Excellent credit not needed

[Anonymous]

donalddickerson2005 read earlier today that 18.1% of the population today has scores of 800+. Now like our credit reports that can change daily ... suspect the scores distribution does too. My reading was related to the increases in outstanding credit card debt and concerns by the lenders and the scores distribution was mentioned.

[iced]

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800+ score means nothing as anything above 760 really means nothing.  If you want to part of a rare club pay 995$ af for the gold card from barclay's being the luxury card.  Have fun as you will be one of the few with that card.   Report back how it feels once done.  Thanks

Edit:

In the meantime I will keep my cruddy Platinum, CSR and other cards with the common person on this forum

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I don't consider  any card that imposes an annual fee to be for the common person -- certainly not one with a fee of several hundred dollars.

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Annual fees are huge value propositions in the hands of any person who can extract more value than the AF out of the card, and perhaps some even AFs even exist to help drive their product exclusively toward that demographic. Is someone who spends their money mostly on dining/travel unusual? I don't know many people who spend $200/month on gas - are they uncommon? They're probably very common - it's just that we often think the people we don't usually associate with/see everyday are uncommon, and the fact is they're not. They're just not in your particular social circle.

If the AF for a card seems high, then that's a sign that's not the card for you. I wouldn't pay $25 for a Venture but I'm happily forking over $450 (really $150, but let's say $450) for a CSR. The CSR gives me 100k+ miles a year that I can transfer to an airline and redeem for flights. If I checked in at the United kiosk at the airport and they offered me 100k miles for $450, I'd buy that too. If someone else can only get 10k points out of a $450 AF, then it's still valuable but not nearly as so and perhaps not enough to justify the AF.

[morgacj2004]

If u want exclusitivity get the AX Centurion card or Citigroup Chairman Card or the Chase Palladium.

[Anonymous]

As ive said amex black doesnt require 800 plus all it requires is 250k ran thru it every year. You can have a 680 score and have that card.
Im sorry for angering so many of you.
All i said was it would be nice to see a card that we could shoot for that is only available to 800 plus.
Heck even if it was instead of getting 2% back if you are above 800 you get 2.25%.
Seeing as low APR isnt low enough for many to carry a balance so going from 29.99 to 24.99 does nothing.

[Gollum]

donalddickerson2005, I know what you mean.  For me, the Simmons Bank Visa Platinum was like that.  I knew it was hard to get and required excellent credit.  When I was pretty sure I'd been approved, I immediately called my best friend to announce the news.  I think that's the fastest I've talked and the most excited I'd been for a long time.  After a long time of having bad credit, it was proof to myself that I no longer had bad credit.  I even used to take it out of my wallet just to look at it.

Edit: Heck, I'm going to look at it right now. 

Edit: The way the card looks does sorta remind me of blue aliens from the movie Avatar, if you know what I mean  but I shouldn't complain.

[redpat]

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wrote:
As ive said amex black doesnt require 800 plus all it requires is 250k ran thru it every year. You can have a 680 score and have that card.
Im sorry for angering so many of you.
All i said was it would be nice to see a card that we could shoot for that is only available to 800 plus.
Heck even if it was instead of getting 2% back if you are above 800 you get 2.25%.
Seeing as low APR isnt low enough for many to carry a balance so going from 29.99 to 24.99 does nothing.

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You don't need a 800 score to get over 2% just cash or rewards.  BOA Gold 20k-50k 1.87x & 2.25x, Plat 50k - 100k 2.25x & 3x,  Plat honors 100k+ 2.62x&3.50x.  Amex EDP 1.50x, 3x & 4.50x with just 30 swipes a month. It's all about spend, cash and investments that talk.  People have 800 scores that filed bankruptcy. 

[Anonymous]

what fico score is required for the simmons credit card & why is it so special ? thanks in advance

[Gollum]

mlm75,

I don't know what FICO score is required for a Simmons Bank credit card.  Apparently total available credit is part of the decision whether or not to approve (apparently applicants can be turned down for having too much available credit).  It's not a VISA Signature credit card.  It's a low-interest VISA credit card from a bank, not a credit union (some credit unions apparently issue credit cards with lower interest rates).  Simmons Bank is selective about approving people for it, apparently to keep defaults low so they can keep the interest rate low.  It's the opposite strategy of a sub-prime credit card issuer, which is to keep the interest rate high to make up for defaults.

So it's not necessarily a "special" credit card other than being a bank low-interest credit card that requires excellent credit and is "hard to get."

[Anonymous]

thank you for the reply, mayby something to look into need to raise my scores a little,

[Anonymous]

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wrote:
As ive said amex black doesnt require 800 plus all it requires is 250k ran thru it every year. You can have a 680 score and have that card.
Im sorry for angering so many of you.
All i said was it would be nice to see a card that we could shoot for that is only available to 800 plus.
Heck even if it was instead of getting 2% back if you are above 800 you get 2.25%.
Seeing as low APR isnt low enough for many to carry a balance so going from 29.99 to 24.99 does nothing.

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There just isn't a logical connection in this way between creditworthiness and rewards. With rewards, the issuer shares some of the merchant fees with the cardholder. The costs of operating the network are not lower because the cardholder is more creditworthy. The merchant fee is not higher.

What they could do for people with high credit scores is offer a card with a very low APR. But the whole reason issuers compete for this demographic with rewards rather than APR is that people with high credit scores rarely carry major balances on CCs.