Chase offers some of the most popular credit cards on the market and because the issuer’s card benefits are generally top-notch, qualifying for its best cards typically requires good to excellent credit. If you’re looking to get one of Chase’s cards, double-check your credit score and review your credit history before applying. It’s also a smart idea to compare Chase’s offerings against other banks. Chase, in most cases, won’t approve you if you’ve opened too many new cards within a 24-month period, so it may be worth taking a look at similar cards from other lenders.
Your credit score is one of the most important factors that determines your financial health and access to credit With credit scores playing such a vital role, it’s crucial to understand what scoring models different lenders use when evaluating your creditworthiness This is especially true when applying for credit cards, as issuers rely heavily on your score in the approval process. So does Chase use FICO 8 when you apply for one of their popular cards? Let’s take a closer look.
An Overview of Credit Scoring Models
The two primary credit scoring models used in the United States are FICO and VantageScore. FICO scores were developed by the Fair Isaac Corporation and have long been the most widely used model by lenders. VantageScore is a newer model, created through a joint effort by the three major credit bureaus – Equifax, Experian, and TransUnion.
Within these two main categories there are multiple versions of each model. For FICO scores, the most current is FICO 10 which ranges from 300-850. Other common FICO versions are 8 9, and 5. VantageScore also uses the 300-850 range with VantageScore 4.0 being the latest release.
While both evaluate your creditworthiness using information in your credit reports, FICO and VantageScore have some key differences in their scoring methodologies. However, both models generally consider the same broad categories like payment history, credit utilization, credit age and mix, and new credit inquiries
FICO 8 is the Most Widely Used Model
According to FICO, 90% of top US lenders use the FICO scores, with FICO 8 being the most commonly used in credit card lending decisions today. FICO 8 was introduced in 2009 and remains the standard FICO model used for credit card underwriting.
So when you apply for a new credit card, the lender will most likely base their decision on your FICO 8 score from one of the three credit bureaus. This means FICO 8 plays a pivotal role in determining your approval odds and credit limit for a new card.
Does Chase Use FICO 8 for Credit Card Applications?
Chase is one of the largest credit card issuers in the US. While not confirmed directly by Chase, numerous industry experts cite FICO 8 as the primary model used for their credit card approvals. This aligns with general industry practice of relying on FICO 8 for credit card lending decisions.
Some key indicators that Chase leverages FICO 8:
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Chase credit card approval guidelines commonly reference a minimum FICO score of 670, which points to FICO models.
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Customer service representatives reference FICO when discussing credit decisions with applicants.
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Credit card eligibility pre-qualification tools rely on FICO 8 scores.
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Third-party sites unanimously cite Chase as using FICO 8 primarily.
So while not directly acknowledged by Chase, we can reasonably conclude that FICO 8 plays the dominant role in their credit card approval process.
Does Chase Consider Other Credit Scoring Models?
While FICO 8 is the primary model, some indications suggest Chase may also consider or weigh other credit score versions in certain situations.
For example, applicants with limited credit history are commonly evaluated using older FICO versions like FICO 5, 4 or even 2. This aligns with general lending practices for thin credit files.
There are also references indicating Chase may use or consider VantageScore 3.0 in some cases, especially for applicants near the approval cutoff threshold.
Additionally, Chase maintains its own internal credit scoring models that take into account historical data from existing Chase customers. So your Chase profitability score factors into the approval decision as well.
Tips to Improve Your Chances for Approval
While Chase likely emphasizes FICO 8, having strong credit scores across multiple models can improve your approval odds. Here are some tips to strengthen your overall credit profile when applying:
- Maintain on-time payments and low balances on all accounts
- Limit credit inquiries by only applying for new credit sparingly
- Build diverse credit by having a mix of installment loans and credit cards
- Avoid closing old accounts as credit history length is important
- Review all three credit reports and dispute any errors
- Sign up for free services to monitor your latest FICO and VantageScores
Boosting your FICO 8 score is especially important, but also keep an eye on other scores like VantageScore 3.0 when applying for credit cards. Monitoring your credit reports and scores allows you to pinpoint areas to improve before submitting your application.
Chase Credit Journey Provides a Free VantageScore
While not used for approvals, Chase does offer customers a free VantageScore 3.0 through its Credit Journey tool. By creating a login, you can check your latest score, view your full Experian credit report, and get customized tips to build your credit. Your Chase VantageScore won’t match your real FICO 8 score used for lending decisions, but can serve as a useful educational resource.
