topic Re: Chase/Wamu PFICO just updated!!! in Credit Cards

Chase/Wamu PFICO just updated!!!

davidboca — Thu, 16 Oct 2008 18:17:42 GMT

I guess Chase is keeping this feature for now. Up 6 points this month (Oct. 1).

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 18:48:08 GMT

WaMu's PFICO is PJUNK!

It's always behind and 40 pts. lower than my actual FICO scores. It is a waste of my time. Still can't figure out the hype on this garbage.

Re: Chase/Wamu PFICO just updated!!!

davidboca — Thu, 16 Oct 2008 18:51:59 GMT

I look at it as a measure of: 'Wamu is liking me more', or 'Wamu is liking me less'.

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 18:56:39 GMT

I feel you, davidboca. I just don't find ANY use for it. The best feature they have to offer is the generous CLs they give. They may not be in line with NFCU, USAA or Penfed, but they do give nice CLs, even to those rebuilding.

Re: Chase/Wamu PFICO just updated!!!

davidboca — Thu, 16 Oct 2008 19:05:55 GMT

Wouldn't it be brilliant if Chase were to decide to keep this feature? Perhaps even adding it to other Chase cards as well? After all PFICO is a free product with some benefit.

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 20:08:59 GMT

Yes, it would be lovely if Chase were to keep that feature. However, it would be even better if this feature were to be provided up to date. I figured WaMu was able to offer it for free because it was a back-dated score anyway. Otherwise, we would have to pay some fee to get a current score. My score is still at 663, which is what my FICO score was back in July. I am well over 700 now on my TU FICO so this PFICO score is useless to me. I am in the rebuilding process and I've had some old baddies come off as well as new positive TLs reporting. Why it is still at 663 is unbeknown to me.

Message Edited by Uniqua on 10-16-2008 04:08 PM

Re: Chase/Wamu PFICO just updated!!!

davidboca — Thu, 16 Oct 2008 19:46:31 GMT

What are the primary reason/s given to you, when you first click 'Credit Profile', then click(underlined in blue fonts) 'Primary Reason'?

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 20:14:33 GMT

Primary reason is that I have derogatory items on my CR. Those derogs are from 2002 and early 2003. It also says too many new accounts, which is rather odd since FICO says I haven't opened up too many new accounts which is helping my FICO score. I had no positive TLs reporting (except student loans) so I opened up a few CCs (3) at the same time to get some utilization reporting. WaMu knew this when I was approved so I'm not understanding why they see it has a problem now.

Even still, I only care about my FICO scores, which I'll probably buy again in December. My scores are over 700 now and I'm good until I buy a new car in about 6-9 months.

Re: Chase/Wamu PFICO just updated!!!

My2cents — Thu, 16 Oct 2008 20:44:42 GMT

_________________________________________________________________

Uniqua said WaMu's PFICO is PJUNK!

It's always behind and 40 pts. lower than my actual FICO scores. It is a waste of my time. Still can't figure out the hype on this garbage.

__________________________________________________________________

My2cents said last time that you need to pstop. The pfico is actually helpful in that it allow you to gauge how worthy you are for credit cards. My pfico is about 30 pts higher than my classic fico. So I hope I just gave you some phelp

My2cents

Re: Chase/Wamu PFICO just updated!!!

Karatz — Thu, 16 Oct 2008 22:01:05 GMT

Up 26 points since last month. Still, why did I drop 46 points in 2 months? I bought a bike with a VISA, dropped 20 points when it updated like 10 days later. I paid the VISA bill IN FULL, and about 2 weeks later, it dropped 26 more points. Nothing on any of my debt has changed cept Citibank got a 250 CLI and dropped about 200 in balance, and my BofA dropped about 100 in balance.

Re: Chase/Wamu PFICO just updated!!!

wmarat — Thu, 16 Oct 2008 22:05:46 GMT

WAMU PFICO is a card enhanced FICO score, so it is different from FICO score you get from myfico.com.

@Uniqua wrote:
WaMu's PFICO is PJUNK!

It's always behind and 40 pts. lower than my actual FICO scores. It is a waste of my time. Still can't figure out the hype on this garbage.

Message Edited by wmarat on 10-16-2008 03:05 PM

Re: Chase/Wamu PFICO just updated!!!

