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Can FICO really decipher whether a card is prime or subprime?

Senior Contributor

Re: Can FICO really decipher whether a card is prime or subprime?

"I'm a victim of circumstance!"  (Why do I hear echoes of The Three Stooges in the back of my mind...)

 

On a serious note, the subprime cards are for the subprime customers, be they victims of circumstance or not. And more likely these days subprime cards are issued by subprime issuers - not prime issuers. If you have a card issued by FP there's no path to success - just more of the same. Most posters here are accepting their FP experience for what it is good for and not seeking to prolong the relationship any longer than necessary.

Message 11 of 14
Moderator Emerita

Re: Can FICO really decipher whether a card is prime or subprime?

As to the original question, the only differentiation that the FICO scoring formula makes is whether the card is issued by a bank with a national presence, for lack of a better term, or whether it's issued by a local bank or by a credit union.

I'm hoping that the next round of FICO score formulas will address this CU issue. To say that a First Premie card outranks a USAA or Alliant or Navy card just floors me.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 12 of 14
Senior Contributor

Re: Can FICO really decipher whether a card is prime or subprime?


haulingthescoreup wrote:
As to the original question, the only differentiation that the FICO scoring formula makes is whether the card is issued by a bank with a national presence, for lack of a better term, or whether it's issued by a local bank or by a credit union.

I'm hoping that the next round of FICO score formulas will address this CU issue. To say that a First Premie card outranks a USAA or Alliant or Navy card just floors me.

That very much does not seem right, does it?

 

This has to go back to an earlier day before all the bank consolidation occurred. All the issuers seem very homogeneous now.

Message 13 of 14
Highlighted
Super Contributor

Re: Can FICO really decipher whether a card is prime or subprime?

I think if we put all of our credit experiences together we may can get close to figuring out the FICO formula. 
Message 14 of 14