The Bottom Line
When applying for a Chase credit card, the preponderance of evidence strongly suggests your FICO 8 credit score plays the primary role in the approval decision. However, Chase may also consider other scoring models in certain situations, especially for applicants near the approval/denial cutoff point. Checking your credit reports and scores regularly can help you pinpoint areas for improvement before submitting an application. Focusing on strengthening your FICO 8 score while also monitoring your VantageScore will maximize your potential for credit card approval.
How To Check Your Credit Score
A credit score provides lenders a general overview of a person’s credit history and how risky it may be to extend you a line of credit. We generally recommend that you pay regular attention to your credit scores and aim for a good or better credit score.
Checking your credit score can be accomplished in several ways—most of which are free. Credit reporting and monitoring websites, agencies and even card lenders all offer ways to track your credit.
Though your credit score is not on your credit reports, free reporting and monitoring websites provide credit scores and monitoring for most anyone who signs up.
Credit reporting agencies also typically allow consumers to sign up to receive scores. Usually, no fees are charged for this, but some offer additional services for a price.
Most credit card companies offer credit monitoring and regularly updated credit scores as well. Some institutions may even provide a short history of your score and factors affecting it, such as the recent number of late payments or hard pulls on your credit history.
If you’re concerned about your credit score or want to improve it, a credit counselor can also help cardholders monitor credit scores and provide financial advice like setting up a budget or lowering credit card debt.
What Is a Good Credit Score for Chase?
Generally, the better your credit score, the more likely you are to be approved for some of Chase’s best cards. However, there isn’t a magic credit score number that can guarantee approval.
VantageScore:
- Good: 661 to 780
FICO Score:
- Very Good: 740 to 799
- Good: 670 to 739
Anyone applying to a sought-after Chase card like Chase Freedom Unlimited will likely have a better chance of approval with a score of at least 670, but higher is always better.
Just as a score of 670 or above doesn’t guarantee approval, having a score lower than 670 doesn’t guarantee a rejection.
Which FICO Score Does Chase Use? – CreditGuide360.com
FAQ
Does Chase use FICO 8 or Vantage?
Chase Credit Journey uses VantageScore 3.0, which is a credit scoring model developed by the three major credit bureaus: Experian, Equifax® and TransUnion®. VantageScore 3.0 provides a snapshot of a consumer’s credit health and behavior.
Do any lenders use FICO 8?
There are several credit scoring models out there, but FICO Score 8 is commonly used by lenders to determine your eligibility for credit and better understand your creditworthiness.
Do banks use FICO 8 or 9?
According to the Fair Isaac Corporation, FICO Score 8 is still the most widely used version of the FICO score, and FICO Score 9 is also still widely used by lenders, even though both models have been available for over a decade.
What FICO score do you need for Chase Preferred?
We recommend having a FICO score of at least 690 before applying for this card.
What credit scores does Chase offer?
Here’s a list of Chase’s personal cards and suggested credit scores for approval: Credit scores are divided into ranges including Good, Poor, Fair and Excellent. There are two primary credit score calculation models, called VantageScore and FICO Score, and each has its own set of ranges.
What is a good FICO score for Chase Freedom Unlimited?
VantageScore: FICO Score: Anyone applying to a sought-after Chase card like Chase Freedom Unlimited will likely have a better chance of approval with a score of at least 670, but higher is always better. Just as a score of 670 or above doesn’t guarantee approval, having a score lower than 670 doesn’t guarantee a rejection.
What is FICO ® Score 8?
FICO ® Score 8 is the most widely used version of the FICO scoring model. However, for mortgages or auto loans, earlier and more conservative versions of the algorithm are often used.
Why do lenders consider my FICO ® score?
Lenders consider your FICO ® score to help make accurate, reliable decisions regarding credit risk. FICO ® scores range between 300 and 850 and are calculated using only information in a consumer’s credit report maintained by the credit bureaus.
Do you have a FICO score?
If you’ve ever applied for a credit card, mortgage, or car loan, you probably know that you have a FICO score. You likely have quite a few. That’s because lenders use different versions of FICO scores depending on the type of credit you need and other issues. Here’s a quick guide to the various FICO scores and which lenders use which ones.
How many versions of FICO ® credit scoring are there?
FICO ® has more than a dozen credit scoring versions broken up into base scores and industry-specific scores. Base scores show your likeliness to repay things like your credit card bill or loans. Industry-specific scores represent the likeliness to repay things like auto loans or mortgages.