@Anonymous wrote:Thanks for the links. Makes me wonder if any other creditor is getting that model. Hopefully whatever risk score you received isn't going to prevent any further approvals.
Well I don't think I'll be applying for anything from these characters for a long, long time.
I wonder if this Bankrupcy Watch product is something akin to the Experians Bust-Out fraud algo.....
Extra cost option but trying to reduce risk....
That said having a fistfull of cards can appear to be overextending yourself... Remember Penfed and Pyramiding Debt.... CUs want their cards to be used, not pocketed... Remember Nasa? Remember the Beaver? I think many of us feel entitled to a credit card but remember its more than just a score, its income and other co-factors... Having a lot of unused credit card limits allows for the possibility of bust-out fraud.... Just a friendly reminder that theres more to credit than your score.... Easy to forget but its always there...
@joltdude wrote:I wonder if this Bankrupcy Watch product is something akin to the Experians Bust-Out fraud algo.....
Extra cost option but trying to reduce risk....
That said having a fistfull of cards can appear to be overextending yourself... Remember Penfed and Pyramiding Debt.... CUs want their cards to be used, not pocketed... Remember Nasa? Remember the Beaver? I think many of us feel entitled to a credit card but remember its more than just a score, its income and other co-factors... Having a lot of unused credit card limits allows for the possibility of bust-out fraud.... Just a friendly reminder that theres more to credit than your score.... Easy to forget but its always there...
Yeah, the generic FICO algorithm isn't one that's tailored to determining potential for bankruptcy.
I think at least in SJ's case with a bunch of new accounts over time that it would likely score lower on such an algorithm than someone who's had a stable credit history for 2 years or whatever. I'm kinda curious and if I weren't minding my credit P's and Q's, I'd consider applying in the name of science given they're known to use that algorithm and see where I rated with a somewhat more stable file than SJ's... and measuring that vs. whoever is pretty-like that might apply.
Irish: a lender that I've worked at pulled secondary products from Experian in particular as FICO didn't cut it for our UW, so I assume some non-trivial number of lenders do.
@Revelate wrote:
@joltdude wrote:I wonder if this Bankrupcy Watch product is something akin to the Experians Bust-Out fraud algo.....
Extra cost option but trying to reduce risk....
That said having a fistfull of cards can appear to be overextending yourself... Remember Penfed and Pyramiding Debt.... CUs want their cards to be used, not pocketed... Remember Nasa? Remember the Beaver? I think many of us feel entitled to a credit card but remember its more than just a score, its income and other co-factors... Having a lot of unused credit card limits allows for the possibility of bust-out fraud.... Just a friendly reminder that theres more to credit than your score.... Easy to forget but its always there...
Yeah, the generic FICO algorithm isn't one that's tailored to determining potential for bankruptcy.
I think at least in SJ's case with a bunch of new accounts over time that it would likely score lower on such an algorithm than someone who's had a stable credit history for 2 years or whatever. I'm kinda curious and if I weren't minding my credit P's and Q's, I'd consider applying in the name of science given they're known to use that algorithm and see where I rated with a somewhat more stable file than SJ's... and measuring that vs. whoever is pretty-like that might apply.
Irish: a lender that I've worked at pulled secondary products from Experian in particular as FICO didn't cut it for our UW, so I assume some non-trivial number of lenders do.
The reasons I have all these cards are:
(a) initially I was misled by Credit Karma into believing that one needed to have 15 open accounts to be 'excellent' and then
(b) by the time I realized that was baloney, I had gotten hooked on the fun of building credit limits and such.
So the reasons can be translated to
(a) being dumb and
(b) making a hobby out of accumulating credit (which could be another form of being dumb)
But I can see where an algorithm might interpret my behavior as some sort of financial desparation, rather
than just a lack of intelligence 