What's The Point In Asking...

jake619 · ‎01-07-2013

this question?

Chase is going to run credit and see. The average applicant (that excludes you if you're reading this) isn't aware of their credit profile details. Is this a 'you lie = instant decline' test?

Repo-ed · ‎01-07-2013

Chase and Citi ask this too

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891

Rhaeny · ‎01-07-2013

Well it says is your history "clear" of those items. If all of tthose items were gone from my reports then the answer is yes, if I still have baddies and/bk then the answer is no. Now if my report was totally "clear" as they say, and the question was have you EVER filed bk before then I would answer yes.

But yea, why even ask that question for other than the fact that they can deny you instantly without even bothering to waste their time with you!

Anonymous · ‎01-07-2013

@jake619 wrote:
Chase is going to run credit and see. The average applicant (that excludes you if you're reading this) isn't aware of their credit profile details. Is this a 'you lie = instant decline' test?

It costs money to run a credit report. If they can reduce overhead by declining applicants without pulling a report, then this is a net savings for them.

jake619 · ‎01-07-2013

@Anonymous wrote:
It costs money to run a credit report. If they can reduce overhead by declining applicants without pulling a report, then this is a net savings for them.

But that assumes they decline without the HP to validate the applicant's answer. If the application disappeared upon selecting NO then I'd go along with that but it doesn't. There must me more to answering NO.

Anonymous · ‎01-07-2013

@Anonymous wrote:
@jake619 wrote:
Chase is going to run credit and see. The average applicant (that excludes you if you're reading this) isn't aware of their credit profile details. Is this a 'you lie = instant decline' test?
It costs money to run a credit report. If they can reduce overhead by declining applicants without pulling a report, then this is a net savings for them.

And can save honest applicants with bad history an HP as well. So I guess it's one way of setting expectations as to what they are looking for, but they should explain "serious delinquency" more as I would bet people have different interpretations (to some sending it in 1 day late might appear bad, others might think of 2 90 day lates as OK etc)

Edit; just saw Jakes comment that the form doesn't disappear, so ignore the first sentence!

Anonymous · ‎01-07-2013

@jake619 wrote:
@Anonymous wrote:
It costs money to run a credit report. If they can reduce overhead by declining applicants without pulling a report, then this is a net savings for them.
But that assumes they decline without the HP to validate the applicant's answer. If the application disappeared upon selecting NO then I'd go along with that but it doesn't. There must me more to answering NO.

But that assumes the answer to that one question would lead to a decline. It's possible that answering "yes" to that question can lead to a decline once you have answered the rest of the questions.