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Established Member
arcus1969
Posts: 10
Registered: ‎04-14-2007
0

Credit characterization

I guess Im wondering if theres a good method of knowing how Credit card companies see you. For instance is 650 fico enough to be approved for a AMex or is it 700... I'm really trying to understand what Car companies and CC companies consider acceptable fico scores... any help would be appreciated
Moderator Emeritus
fused
Posts: 16,351
Registered: ‎03-12-2007
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Re: Credit characterization

Hi Acrus1969:
 
I have noticed some cc companies do not uses FICO scores, specifically, FIA (formerly) MBNA. While others do.  I noticed that AMEX, FIA and Discover seem to be the most difficult cards to get.  AMEX and discover really want scores above 700 with a least a one to two year credit credit history that is very sold, absolutely no baddies.  FIA uses their own scoring models.  But it seems they want applicants to grade high in their own models and be on par with say a FICO scores above 700.
 
Chase, Citi, Capital One and Bank of America would be the second tier cc's.  They might consider approving someone with a score of 650.  Expect lower credit limits though.
 
Two others cc's to consider with a score of 650 might be HSBC and Washington Mutual.  Their underwriting does not seem to be as strict as Chase, