transunion, experian and equifax. Among them, there are 28 different fico scores. Then there are vantage scores. If you use myficos free score, it's Equifax fico8.
As far as using old reports, I find that hard to believe, why would they? When I look at my crs, everyone is doing sps all the time.
I'm planning to request a cli from cap1. I'm going to download all three reports first. A week later, I'll do it again. I'll see if they do another sp after the request. I'll report back. I fully expect they will.
I do have a recent dp for a new app. I applied to us b on 28 March with only transunion thawed, since that's who they pull. The next day, I got an alert from credit karma that I had a hard pull on tu.
In my experience Capital One typically uses old (like 2 months old) soft pulls from EQ, and uses the EQ FICO 5 score, for CLI applications.

I'm sorry but when does Capital One uses 2 month old soft pulls from Equifax? When I applied for the Savor One after the preapproval the other day it pulled my credit reports from all 3 bureaus. So obviously no soft pull there.

Also where can I find my Equifax Fico 5 score and if you don't mind me asking, how did you find out that Cap1 uses that for CLI requests?

Thanks.

Re: Credit Card companies using old credit reports when we apply!

FicoMike0 — Thu, 18 Apr 2024 23:30:33 GMT

@SouthJamaica I'll keep that in mind, thanks.

Re: Credit Card companies using old credit reports when we apply!

Zoostation1 — Fri, 19 Apr 2024 00:51:30 GMT

@MikeyMagicCapital One is known to repalce the EX FICO 2 score with EX FICO 3 when applying for a new card. They'll pull EQ5, TU4 and and EX3. Currently there's:

EQ5 , TU4, EX2 - Mortgage scores (for now)

Bankcard and Auto versions of the above EQ5, TU4, and EX2

EX3

EQ, TU, and EX FICO 8

Bankcard and Auto versions of each FICO 8

As with FICO 8 there are the same number of variants with FICO 9 and FICO 10. With the exception of there also being a FICO 10T which uses trended data (10T does not have the bankcard and auto variants).

FICO 8 models are dominant for credit cards and auto loans, though FICO 9 models are growing in adoption and has significant usage. No one as far as I'm aware of uses FICO 10 models yet.

Also of note: FICO 5, 4, and 3 are based on the FICO 04 models (prior to FICO 8 - each CRA's customization could mean another score type number). FICO 2 scores are based on the FICO 98 models. Last but not least FICO 10T (along with VantageScore 4.0) will replace the EQ5, TU4, and EX2 scores that are currently used for mortgages.

All of this info is already in various threads but figured since we're on the topic it would be worth addressing all 40 scores. As for your FICO 5 score you can get it from here at myFICO but it's not inexpensive and unless you're applying for a mortgage in the near future I wouldn't bother. Capital One and some credit unions may use it but those tend to be outliers. Score is only one part of your overall credit profile anyways and yours will continue growing if you keep using your cards and paying in full.

Re: Credit Card companies using old credit reports when we apply!

nytokyobred79 — Fri, 19 Apr 2024 04:17:02 GMT

@MikeyMagic wrote:
@SouthJamaica wrote:
@FicoMike0 wrote:
@MikeyMagic you have to be careful comparing scores. There are three credit bureaus, transunion, experian and equifax. Among them, there are 28 different fico scores. Then there are vantage scores. If you use myficos free score, it's Equifax fico8.
As far as using old reports, I find that hard to believe, why would they? When I look at my crs, everyone is doing sps all the time.
I'm planning to request a cli from cap1. I'm going to download all three reports first. A week later, I'll do it again. I'll see if they do another sp after the request. I'll report back. I fully expect they will.
I do have a recent dp for a new app. I applied to us b on 28 March with only transunion thawed, since that's who they pull. The next day, I got an alert from credit karma that I had a hard pull on tu.
In my experience Capital One typically uses old (like 2 months old) soft pulls from EQ, and uses the EQ FICO 5 score, for CLI applications.

I'm sorry but when does Capital One uses 2 month old soft pulls from Equifax? When I applied for the Savor One after the preapproval the other day it pulled my credit reports from all 3 bureaus. So obviously no soft pull there.

Also where can I find my Equifax Fico 5 score and if you don't mind me asking, how did you find out that Cap1 uses that for CLI requests?

Thanks.

Hi @MikeyMagic As others have mentioned, the scores they use for new applications vs cli requests are different. Whenever I apply for a cli request even if denied, I get an alert that Cap 1 has soft pulled Equifax. I also have a basic Equifax monthly subscription so I can see all of Cap 1's sp(s). Any future cli requests will likely be based on Equifax scores. They have been that way for me the past 2 years.

Re: Credit Card companies using old credit reports when we apply!

SouthJamaica — Fri, 19 Apr 2024 04:30:57 GMT

@MikeyMagic wrote:
@SouthJamaica wrote:
@FicoMike0 wrote:
@MikeyMagic you have to be careful comparing scores. There are three credit bureaus, transunion, experian and equifax. Among them, there are 28 different fico scores. Then there are vantage scores. If you use myficos free score, it's Equifax fico8.
As far as using old reports, I find that hard to believe, why would they? When I look at my crs, everyone is doing sps all the time.
I'm planning to request a cli from cap1. I'm going to download all three reports first. A week later, I'll do it again. I'll see if they do another sp after the request. I'll report back. I fully expect they will.
I do have a recent dp for a new app. I applied to us b on 28 March with only transunion thawed, since that's who they pull. The next day, I got an alert from credit karma that I had a hard pull on tu.
In my experience Capital One typically uses old (like 2 months old) soft pulls from EQ, and uses the EQ FICO 5 score, for CLI applications.

I'm sorry but when does Capital One uses 2 month old soft pulls from Equifax? When I applied for the Savor One after the preapproval the other day it pulled my credit reports from all 3 bureaus. So obviously no soft pull there.

Also where can I find my Equifax Fico 5 score and if you don't mind me asking, how did you find out that Cap1 uses that for CLI requests?

Thanks.

1. As I said in my post, it's for CLI's.

2. As I said in my post, it's based on my personal experience. Every CLI request I've made from them used an old EQ soft pull and the EQ FICO 5 score.

3. I don't know how to find it except for pulling an EQ report at MyFICO. But that will turn up a current score, not the score from 2 months ago.

Re: Credit Card companies using old credit reports when we apply!

bytechma — Sat, 20 Apr 2024 07:29:05 GMT

applied for a CLI on my quicksilver one and C1 pulled my report from Feb 28. Which is annoying. Has anyone tried calling and asking to pull a newer report?

Re: Credit Card companies using old credit reports when we apply!

MikeyMagic — Sat, 20 Apr 2024 07:47:01 GMT

@bytechma wrote:
applied for a CLI on my quicksilver one and C1 pulled my report from Feb 28. Which is annoying. Has anyone tried calling and asking to pull a newer report?

How do you know what date Capital One pulls the credit report? I have tried to get increases a few times on my Quicksilver and I get an email telling me to read the decision in their message center. It only gives me the reason, I don't see the date or what bureau they used.

Also calling Capital One and asking for them to use a recent report seems like a good idea. Would it work?

Re: Credit Card companies using old credit reports when we apply!

FicoMike0 — Sat, 20 Apr 2024 13:53:48 GMT

You have to look at your full credit reports. You can get them here

https://www.annualcreditreport.com/index.action

They tend to be 40+ pages long, 100+ soft pulls.

Re: Credit Card companies using old credit reports when we apply!

bytechma — Sat, 20 Apr 2024 18:59:51 GMT

When I go to message center. I open the letter provided, the last page shows my score and reason. They pulled equifax from Feb 28. I am based in Chicago. Maybe I'll try calling them

Re: Credit Card companies using old credit reports when we apply!

LendMeTheLoot — Sat, 27 Apr 2024 22:12:34 GMT

Sofi does. I tried to apply the other day and they showed me a score from 2 years ago when I previously tried and scores were in the 500s. They're in the 700s now. I have their samsung money prepaid card.

Re: Credit Card companies using old credit reports when we apply!

LendMeTheLoot — Sat, 27 Apr 2024 22:33:06 GMT

I promise you they do.

Re: Credit Card companies using old credit reports when we apply!

MikeyMagic — Sun, 28 Apr 2024 02:03:28 GMT

@LendMeTheLoot wrote:
I promise you they do.

Well this is crazy because the second page you showed hasn't showed once when I have requested a CLI, both in the app AND over the phone. I get the 1st page like you with the reason(it's either been my account was too new and then after the 6 months it's I recently got an increase). Yeah a big $100 one lol.

But the second page for me is a bunch of FAQ's from Capital One with commonly asked questions. I have requested about 5 CLI's for my bucketed Platinum and now Quicksilver.

This is so weird. I called and asked a supervisor a few weeks ago why I can't see what bureau they used to determine my CLI request and she had no clue. Makes no sense.