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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Primeville?


ccnewcc wrote:

Dustink wrote:

ccnewcc wrote:

Dustink wrote:

To me prime it also has a lot to do with the limit.

 

I see people on here getting approved for a Chase Freedom with a $500 limit, to me that is not prime. Whereas the Chase Freedom with a $5,000 limit would be prime.


I'd consider the Freedom to be a prime card no matter the limit.

 

However, I'd consider the borrower as a subprime borrower if their Freedom CL is only 500$


But then, if they were a subprime borrower. Wouldn't they be getting a subprime card? Thus that $500 limit card is sub-prime.

 

Banks also offer certain promotions to only certain clients. As in, a prime borrowers may get the no interest APR, whereas the a sub-prime borrower would not. Thus making the product they are getting sub-prime.

 


The borrower would be, not the card.

 

 

You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL.  He knows just by looking at your card that is a rebuilder.  You say "oh wow, you got the Chase Freedom Card!"

 

Little do you know that it is actually a 500$ CL too.

 

The borrower is subprime, not the Chase Freedom.


I would say the Chase Freedom Signature is a prime card. Chase freedom...mehhhh

 

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HiLine
Posts: 2,879
Registered: ‎10-19-2012
0

Re: Primeville?


Dustink wrote:

To me a prime borrower has a no baddies, a score over 720 with a long history and stable income. Lenders will make exceptions, but that would generally be the criteria for prime credit.

 

So prime cards will offer great customer service, fair rates, good rewards, and high limits.


Well then we'll be talking about prime borrowers, not prime credit cards any more.

 

Valued Contributor
navigatethis12
Posts: 1,930
Registered: ‎01-24-2012
0

Re: Primeville?


ccnewcc wrote:


The borrower would be, not the card.

 

 

You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL.  He knows just by looking at your card that is a rebuilder.  You say "oh wow, you got the Chase Freedom Card!"

 

Little do you know that it is actually a 500$ CL too.

 

The borrower is subprime, not the Chase Freedom.


Most people probably have no idea what cards offer what. When they see a card, it is just a card. Before I got into all this credit stuff all cards were just cards. I would not have know that someone pulling out Credit One may have bad credit.

 


Dustink wrote:


Their lending requirements seem pretty relaxed to me.

 



Yes, there have been people posting about chargeoffs, or a recent bankruptcy getting the Chase Freedom with a $500 limit.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Primeville?

[ Edited ]

So if you think your card's Prime. 

 

2 things will pretty much prove it.

 

Lots of benefits/rewards   or  Super LOW APR  or   both


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

Re: Primeville?


distantarray wrote:

I think my Navy Federal GoRewards card is Prime, not because of the $17,000 credit limit but because of the 7.24% Prime Plus APR (their term not mine) Usually if you have a rewards card the APR is much higher cause they have to make money back when you carry balances, but this APR with a rewards good for upto 1.7% on any purchase is quite nice.


That sounds like an awesome Card!

 

Prime Plus is an industry term.  Meaning you have a variable rate CC and that rate is calcualted based off the Prime Rate, which is somewhere near 3 or 3.5% the last time i checked.  

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Primeville?


HiLine wrote:

Dustink wrote:

To me a prime borrower has a no baddies, a score over 720 with a long history and stable income. Lenders will make exceptions, but that would generally be the criteria for prime credit.

 

So prime cards will offer great customer service, fair rates, good rewards, and high limits.


Well then we'll be talking about prime borrowers, not prime credit cards any more.

 


It takes a prime borrow to get a prime card. If sub-prime borrow is getting the card, the card is not prime.

 

What's important is what card offers you the best rewards for your credit profile. Not whether the card is prime.

 

Most visa signature cards and world mastercards are prime, but there are exceptions. That is not what matters though. You can get a crappy visa signature just as you can get an excellent card with sub-prime credit like a $500 freedom.

 

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Senior Contributor
jsucool76
Posts: 3,222
Registered: ‎12-11-2011
0

Re: Primeville?


navigatethis12 wrote:

ccnewcc wrote:


The borrower would be, not the card.

 

 

You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL.  He knows just by looking at your card that is a rebuilder.  You say "oh wow, you got the Chase Freedom Card!"

 

Little do you know that it is actually a 500$ CL too.

 

The borrower is subprime, not the Chase Freedom.


Most people probably have no idea what cards offer what. When they see a card, it is just a card. Before I got into all this credit stuff all cards were just cards. I would not have know that someone pulling out Credit One may have bad credit.

 


Dustink wrote:


Their lending requirements seem pretty relaxed to me.

 



Yes, there have been people posting about chargeoffs, or a recent bankruptcy getting the Chase Freedom with a $500 limit.


Moral of the story, when we go strictly by lenders that are VIEWED as prime, we're talking about:

 

Chase, Amex, Citi, Barclays, (Sometimes) BoA, Discover, and US bank has some products. 

 

Valued Contributor
afbar1114
Posts: 2,177
Registered: ‎01-09-2012
0

Re: Primeville?


navigatethis12 wrote:

ccnewcc wrote:


The borrower would be, not the card.

 

 

You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL.  He knows just by looking at your card that is a rebuilder.  You say "oh wow, you got the Chase Freedom Card!"

 

Little do you know that it is actually a 500$ CL too.

 

The borrower is subprime, not the Chase Freedom.


Most people probably have no idea what cards offer what. When they see a card, it is just a card. Before I got into all this credit stuff all cards were just cards. I would not have know that someone pulling out Credit One may have bad credit.

 


Dustink wrote:


Their lending requirements seem pretty relaxed to me.

 



Yes, there have been people posting about chargeoffs, or a recent bankruptcy getting the Chase Freedom with a $500 limit.


right before this cards were cards. i had no idea that banks were more strict and rewards and all. i remember trying for an amex with really bad credit thinking becasue it had an AF i would get it....not knowing that they are a prime card


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
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Valued Contributor
navigatethis12
Posts: 1,930
Registered: ‎01-24-2012
0

Re: Primeville?


Dustink wrote:

To me a prime borrower has a no baddies, a score over 720 with a long history and stable income. Lenders will make exceptions, but that would generally be the criteria for prime credit.

 

So prime cards will offer great customer service, fair rates, good rewards, and high limits.


I think this is what people do not get about Capital One. Their "excellent credit" cards have good customer service, the ability to get nice limits and increases, and really nice rewards. Maybe they should not treat their lower customers worse, but that is just the way it is.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Primeville?


ccnewcc wrote:

distantarray wrote:

I think my Navy Federal GoRewards card is Prime, not because of the $17,000 credit limit but because of the 7.24% Prime Plus APR (their term not mine) Usually if you have a rewards card the APR is much higher cause they have to make money back when you carry balances, but this APR with a rewards good for upto 1.7% on any purchase is quite nice.


That sounds like an awesome Card!

 

Prime Plus is an industry term.  Meaning you have a variable rate CC and that rate is calcualted based off the Prime Rate, which is somewhere near 3 or 3.5% the last time i checked.  


I'm happy with it :smileyhappy:


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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