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Definition of the term "Credit Card Underwriting"

Regular Contributor

Definition of the term "Credit Card Underwriting"

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

Goal for 2014 ~760+

Trying to stay in the garden...but also trying to get as many apps as possible for now Smiley Wink
Message 1 of 5
4 REPLIES
Senior Contributor

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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Message 2 of 5
Established Contributor

Re: Definition of the term "Credit Card Underwriting"

Some of the standards are in stone and others not

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Message 3 of 5
Frequent Contributor

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...
In my wallet now: Amex PRG NPSL, Amex BCE $15k $17k (thanks to recent CLI), Chase Freedom 11k, CSP $6k, Chase United ME $5k, Citi Dividend $5.6k, Discover It $4.5k and a handful of other cards...
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Obsolete data &colonSmiley Wink Current TU - probably around ~750. I am now applying only for cards I can have fat sign-up bonuses on, repay them right away and close before next year. That's why BKLSBNKDELAWARE probably blacklisted me long ago, LOL...
Message 4 of 5
Senior Contributor

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

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 5