Has Hooters /Merrick changed their underwriting standards?????

[Anonymous]

Cheddar and I were just discussing how Hooters seems to have changed a bit lately...

Just back 1/06/08, I made this post:

Share your Hooters Denial Details

Just 3 months ago, denials at hooters were unheard-of, and most CL's were $1500 or more. Many people were reporting that Hooters matched their highest CL's, or came very close, or were by FAR their highest card.

Flash forward, and I'm hearing about many denials, myself included. I'm also hearing of very low CL's, often $500.

I even heard of a person lately who had a 700+ FICO who only got $500 in CL, but on the website, her mid-500's hubby was denied. Then, they sent her hubby a card anyway. He got $1000 CL, or double her CL at 150 FICO points lower score.

I'm also hearing about delays in card mailings, and denials where the card shows up anyway, and instant CLI's if the first purchase made is at Starbucks....

What the HECK is up??? Have they changed standards? Moved more prime? Had a lot of CO's? The cost of paper increased for the hooters magazine they send out for free? Smoked a lot of crack?? Found God??? Lost all their employees??

Thoughts?

[Anonymous]

I completely agree.  As I mentioned in that other thread, I remember just six months ago or so that Hooters was the card for rebuilders who needed a nice large starting CL.  At that time, it seemed that $500 CLs were unheard of.

BTW, Jenna, I knew there was a reason I waited for you to start this post instead of doing it myself.  Your post is much better than anything I would have come up with.

[haulingthescoreup]

Here's one guess: Hooters was a startup (the card, at any rate) and startups typically blitz the market and grab everyone they can. Once they have enough customers signed up, they can close the gate a bit on the corral and start getting more choosy.

We're at the 6+ month point for the big Hooters rush, and I think that we're starting to see the real rules showing up.

[Anonymous]

Hey boys and girls. I guess I missed most of these threads. I just got my Hooters Card only a few weeks ago and the CL is $1500 and that was my only second card after BK and after Orchard with a $300 CL. I got it 8 days after app. My TU was 683.

[Anonymous]

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

[Anonymous]

Check out this thread from July of last year.

Someone with TU 644 got $8K.  Another poster is surprised at the CL, because that poster got only $3K.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=344

[NICKI183]

Well its been 11 days and I havent even gotten a BOO!  Most people seem to be getting their denials online or quickly in the mail.  When I called last week (twice) I was told that they did have my application and it was in review.

There were some cards that I applied for after 2/29 I already have received the denials - go figure!

To me getting a HOOTERS card would serve me well.  I got $5k out of Kay, so I would glady settle for $1k or better so that I can close my HSBC and Orchard. How far can $300 carry you. 

I called earlier to Merrick and they were closed.  I guess they must have lost my app(LOL).

Cheddar at this point, what are you to make of the differences?  A small percentage is getting them and some not at all. 

[haulingthescoreup]

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@Anonymous wrote:

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

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OK, I'll oblige... You idiot! You should have gotten a pair!

[Anonymous]

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NICKI183 wrote:

Cheddar at this point, what are you to make of the differences?  A small percentage is getting them and some not at all. 

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I have to agree with HTSU above.  The fact that they have gotten past the big run on new accounts when they first came out and were offering really good terms for rebuilders, coupled with the ongoing "credit crunch," they seem to have tightened their standards quite a bit.

Pulling out that old thread I posted above really brought back some memories.  I can't remember the last time I heard of anyone getting $8K on a Hooters card, especially someone with a fair score.

I wouldn't give up hope yet, though, Nicki.  The fact that they haven't denied you yet just makes it more likely that the card will show up in your mailbox one day when you are least expecting it, IMO.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

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OK, I'll oblige... You idiot! You should have gotten a pair!

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Hooters jokes are so 2007.   Just like the card, I'm afraid.

Message Edited by cheddar on 03-10-2008 11:23 PM