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Regular Contributor
Posts: 123
Registered: ‎07-22-2012
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Definition of the term "Credit Card Underwriting"

[ Edited ]

Can someone post a good definition of the term "Credit Card Underwriting"? I have a general sense of what "underwriting" is but would like a more "official" definition, if you may.

Jun 2012 FICO® ~ 734 EQ
Sep 2012 FICO® ~ 684 EQ; 734 TU
Oct 2012 FICO® ~ TBA

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Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: Definition of the term "Credit Card Underwriting"

underwriting=lending standards....

 

that's the easiest, best way to describe.

 

so like...

credit cards have lending standards which are included in their underwriting

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Established Contributor
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Re: Definition of the term "Credit Card Underwriting"

Some of the standards are in stone and others not

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Frequent Contributor
Posts: 272
Registered: ‎12-28-2011
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Re: Definition of the term "Credit Card Underwriting"

I would expand it a little bit more in general, as there might not only be credit underwriting, but also insurance underwriting. It is more like determining what risks and to what extend a company is ready to undertake to do business. At least I understand it this way...
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Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: Definition of the term "Credit Card Underwriting"

exactly!

 

spec credit cards have spec standards.... such as FICOs, DTI, income, uhhh... existing accounts... util... aaoa... that's why everyone worries so much about those specifc things lol

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