Score Driven?!?!

[jdp1]

Does anyone know of any banks that look solely at score and not information?  I have fairly decent scores, but my credit profile isn't too great. 

[cw81]

what are you looking to obtain from these banks and with the credit crunch prime banks will want higher scores than what you have in your sig ( This is not a put down its just reality of today). So what you are looking for will determine which banks or CU's you should go to. They do look at other things but i believe that is under manual review. I am not an expert so someone else might have a slightly different take on this.

Message Edited by cw81 on 08-28-2008 05:14 PM

[fused]

---

jdp1 wrote:

Does anyone know of any banks that look solely at score and not information?  I have fairly decent scores, but my credit profile isn't too great. 

---

Scores a just one aspect in underwriting. Income, housing status, current credit lines and their amounts, DTI and your overall credit file are all looked at. If you app online, you can be denied for a number reasons, and scores is usually not one of them (at least the denials are not usually worded this way). Some of the more common denial reasons are:

- Lack of history (or sometimes more specifically lack of CC history)

- Too many new accounts

- Too many new inqs

- CCCs might say becuase you have collections, COs, lates that are too recent

[spiritcraft1]

I am no expert but have some recent experience and success.  I guess it would help in knowing what is on your reports and which might be the "cleanest'.

I waited to apply for anything until I had my reports clean.  Rather than getting subprime, large APR and annual fee cards, I waited until my scores were higher (after building good history with installment credit) to apply for more mainstream cards which worked very well in my case and received some nice CL's with good companies. 

I noticed your ex score is higher than the rest...  is that your "cleanest" report?  My cleanest and first report to jump was EQ and that allowed me an in with a credit union and Cabelas.  If Ex is your best shot, do a search in credit pulls and on the boards to see where you might go with companies that pull that report. 

I wish I would have gotten a secured card with BofA or similar a couple years ago, but my strategy worked in the long-run... luckily.

Do you have any revolving debt now?

[jdp1]

Well I understand the reasons they CAN deny you.  I'm in the auto industry and a few of the banks we use are score driven.  They disregard the actual file and approve based on score, income, and DTI.  I was wonderin if there were any cards that approve based solely on score.  Yes, I do have one open revolving, a $200 secured cc.  I am tryin to get a better mix but can't seem to get approved for anything.  My EX is the cleanest, yes.  

It shows 4 TL's. 

1 installment(auto) PIF no lates. 

1 installment(sig loan) $700 limit PIF was past due 150 over a year ago.

1 revolving CL $1000 says account transferred to another office(Acct. is PIF and am trying to get it to note that).  Was 150 past due over a year ago

1 new revolving.  CL $200.  No lates.  2 months open.  $0 balance

No CO's or CA's.  9 inquiries since 07.