topic Re: Chase Freedom Inquiry in Credit Cards

Chase Freedom Inquiry

shane82388 — Thu, 08 Mar 2012 01:46:01 GMT

ok so....i got a chase freedom a few months ago. just noticed the back of the paper the card came on gave me my credit score and reasons they gave me the limit they did. ($500)

It states the score used was

"Scoring System: Application Score" and the "Source: Chase Bank"

Does this mean they didnt pull a ahrd inuqiry on any of the big 3 CRA's?

Re: Chase Freedom Inquiry

Anonymous — Thu, 08 Mar 2012 01:50:56 GMT

They did pull your report, but they use an in-house formula to calculate your score. I'm not sure how this score relates to FICO.

Re: Chase Freedom Inquiry

shane82388 — Thu, 08 Mar 2012 01:49:52 GMT

Another thing to note...it says the scores calculated use a range of 100 to 900....doesnt sound like a normal fico to me? would it still create a hard pull on one of my reports?

Re: Chase Freedom Inquiry

Anonymous — Thu, 08 Mar 2012 01:57:49 GMT

I would be absolutely shocked if they didn't pull at least one of the three. The letter should tell you which one(s) it was somewhere on it - usually it'll have the CRA's address/contact info.

100-900 is definitely not a FICO score, it's some FAKO score. They probably pulled your report and then used their own scoring for it.

Which is odd, I just applied for the Freedom 3 weeks ago and they gave me a proper FICO score from it.

Re: Chase Freedom Inquiry

Anonymous — Thu, 08 Mar 2012 02:00:50 GMT

@Anonymous wrote:
I would be absolutely shocked if they didn't pull at least one of the three. The letter should tell you which one(s) it was somewhere on it - usually it'll have the CRA's address/contact info.

100-900 is definitely not a FICO score, it's some FAKO score. They probably pulled your report and then used their own scoring for it.

Which is odd, I just applied for the Freedom 3 weeks ago and they gave me a proper FICO score from it.

Internal score might be for existing customers. I had another Chase card when I applied for Freedom. They pulled EQ where I am. Kind of like how Amex uses EX score for new customers but an internal risk score for subsequent new applications.

Re: Chase Freedom Inquiry

haulingthescoreup — Thu, 08 Mar 2012 02:03:12 GMT

@shane82388 wrote:
Another thing to note...it says the scores calculated use a range of 100 to 900....doesnt sound like a normal fico to me? would it still create a hard pull on one of my reports?

You're talking about two different things.

First of all, lenders pull a credit report when you apply for new credit. They're required to do this per the terms of their agreements with the credit bureaus, and also, they need to look at your report and figure out if you're someone that they want to do business with.

Secondly, most lenders will also use some sort of risk score, which attempts to boil down what's in your credit history and assign a number that measures your risk of future default. Maybe they use a FICO, maybe they use a Vantage, maybe they use a home-grown score formula. Whichever score version they use, it crunches the info on your credit report --the one that they pulled --and spits out a score.

So yes, they most certainly did pull a credit report. And as for the score, from the score range that they gave you, I think it might be a Chase home-grown score.

So no FICO score was generated, but one of your reports now has a hard inquiry.

Scores =/= (that's supposed to be a "does not equal" sign) reports. Two related but different things.

Re: Chase Freedom Inquiry

shane82388 — Thu, 08 Mar 2012 02:19:26 GMT

Well yeah I mean i know it's a score generated from something but just never heard of them using an internal score so didn't know if it's a new thing or what....just hoping for the off chance no hard pull lol.

I wonder if they usually pull equifax of experian in California? Never got an alert from score watch about an inquiry. But I'm not positive they report inquiries or just score changes...

Re: Chase Freedom Inquiry

trumpet-205 — Thu, 08 Mar 2012 02:21:59 GMT

Chase pulled TU for me in California. Yes Chase use their in-house scoring model, not FICO or Vantage.

Re: Chase Freedom Inquiry

shane82388 — Thu, 08 Mar 2012 02:23:12 GMT

I've had chase checking for a few years so maybe that's why it was differnt? I dono...

Re: Chase Freedom Inquiry

CreditScholar — Thu, 08 Mar 2012 05:44:57 GMT

@trumpet-205 wrote:
Chase pulled TU for me in California. Yes Chase use their in-house scoring model, not FICO or Vantage.

Sounds very similar to what Amex does. Do you think Chase is trying to copy Amex in certain ways, including UR vs. MR?

Re: Chase Freedom Inquiry

LS2982 — Thu, 08 Mar 2012 10:51:48 GMT

@shane82388 wrote:
ok so....i got a chase freedom a few months ago. just noticed the back of the paper the card came on gave me my credit score and reasons they gave me the limit they did. ($500)

It states the score used was

"Scoring System: Application Score" and the "Source: Chase Bank"

Does this mean they didnt pull a ahrd inuqiry on any of the big 3 CRA's?

Congrats!!

They did a HP but it is their "in-house" scoring system they used on your file information.

Re: Chase Freedom Inquiry

shane82388 — Fri, 09 Mar 2012 07:41:45 GMT

So im assuming it was on my Experian report...which is what my AMEX Green must of been on back in August/Sept because i dont see either one on my Credit Karma (Transunion) or the Equifax i pulled today.

Re: Chase Freedom Inquiry

LS2982 — Fri, 09 Mar 2012 10:33:27 GMT

@shane82388 wrote:
So im assuming it was on my Experian report...which is what my AMEX Green must of been on back in August/Sept because i dont see either one on my Credit Karma (Transunion) or the Equifax i pulled today.

Most likely. AMEX primarily pulls EX.