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Equifax Credit Scoring
Posted on 3/12/18 at 7:05 pm
Posted on 3/12/18 at 7:05 pm
So I recently applied for a Chase Freedom credit card and was denied. When I got the denial letter in it said they pulled my report and score from Equifax and that my score was a 659.
About ten days later I had got an offer from my bank to refinance my vehicle through them. When they pulled my report and score from Equifax it came back as a 703.
My question is what is causing a difference in 43 points when they are both essentially pulling the information from the same source? And also should I try contacting Chase and see if they can reevaluate my application?
TIA
About ten days later I had got an offer from my bank to refinance my vehicle through them. When they pulled my report and score from Equifax it came back as a 703.
My question is what is causing a difference in 43 points when they are both essentially pulling the information from the same source? And also should I try contacting Chase and see if they can reevaluate my application?
TIA
3
Posted on 3/12/18 at 7:27 pm to HarveyBanger
If you have credit cards your utiliziation rate can wildly swing your score. If you have a card with a 5k limit and you have a 4k balance (even if you pay it in full every month) your score will be down by a lot. If you pay it to a 0 balance and pull your credit the next month it could easily be 30-50 point swing.
Posted on 3/12/18 at 8:19 pm to HarveyBanger
Credit card scores use a different schema than auto lending scores. Same credit report... different analysis. And maybe even different score ranges.
Posted on 3/13/18 at 9:20 am to LSUFanHouston
quote:
Credit card scores use a different schema than auto lending scores. Same credit report... different analysis. And maybe even different score ranges.
This. It makes little sense to me at all. Same is true for insurance quotes. They use a CLUE report to decide whether to offer you coverage and at what rate and that report pulls a credit score as part of its calculation....and it is typically different from other scores you'll see as well.
What the other poster said about credit utilization and when you pull your score is correct, too. Your utilization ratio is one of your heavier weighted score factors.
And yes, call Chase and ask for someone in their recon department.
Posted on 3/13/18 at 2:04 pm to HarveyBanger
Your bank could be pulling an auto enhanced version of Equifax. This is what is likely driving the score.
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