topic Re: PFICO from Chase? Is this a good thing? in Understanding FICO® Scoring

PFICO from Chase? Is this a good thing?

jbishop1001 — Mon, 19 May 2014 20:48:21 GMT

I was just reading this thead: http://ficoforums.myfico.com/t5/Credit-Cards/PFICO-based-on-250-900-scale-not-Classic-FICO-300-850-scale/td-p/201230

I received a denial letter from Chase which gave me my FICO of 576. Upon reading a litle more, my letter stated it is based on a range of 250-900. Red flag.

So if this is correct, the score I received from applying for a credit card/bank card is different than the FICO a mortgage lender would pull?

Re: PFICO from Chase? Is this a good thing?

mongstradamus — Mon, 19 May 2014 20:58:55 GMT

@jbishop1001 wrote:
I was just reading this thead: http://ficoforums.myfico.com/t5/Credit-Cards/PFICO-based-on-250-900-scale-not-Classic-FICO-300-850-scale/td-p/201230

I received a denial letter from Chase which gave me my FICO of 576. Upon reading a litle more, my letter stated it is based on a range of 250-900. Red flag.

So if this is correct, the score I received from applying for a credit card/bank card is different than the FICO a mortgage lender would pull?

I think chase uses an variation of fico score. It's based off fico but they use their propriety scoring system

Re: PFICO from Chase? Is this a good thing?

Anonymous — Mon, 19 May 2014 22:24:21 GMT

A score of 576 is right in the middle of both a 300-850 range and a 250-900 range.

So the scores are roughly equivalent on either scale. But to really be sure, you'd need to have access to the tables that show the risk of future delinquency for a given score.

If you want to get mortgage scores, they are available at PSECU (EX 04) and at DCU (EQ 04) and via the Equifax Score Power FICO product (EQ 04).

Re: PFICO from Chase? Is this a good thing?

jbishop1001 — Mon, 19 May 2014 22:32:52 GMT

My EQ FICO is 579 from Score Power from Equifax.

I just tried to order my Experian score through myfico and since my SSN is tied to a different e-mail address, it failed. Tried to order with my actual account and it can't prove my identity.

Great.

Re: PFICO from Chase? Is this a good thing?

Revelate — Mon, 19 May 2014 23:46:15 GMT

Couple of points:

If it doesn't state FICO with the usual registered trademark, then it's not. I do not believe that FICO has given any lender or third party direct access to the algorithm itself, only the calculated scores: internal scores are utterly and completely seperate from FICO... there is no such thing as a lender "variation" of the FICO algorithm, or there'd be a lawsuit ranging in the 10's of millions of dollars most likely.

If it does have the FICO trademark, then a 250-900 score is almost assuredly a FICO '08 Bankcard Enhanced pull. This score is not used by any mortgage lender.