Chase Pre Approval

[scottwagnon]

i want to clear anything up be for i tell you about my pre approvals (O6, you should read this).

previously, i had a poor opinion about chase, (still dont have the best opinion of them), based on what i had read about them. but earlier this year i did a little research, and found out that chase is one of the few banks now that only pull vantage scores. i am an advocate of vantage scoring, and upon learning this my opinion about chase has gotten alot brighter.

having access to all of your vantage scores in relation to banks like chase is REALLY important. because not ONLY will you know first hand exactly what score they are going to pull based on what bureau they choose to use, you also have access to all three scores. Vantage make it easier to understand the strength behind the numbers. for example, if have all of your scores above 801, you know that you are a shoe in for chase. if i remember correctly, provided you don't have too many inquires or recent baddies, any number above 801 will pretty much guarantee approval for all of their regular visas and mastercards. 801 to 900 btw is considered prime plus. 701 to 800 is considered prime.

[scottwagnon]

today i received my first pre approvals ever for both chase freedom and slate.

i am excited because i received information confirming that i have been pre approved for their very best chase freedom card.

for the freedom:

200 dollars cash bonus on very first purchase.

12 months 0% purchase and balance transfer apr, 14.99% purchase and bt apr thereafter.

the rest is typical.

for slate:

15 months 0% purchase and balance transfer apr, 11.99% purchase and bt apr thereafter.

rest is typical.

[haulingthescoreup]

w00t, w00t!

Grab that Freedom. I dunno about the Slate; I haven't seen anything that looks interesting about it, at least, not if you can qualify for a Freedom.

[scottwagnon]

i have chosen not to apply to this offer right now based on these reasons due to recent changes to my credit report:

1.  have a new inquiry from capone

2.  thanks to credit card fraud on my hsbc account and the method hsbc uses to post to my report, i am now reporting an additional account.

3.  i am currently working on acquiring a card from capone, more details later.

[minimock]

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@scottwagnon wrote:

i want to clear anything up be for i tell you about my pre approvals (O6, you should hear this).

previously, i had a poor opinion about chase, (still dont have the best opinion of them), based on what i had read about them. but earlier this year i did a little research, and found out that chase is one of the few banks now that only pull vantage scores. i am an advocate of vantage scoring, and upon learning this my opinion about chase has gotten alot brighter.

having access to all of your vantage scores in relation to banks like chase is REALLY important. because not ONLY will you know first hand exactly what score they are going to pull based on what bureau they choose to use, you also have access to all three scores. Vantage make it easier to understand the strength behind the numbers. for example, if have all of your scores above 801, you know that you are a shoe in for chase. if i remember correctly, provided you don't have too many inquires or recent baddies, any number above 801 will pretty much guarantee approval for all of their regular visas and mastercards. 801 to 900 btw is considered prime plus. 701 to 800 is considered prime.

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WOW, I was wondering if anyone used Vantage FAKO. I didnt make any sense why they would put that much capital into something no one uses.

[scottwagnon]

actually vantage score is the only other scoring system that is independent of a single credit bureau, so while it is NOT a fico score, it is NOT a fako score.

[minimock]

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@scottwagnon wrote:

actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

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My bad, you always see Vantage and FAKO in the same breath, just assumed they were the same.

[Walt_K]

 

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@scottwagnon wrote:

actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

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Some of this may be a little semantic, but I don't know what you mean by Vantage not being a FAKO.  I've always heard of Vantage being a FAKO.  If you are using FAKO to mean that it is not used by any lender, then I understand what you are saying.  I thought FAKO was synonymous with non-FICO.  The main point is that if Chase is using Vantage scores, it demonstrates that Vantage is not worthless, which is often said of FAKO scores.

Also not sure what you  mean by Vantage being independent of the credit bureaus.  Vantage was developed jointly by the three CRAs to try to compete with Fair Isaac.

[MarineVietVet]

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@scottwagnon wrote:

actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

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I still consider it a FAKO because It's not used by many lenders as far as I can tell. In 2 years here online I've only seen 2 posts where VS was used in making a credit decision. Kohl's is one lender and one poster said a local lender used VS. Do you know of any more?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Walt_K]

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@MarineVietVet wrote:

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@scottwagnon wrote:

actually vantage score is the only other scoring system that is independent of the credit bureaus, so while it is NOT a fico score, it is NOT a fako score.

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I still consider it a FAKO because It's not used by many lenders as far as I can tell. In 2 years here online I've only seen 2 posts where VS was used in making a credit decision. Kohl's is one lender and one poster said a local lender used VS. Do you know of any more?

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OP's OP claims that Chase only pulls Vantage scores.