12-09-2011 09:17 AM
I've joined this forum while ago and I’m happy I did so. The reason why I joined it was 'cause I wanted to learn more about the credit system and, most importantly, better my credit. I have worked very hard for my credit by always paying on time, applying to CCs only when needed, etc.
Now, most post, comments, on this forum are very good and to the point but some others are just so hard to believe. For instance, I read that somebody got approved for an Amex with a 623 credit score and I don't think that is true. I also read other similar post in which people have applied to the Chase Sapphire card, having bad credit, and were approved as well which is also hard to believe and as a matter of a fact I don't believe.
I think what I am trying to say is that no all we read here is true or honest yet many postings are and thanks to those postings we all, in this community as well as outside of it, can learn thus having a better chance to accomplish or dreams and/or meet our needs.
12-09-2011 10:04 AM - edited 12-09-2011 10:06 AM
During the credit crunch of 2008-2009, yes, there were strict criterias for getting approved for certain cards, and the creditors followed these criterias to the T and unfortunately people still spread information based on approval criterias from back during that period.
But the truth of the matter is, these creditors lost so much business denying everyone credit; now that the economy has somewhat recovered, they are being a lot more lenient and letting people who usually miss their minimum qualifications cut off slip by.
Just look at the cards in my sig below, all approved in 2010-2011after being denied Capital One during 2008-2009 and my scores have always hovered in the high 600's - low 700's.
12-09-2011 10:08 AM
you are probably right but I don't think someone who has a credit score of 621, as i read in one post, can get approve for an american express.
12-09-2011 10:19 AM
I have heard of people getting approved for the Zync card with a probationay hard limit of $200-$500 or with a secured deposit with their bank with sub 600 scores.
12-09-2011 10:27 AM
It's possible.... btw, is the barclays US Airways Premier World MasterCard a good card?
12-09-2011 10:32 AM
I just got it for the signup bonus. Besides that, it just sits in my sock drawer.
12-09-2011 10:35 AM
12-09-2011 11:51 AM
Supposedly. I think people put their (FAKO) scores here, interchangeably, with FICO - it drives me batty.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO