04-17-2011 03:45 PM - edited 04-17-2011 03:49 PM
One of the things that I like about financeglobe.com is that they give you recommended FICO scores for different cards, and even have a score match feature so that you can search for cards that are within range of your FICOs. But, does anyone have any idea as to how accurate they are? For instance, the recommended FICO score for a Dillard's store card is currently set at 602; that's why I thought that I stood a decent chance of approval. But, to my shock and surprise, I was approved for a Dillard's AMEX instead. The recommendation criteria for applying for this card states:
"Based on the FICO score recommendation, applicants should have a great credit record. A FICO credit score of 698 is recommended for a higher chance of approval, but it is not required. There are a number of other factors that this issuer may also consider when making decisions for approval."
I'm still scratching my head over how I managed to get this, as my credit is still classified as in the "fair" range.
On top of this, I've been watching the FICO recommendation for Citi Platinum Select continue to fall. As a matter of fact, it's come up as one of my recommended cards for over a month now. The Quick Summary on it says: "This card is intended for consumers, or 'personal use' with a good to perfect credit history."
But, its recommendation criteria is:
"Based on the FICO score recommendation, applicants should have a recently clean credit record, with no recent negative marks on their report. However the card issuer may expect limited discrepancies. A FICO credit score of 633 is recommended for a higher chance of approval, but it is not required. There are a number of other factors that this issuer may also consider when making decisions for approval."
That sounds more like fair credit rather than "a good to perfect credit history." Does anyone have any idea why the recommendations are so internally inconsistant? Andy why on earth I would have been approved for a card with a 698 recommended score? Not that I'm complaining about that in the least!!!
(Edited to clarify... Yes, I know that "other factors" may be taken into consideration, etc. And, that those factors are unique to my own case. What I'm asking is why the stated criteria for the Citi PS MC is so out of line with the recommended FICO, and why approvals in general can be so out of line with stated FICOs. Just curious if anyone cares to discuss.)
04-17-2011 04:06 PM
Yes, I like that site and their reviews.
Um, yes... I like them, too. But, any ideas as to the discrepancies with their recommendation criteria?
04-17-2011 05:17 PM
I was approved for a card I would have never got according to the requirements that they suggested. I guess it just depends. But I do love reading the reviews on credit cards.