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Regular Contributor
MontegoMack
Posts: 201
Registered: ‎01-21-2012
0

App and approval tracking

Has anyone tracked the rate at which people are apping for credit and the approval rates?

 

It'd be interesting to know the numbers (since 2008) by lender to see how credit worthiness and lender desireability  is changing - or staying the same. Yes, we know generalities like credit limits are lower, but what about consumer interest?

 

Thoughts?

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Valued Contributor
takeshi74
Posts: 3,051
Registered: ‎06-05-2013
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Re: App and approval tracking

[ Edited ]

Approval rates on their own really wouldn't provide much meaningful insight IMO.  Creditworthyness is much more difficult to track.  Scoring is a popular metric for that but creditors don't always look at just scoring.

 

Additionally, relying on forum postings for statistical analysis is always unreliable.  Forum users typically do not represent the general populace very well.

Contributor
hyp0luxa
Posts: 113
Registered: ‎10-24-2013
0

Re: App and approval tracking

I just read an article on this the other day. Doesn't say where the data came from but seems legit :smileywink:

 

http://blogs.creditcards.com/2013/10/cfpb-report-credit-card-approvals-limits.php


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Valued Contributor
FinStar
Posts: 6,633
Registered: ‎10-21-2012
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Re: App and approval tracking


takeshi74 wrote:

Approval rates on their own really wouldn't provide much meaningful insight IMO.  Creditworthyness is much more difficult to track.  Scoring is a popular metric for that but creditors don't always look at just scoring.

 

Additionally, relying on forum postings for statistical analysis is always unreliable.  Forum users typically do not represent the general populace very well.


+1

Regular Contributor
MontegoMack
Posts: 201
Registered: ‎01-21-2012
0

Re: App and approval tracking

I wasn't suggesting that anyone on this site provide information based on (for example) a board poll. As I see it, there are some people on this site who may actually have an interest in the information and I would gladly accept a point in the right direction if the gathered information existed. I'm guessing that I'm not the first to think of it, perhaps not even the first to inquire. This membership is fairly estute, so figured posing the quesion would incite a discussion and/or a suggestion as to where the information may be found.

 

Thanks for the article hyp.

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Valued Contributor
navigatethis12
Posts: 1,952
Registered: ‎01-24-2012
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Re: App and approval tracking

Well the fact that someone my age (23) with a barely three year old history is able to obtain five digit limits without any troubles would suggest that lenders are getting back to how they used to be. It seems anyone who applies for the Chase Sapphire Preferred is getting approved for it fairly easily and a lot seem to be instantly. Someone even said Chase approved a card with a bankruptcy on the reports.

Regular Contributor
MontegoMack
Posts: 201
Registered: ‎01-21-2012
0

Re: App and approval tracking

Thanks Nav.

 

All,

 

Do you believe that the trend (which is really the topic of discussion) is that more creditors are easing up on standards or is it that creditors have more of a portfolio of cards to choose from - more low end and more high end cards?

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Valued Contributor
navigatethis12
Posts: 1,952
Registered: ‎01-24-2012
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Re: App and approval tracking


MontegoMack wrote:

Thanks Nav.

 

All,

 

Do you believe that the trend (which is really the topic of discussion) is that more creditors are easing up on standards or is it that creditors have more of a portfolio of cards to choose from - more low end and more high end cards?


It could be both. Barclays has their rewards card for "good" and "excellent" credit, like how Capital One has their different cards for people with different credit. Chase says the underwriting requirements are the same for all of their cards from Freedom to Sapphire Preferred.

 

I also believe they are loosening their requirements to make more money on lending out to more people. From stories I see that it was difficult to obtain new credit right after the meltdown and many people had limits obliterated for "no reason", even though carrying a balance was likely the cause. Now that we are five years after the supposed crash, they probably feel more comfortable lending to people and people are getting jobs now when they couldn't before.


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