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
@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
@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.
@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.