Reply
Frequent Contributor
Posts: 305
Registered: ‎11-22-2013
0

Re: knowing credit line before approval?

It does suck we cannot know before hand. From what I've read even prior that do the shopping cart trick do not know what the CL is when sp approved.
NFCU Cash Rewards $14,000 | AMEX TE $12,400 | Sallie Mae $7,500 | WalMart MC $7,500 | Target Red Visa $6,000 | America Discount Tire $700

Last app 3/16/14. TU FICO 790 as of 5/6/15
Super Contributor
Posts: 7,382
Registered: ‎10-03-2008
0

Re: knowing credit line before approval?

Great idea - prior knowledge. Don't want HP for denial or small line increases. Yeah...

Starting Score: 802
Current Score: EX 825 TU 838 EQ 835 FICO 08
Goal Score: 850

Take the myFICO Fitness Challenge

Super Contributor
Posts: 10,885
Registered: ‎04-22-2013
0

Re: knowing credit line before approval?


Fico2Go wrote:
A follow up to my recent posting on why you use credit cards.

How can we find out our CL in approved ...before risking our highly precious HP?

As others have said, usually you can't, but HPs really aren't that precious.  If you don't apply for lots of cards and/or CLIs, they hardly matter, and age off anyway.

 

What you would probably like is something similar to what is meant to happen to mortgage inqs, shopping around for the best credit card rates/terms, and have all inqs count as one.    That would be nice, but the difference is that the expectation is that you only take one mortgage/loan from those offered, whereas clearly people might want to take several of the cards.

Valued Contributor
Posts: 2,387
Registered: ‎04-04-2013
0

Re: knowing credit line before approval?


Fico2Go wrote:
Thats sad. And unfair.

Consumers should know what we are buying before spending our HPs.

The creditors have a major advantage in suppressing everyones scores this way.

There is no need to have an indicator that counts how many times a person successfully obtains more credit. That information is already on the credit report (new credit lines, or increased credit limits appear there already). What the credit companies do need to know, is how many times a person is requesting credit. That is additional data beyond just knowing what was granted.

 

Making a lot of requests for additional credit in a short time frame can be an indicator of risky behaviour. Just one of many possible indicators, of course.

 

It is neither fair nor unfair. It is merely data that is important for the credit companies to know, so that they can use it in their calculations.


Valued Contributor
Posts: 9,045
Registered: ‎10-21-2012
0

Re: knowing credit line before approval?

[ Edited ]

Fico2Go wrote:
Thats sad. And unfair.

Consumers should know what we are buying before spending our HPs.

The creditors have a major advantage in suppressing everyones scores this way.

IMHO, it's not unfair.  Lenders have to assess risk - all determined from a regulatory aspect and shareholder perspective.  If you have demonstrated good credit habits, have the appropriate income to support getting such loan (i.e. loan on plastic) then the lender will approve you for the highest CL possible based on their underwriting criteria.  It may seem unfair IF you set your expectations too high given that your profile isn't in the good or excellent ballpark.  However, from folks' anecdotal experiences, individual's have the option to appeal a decision with the lender to determine if there's some flexibility...some will be successful, others will not.

 

Not sure what you mean with your comment of  "creditors having a major advantage in suppressing everyone's scores" ... do you have proof of this?  A credit score alone is NOT the only factor that a lender considers into a credit decision.  There's much to learn Fico2Go.

Established Contributor
Posts: 960
Registered: ‎12-05-2013
0

Re: knowing credit line before approval?

LTlurker.... I would take a 30 year fixed rate on a credit card and stick with 1 credit card company if they would  agree not to  call the credit card limit or cancel the account at will. 

 

In fact a 30 year fixed credit card rate with one lender would  be ideal.   

 

You might see it differently. 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Established Contributor
Posts: 960
Registered: ‎12-05-2013
0

Re: knowing credit line before approval?

Themanwhocan.. i would support more of a limit of credit cards per customer anyday. 

 

I would also support 1 credit for a fixed term of the credit card too like we have now for home mortgages.  Then let the customer refinance/BT to the lender o fthier choosing.

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Community Leader
Senior Contributor
Posts: 27,465
Registered: ‎02-07-2013
0

Re: knowing credit line before approval?


Fico2Go wrote:

LTlurker.... I would take a 30 year fixed rate on a credit card and stick with 1 credit card company if they would  agree not to  call the credit card limit or cancel the account at will. 

 

In fact a 30 year fixed credit card rate with one lender would  be ideal.   

 

You might see it differently. 


It would never happen Prime rates change daily CCC wouldn't make any money say 3 years from now when the Prime rate could double and just how long would you stay with said company when the rewards structure changed and you aren't offered the new package? 

 

You would do just what we do now Lol App another card and discontiue using the old one

+ Chase ink =




Established Contributor
Posts: 960
Registered: ‎12-05-2013
0

Re: knowing credit line before approval?

Finstar.. I am afraid I dont have access to proof  that could convince u either way.  that was not my intent.  I was merely suggestign there needs to  be a better way of disclosure the loan amount/CL and/or rate to consumers before the application process.  I understand in the current situation and regulatory environment this may not be possible or desired by the industry.. and yet.. can you name another industry whereby the consumer must invest his credit for a chance of getting something?  

 

Each HP is a loss to his credit score and loss to his overall credit evalutation.  And yet at that point there is no clear product as to what the consumer is really buying or applying for.   I mean really..a HP is just an "opportunity" to get  something.  Meanwhile a single HP can make a consumer miss out on an FHA loan where a single point below 640 would mean no FHA loan.  A single HP can increase a consumer's auto insurance bill. 

 

A single HP can mean the consumer must put down money for a mobile phone account. 

 

A single HP can cost so much more than a chance to get a credit card. 

 

Let's not limit losses arising from a single HP to just credit cards. 

 

Perhaps a better way to explain here is that a HP isn't as critical or as crucial to a consumer as the cost of a HP in score.  Sure inquiries can drop off in two year and the affect of a HP can fade in a years time.. but during this time there's a loss of opportunity to the consumer.

 

Just a thought. 

 

 

 

 

 

 

 

 

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Established Contributor
Posts: 960
Registered: ‎12-05-2013
0

Re: knowing credit line before approval?

myjourney.. sounds like a great opportunity for credit card companies to be in the refinancing business on plastic. 

 

Oooops sorry.  They have  that it's called balance transfer. 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.