Bank Of America

[Anonymous]

Thanks...Ilovepizza I'll keep everyone updated either way. My UTL is only 29%..I know it needs to be 1-9% but didn't know last month. I only have 1 CC @ the time and it is secured.

Message Edited by SGT_F on 06-24-2007 03:54 PM

[smallfry]

I'd like to see how FICO can distinguish between prime and sub-prime loans and CC's. Does an AMEX with a 1K limit qualify as a sub-prime loan? How about a 20K 10% CC with a CU? The task seems next to impossible. They sure as heck can't break it down by lender either. Cap One and many other companies have what might be considered prime and sub-prime offerings in their stables. That dog won't hunt.

[Anonymous]

They should be able to tell just by the min payment and balance- thus getting the APR

However there is more to Prime vs Sub-prime than APR. But this is the biggest factor.

Maybe they will base it on CL ? Under 1K = Subpime?

Maybe there is encoding that is already there that is not displayed on the CR?

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smallfry wrote:
I'd like to see how FICO can distinguish between prime and sub-prime loans and CC's. Does an AMEX with a 1K limit qualify as a sub-prime loan? How about a 20K 10% CC with a CU? The task seems next to impossible. They sure as heck can't break it down by lender either. Cap One and many other companies have what might be considered prime and sub-prime offerings in their stables. That dog won't hunt.

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[fused]

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smallfry wrote:
I'd like to see how FICO can distinguish between prime and sub-prime loans and CC's. Does an AMEX with a 1K limit qualify as a sub-prime loan? How about a 20K 10% CC with a CU? The task seems next to impossible. They sure as heck can't break it down by lender either. Cap One and many other companies have what might be considered prime and sub-prime offerings in their stables. That dog won't hunt.

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I'm sure there will be glitches and kinks.  But I assume their will be a coding system in place to identify prime from subprime.  Here's the problem though, how can we assume the idiots at our creditors offices and likewise at the CRA's won't make mistakes with these codes. Second, how will we know if an incorrect code was attached to the TL and how do we go about disputing it.

I agree with prime lenders now offering subprime cards, just look at Amex.  They use to be credit sticklers and now they are approving apps with scores below 600.  If this coding evolves with CCs (already does with consumer finance loans), then yes I believe it would have to be card specific and not ccc specific.

[Tuscani]

FICO does not distinguish between prime/subprime per se. The way it identifies a 'consumer finance' account for example is through the bureau subscription code  (the lender's ID# at the bureau) That, among other things, indicates what kind of business it is. (This is also how mortgage and auto inquiries are distinguished from other inquiry types.) The identification codes are industrywide and not unique to a particular lender, although a lender typically has multiple subscriber codes for different parts of the business. So, for example, while the score can tell if the lender is considered a consumer finance company, it can't identify a particular product of that lender's as prime/subprime.

[Anonymous]

Hey guys...I called BOA today at apprx 12noon and I got approved for 2k CL. 0 % Apr for 1yr on trans + Bal transfer. No Annual fee. 9.9% after that. I am so happy guys just to know my credit is improving. Like I said...my EQ was 536 just in Feb. This ought to be motivation to those trying to climb the later like I am doing.

[Boswd]

Congrats,  BofA is a very good card.

[fused]

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Tuscani wrote:

FICO does not distinguish between prime/subprime per se. The way it identifies a 'consumer finance' account for example is through the bureau subscription code  (the lender's ID# at the bureau) That, among other things, indicates what kind of business it is. (This is also how mortgage and auto inquiries are distinguished from other inquiry types.) The identification codes are industrywide and not unique to a particular lender, although a lender typically has multiple subscriber codes for different parts of the business. So, for example, while the score can tell if the lender is considered a consumer finance company, it can't identify a particular product of that lender's as prime/subprime.

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This is your thread and it clearly shows FICO's new scoring model will distinguish prime from subprime with CCs.  The question is how?

http://www.patchworktechnologies.com/ficoscoresfinal.swf

[fused]

BUMP!

[Tuscani]

I am investigating.