topic Re: BofA & Chase to offer free FICO credit scores! in Credit in the News

BofA & Chase to offer free FICO credit scores!

CreditMagic7 — Wed, 14 Jan 2015 11:30:03 GMT

Read all about it

http://money.cnn.com/2015/01/13/pf/free-fico-score/index.html

http://www.washingtonpost.com/business/get-there/hooray-for-free-credit-scores/2015/01/13/647ab8ae-9b65-11e4-bcfb-059ec7a93ddc_story.html

This week President Obama, in a speech at the Federal Trade Commission about privacy and how to better protect consumers from identity theft, specifically gave a shout-out to several lenders — JPMorgan Chase, Bank of America, USAA, the State Employees’ Credit Union, Ally Financial — for deciding to also offer free credit scores to their customers.

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Wed, 14 Jan 2015 13:06:49 GMT

WTH? Chase is offering FICO scores to Slate customers only? Not cool

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Wed, 14 Jan 2015 13:14:45 GMT

Good info! Why Chase is offering scores only to Slate Cardholders is a question.

Re: BofA & Chase to offer free FICO credit scores!

uswala — Wed, 14 Jan 2015 16:09:20 GMT

My dislike for Chase seems to be growing now.

Re: BofA & Chase to offer free FICO credit scores!

mongstradamus — Wed, 14 Jan 2015 17:18:21 GMT

i was thinking maybe slate is their least popular card , so they would only have to give it to the least amount of the people possible haha.

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Wed, 14 Jan 2015 18:45:07 GMT

I'm sure the slate customers only won't last too long

Re: BofA & Chase to offer free FICO credit scores!

Revelate — Wed, 14 Jan 2015 19:16:11 GMT

The CNN article was a little sloppy, in that DCU has been offering a FICO score for years in a partnership with Equifax directly, not since 2013 as mentioned in the article as a result of the FICO Open Access program.

In any event, more providers more better; the Chase disgruntlement is misplaced in my estimation at least on this one: it's not like anything is being taken away from Freedom and other Chase card holders. Likewise I don't expect that'll hold longer term, probably as soon as Amex actually rolls out the score to every one of their card holders (on the assumption they do fully release it), I expect Chase will immediately follow suit as those two tend to go back and forth.

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Wed, 14 Jan 2015 20:42:57 GMT

@mongstradamus wrote:
i was thinking maybe slate is their least popular card , so they would only have to give it to the least amount of the people possible haha.

Perhaps. Or maybe its an incentive for people to keep Slate a little longer since it only has one specific purpose and probably doesnt stay open very long. Not exactly disgruntled about it but choosing customers who only have a certain card is not the same as announcing a slow roll out to all customers. Then again if it ends up being another TU FICO it wouldnt matter either way. Haven't seen any confirmation about which bureau they intend to use. Hopefully they offer it to everyone by the end of the year but if not thats life

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Thu, 15 Jan 2015 01:07:46 GMT

@uswala wrote:
My dislike for Chase seems to be growing now.

You said it my man and I have a job offer from them too LOL.

Re: BofA & Chase to offer free FICO credit scores!

Anonymous — Thu, 15 Jan 2015 19:59:10 GMT

@Anonymous wrote:
@mongstradamus wrote:
i was thinking maybe slate is their least popular card , so they would only have to give it to the least amount of the people possible haha.
Perhaps. Or maybe its an incentive for people to keep Slate a little longer since it only has one specific purpose and probably doesnt stay open very long. Not exactly disgruntled about it but choosing customers who only have a certain card is not the same as announcing a slow roll out to all customers. Then again if it ends up being another TU FICO it wouldnt matter either way. Haven't seen any confirmation about which bureau they intend to use. Hopefully they offer it to everyone by the end of the year but if not thats life

This. I'm kicking myself right now because I just cancelled my Slate. I had it for just over 3 months. I transferred the credit limit to my newer Freedom and AARP cards and saw no use for it.

I don't see how this does anything except get people like us to sign up for a balance transfer, pay it off, and then move all but $500 of the credit line to another Chase card. Then people would just keep it open for the free FICO, especially if it's Experian. It won't be any more profitable than it is now.

What they should do to retain cardholders is keep give balance transfer offers more regularly. I know they send out those checks, but if they kept a lower interest balance transfer option open all the time I'm sure people would use it. Discover sometimes offers no fee balance transfers with a 6.99% APR. Those offers really helped me get out of debt quicker and Discover made a little bit of money off it.