I find whogavemecredit.com extremely unreliable, and financeglobe.com great for anecdotal evidence. From your experience, what are the minimum FICO scores required for the following prime lenders?
Any other prime cards?
**edited to say "prime" instead of "subprime." i've been with capone too long
Given the current economic conditions, its hard to pinpoint where each CCC draws the line with scores. BTW, you meant to say prime lender, right?
In the not too distant past, this what I would have said. Scores alone.
Chase 680 (might pull any one of CRAs)
Citi 680+ ( usually EQ or TU)
Discover 700+ (usually EX or TU)
BofA 580 for secured card, 680 for unsecured (can be any of the three CRAs)
AmEx a few years ago, it had to be well into the 700s, now around 675+ (almost always EX)
FIA same as BoA scores for unsecured cards (mostly EX)
I don't think there is a one size fit all in terms of FICO scores for any of these lenders. I think it depends on a lot of factors such as DTI, credit history, inquiries, and any negatives on the individual's report. Thus, it is a case by case analysis based on your individualized report. With that being said, I can speak for a few of these lenders based on my experience. I have had a few of these lenders since college.
Chase - 660+
Citi - 640+
AmEx - 640+
I qualify these scores based on my experience. I was in college with limited credit history and no negatives on my report. Lenders tend to be more lenient for college students. I hope this helps.
It is not just a score. I have a 670 TU and a 665 EQ (EX was 630 in January but has since gone up I am sure) and I was denied by Citi and AMEX last month. Reason: Length of Credit History. In fact on my recon to Citi the CSR even said I have one of the cleanest reports she has seen in a while. Citi told me to keep up the good work and reapply in six months.
AMEX keeps sending pre-approvals and softing me every other week (for Account Reviews no less). FUAMEX!
I have an EQ score of 673 and TU of 690ish and I can't get a decent credit card from BofA or Citi.
These are the reasons Citi gave.
o Your credit report shows too few credit references.
o Your credit report shows one or more recent requests
I have 4 credit cards and I've applied for credit twice before Citi in the past few months.
Once I get the letter in the mail explaning why I got declined from Cap1 I'll call a backdoor number since it's probably as screwed up as Citi's reason. But yeah, it's ridiculous how hard it is to credit nowadays.
Edit: And Pappy how long was your credit history and average account length. ?
I have 8 months of history. All three of my accounts age to one year in June (and the FICO score simulator estimates I will be over 700 when that happens).
I guess Citi wants over a year of history on the reports before they extend a CC. (Of course I know people who got Citi cards without having a year of history.) So as always and everyone needs to remember this YMMV!
More than jist scores go into the factor. You could have 700+ and not get a CC Several people on these forums are proof of that. You could also have a 580 and get a decent CC. The only way you will know for sure is to apply.