Chase Pulled Equifax FICO Score for Freedom Approval

[Celle31]

O.K. I was approved for a chase Freedom card and they pulled Equifax. Well on MyFico, my score is 681, but when i looked at the back of one of my chase papers it said my FICO score was 702, (300-850) it even gave me the reasons why my score was so low. (ex. too many personal finance acct, exc..) Even though im glad to be in the 700 club (at least with their MyFico score) why is there such a big difference?

[haulingthescoreup]

When was the last time that you pulled your score here, or got an alert? (for the 681)

[GregB]

Assuming is specifically said "FICO" on the letter:

myFICO EQ FICO is Beacon 5.0, the one used for mortgages and therefore the most valuable of all EQ scores. So your EQ Beacon 5.0 Score is 681.

There is a later version of Beacon, called Beacon 9. There are BankCard Option versions of Beacon 5.0 and Beacon 9. These are designed to indicate your risk more accurately for a BankCard.

So it could have been Beacon 9,  BankCard version of Beacon 5.0, or BankCard version of Beacon 9.

If you were applying for a mortgage, your score would have been 681.

[CS800]

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@GregB wrote:

Assuming is specifically said "FICO" on the letter:

myFICO EQ FICO is Beacon 5.0, the one used for mortgages and therefore the most valuable of all EQ scores. So your EQ Beacon 5.0 Score is 681.

There is a later version of Beacon, called Beacon 9. There are BankCard Option versions of Beacon 5.0 and Beacon 9. These are designed to indicate your risk more accurately for a BankCard.

So it could have been Beacon 9,  BankCard version of Beacon 5.0, or BankCard version of Beacon 9.

If you were applying for a mortgage, your score would have been 681.

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So you're assuming that mortgages are Beacon 5.0 and the Bankcard option  is Beacon 9.0?

There might be mortgages in Beacon 9.0 but i dont know how many.

[GregB]

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@CS800 wrote:

So you're assuming that mortgages are Beacon 5.0 and the Bankcard option  is Beacon 9.0?

There might be mortgages in Beacon 9.0 but i dont know how many.

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Virtually all mortgage apps use Beacon 5.0 for EQ.

There is a BankCard Option for both Beacon 5.0 and Beacon 9. Other industry options are available also.

A Bank qualifying someone for a CC can use whatever scoring system they want since it is their loan. A mortgage app has other entities involved like VA, FHA, insurers, and any company that might buy the mortgage. All of these entities will have to agree on what score qualifies the borrower. This makes things change slowly.

[CS800]

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@GregB wrote:

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@CS800 wrote:

So you're assuming that mortgages are Beacon 5.0 and the Bankcard option  is Beacon 9.0?

There might be mortgages in Beacon 9.0 but i dont know how many.

---

Virtually all mortgage apps use Beacon 5.0 for EQ.

There is a BankCard Option for both Beacon 5.0 and Beacon 9. Other industry options are available also.

A Bank qualifying someone for a CC can use whatever scoring system they want since it is their loan. A mortgage app has other entities involved like VA, FHA, insurers, and any company that might buy the mortgage. All of these entities will have to agree on what score qualifies the borrower. This makes things change slowly.

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Good to know

[Celle31]

Thanks for all the replies, I was getting happy, thinking my score was really over 700.

[Revelate]

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@Celle31 wrote:

Thanks for all the replies, I was getting happy, thinking my score was really over 700.

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For Chase credit cards it is, I'd be happy too

End of the day, the only scores worth a hoot at that instant in time, are what the lenders pull.

Interesting point regarding the collective agreement re: mortgages and their packaging Greg, thanks for making that.

[Jstic]

For my mortgage refi, Chase pulled TU 04 only.