How to answer a credit analyst?

[Crashem]

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@aloush11 wrote:

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@tntexans72 wrote:

Would be great if OP chime in on some of the popular questions a CA would ask when one do a recon. I have never done a recon but apparantly, it's working for alot of ppl.

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I have done a couple recons and some were successful and some were just embarrassing. lol 

They all usually ask the same questions. 

1. Income information (generic script)

2. Public Records

I have a BK from 7/2010 and let them know it was because of Identity theft.

3. Can you explain the balances? 

 I usually do PIF or leave a small balance, but Experian reports the actual amounts paid (which is awesome!). 

4. Inquires (After reading another post I learned Barclays is inquiry sensitive )

I Have no idea how to answer this correctly without shooting my self in the foot

If they like you...

5.  Why did you apply?

I tell them I want to expand my credit profile and after reading the benefits that the account offers I think this card is a great fit for me. 

6. How much are you looking for?

I ask them to match my Chase Freedom ($5500). Sometime they do... They can also approve you for a lower amount and work they say after you establish your self (6 months) we can re review and increase. 

@7. Ive had one CA counter offer the actual offer I applied for. For example I applied for 12 months @ 0%, they counter offered 6 months @ 0%. 

Hope this helps

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I kind of hate the answer to question #2. Not sure how Id theft would cause bk. Sounds like a lie to me. If you had debts from Id theft, there are ways to resolve outside of bk.

[Repo-ed]

When I was asked a similar question, I told the lady that I've read nothing but positive reviews about the card, and I wanted to build a relationship with them too.

[RockinRay]

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@john398 wrote:

I would just be honest and say that your trying to build your credit file or something like that

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+1 - be honest with them. They have heard it all!

[Revelate]

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@skyisthelimit wrote:

I just don't see why having new accounts would hurt getting another new card, maybe if you have close to maxed the cards then maybe...FICO is so strange when it comes to different reasons why your score drops.  If your able to verify your employment and meet all there req's your score shouldn't weigh as much on the app....in my opinon (coming from a person almost back in the 700's..the journey goes on!).

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Any new account is one you haven't had before, and there's a limit to everyone's ability on aggregate CL / aggregate tradelines to manage them responsibly.  It's a fair and valid statistic in general to be used for a risk analysis.

Also, it's not assessed necessarily on your current balance, but what your total credit extension *could* be, and would that kick you over the hump into a situation you'd likely default on.

Random thoughts but both are legitimate things for a lender to assess in my opinion at any rate.

[FrugalRican]

"It would be a great card in my credit portfolio......... for me to poop on."

Honestly, you just say you are working on your credit file or that you saw a great promotion.

Simpler usually is better. Or even how while you were applying for other cards you started learning about Barclays and how great they are.

[aloush11]

I had ID theft since I was 6 years old. I only discovered when I turned 18 and applied for a job at the local credit union and was denied because of it.

I was on my own and didn't know what to do. I spoke to a couple lawyers and tried to get it resolved but they wanted a lot of money. I called the creditors and did as they asked ( proof and copies ) even filed a police report and worked with them to try to resolve it. A year passed and they started garnishing my state tax refund, savings and even my paychecks!

Finally I decided to file bk to stop all the garnishments and start over. I didn't know what else I could do...