Donks3369 — Thu, 16 Oct 2008 22:10:49 GMT

This PFICO score is worthless in my opinion. The difference between this score and my FICO score is 120 different. Unfortunately for me, the PFICO is higher. It may give you a score on how you do with credit cards, but I don't know of many lenders that would use a credit card only score.

Re: Chase/Wamu PFICO just updated!!!

wmarat — Thu, 16 Oct 2008 23:10:36 GMT

From WAMU site:

We display the Bankcard Industry Option FICO score. This score adjusts the Classic FICO score based on bankcard credit risk. The Classic FICO score measures a consumer's general credit risk; it is a tool that helps lenders predict how likely a consumer is to default on any credit obligation in the future. Large differences between the Classic FICO score and the Bankcard Industry Option FICO score indicate a consumer whose general credit risk is different than their bankcard credit risk.
From FICO site:
An added layer of risk management for your portfolio

Most lenders acknowledge that consumers tend to regard and pay their loan obligations differently. So for your particular portfolio, getting deeper insight into the consumer's payment behavior can give you a great advantage in your risk prevention and management. Fair Isaac's Industry Option FICO scores are designed to give you that insight.

How and why they work

Available at all three major credit bureaus, the Industry Option FICO scores build on the predictiveness of classic FICO scores by incorporating additional credit information that is predictive for your specific industry-bankcard, auto lending, installment lending and finance company lending.

With the Industry Options, a credit file is first scored by the "broad-based" risk scorecard system, and then by one of two industry-specific overlay scorecards - one for files with derogatory information on any type of account, one for files without. This overlay adjusts the credit bureau scores up or down. The resulting score is scaled to match the same "good versus bad" odds as the broad-based risk scores.http://www.fairisaac.com/fic/en/product-service/product-index/industry-fico-scores/

Re: Chase/Wamu PFICO just updated!!!

tatiana — Thu, 16 Oct 2008 23:29:15 GMT

I got all excited when I saw this...DASHED to wamu.com...my heart skipped a beat when I saw the "Updated: Oct. 1" language...and then it all promptly deflated when I realized that my score hasn't changed since last month.

Still 759. xD

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 23:44:17 GMT

My2cents can't tell me what it is I NEED to do!

Doesn't matter if it "supposedly" helps you gauge how worthy you are of credit cards. If it's behind 30-60 days, how is that going to help you unless you find out what your "actual" score is at the time you CC app? Ask yourself why it's offered for free.

It's still junk in my book. I like WaMu, but I refuse to get on this "PFICO" bus to nowhere.

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 23:48:21 GMT

Yes Donks3369. It is worthless!

I can care less for the PFICO, but I love the discounts offered on WaMu's website. I'll take those over that fake score any day.

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Thu, 16 Oct 2008 23:51:27 GMT

Wmarat, I do understand that it is different, but if you pay close attention to how they explain this "Bankcard Industry Option FICO score," you can tell that your best option to find out your bankcard credit risk is to get your FICO scores from here.

Re: Chase/Wamu PFICO just updated!!!

Anonymous — Fri, 17 Oct 2008 00:00:58 GMT

I totally agree it is worthless if you are applying for a mortgage. But some banks use this score to determine your worth for their "credit cards". It's not as pointless as you think. WaMu uses PFICO to find your worth... There is at least one bank that uses PFICO.

Re: Chase/Wamu PFICO just updated!!!

Uniqua — Fri, 17 Oct 2008 00:12:34 GMT

Every single PFICO that WaMu has shown me has been my ACTUAL FICO 60 days prior. I know because I have been buying my CRs and scores here monthly so I know for a fact what my scores have been.

TU FICOs
May - 609
June - 643
July - 663
August - 668
September - 710

WaMu PFICOs
July - 609
August - 643
September - 663
October - 668

If I want to know my PFICO, all I have to do is look at my CR and score from two months ago. This is how I have come to realize why it is offered for "free" and why it is purely junk!

Re: Chase/Wamu PFICO just updated!!!

wmarat — Fri, 17 Oct 2008 01:17:02 GMT

Even a person with 850 FICO score, under certain circumstances, will default, which makes any score wothless and useless.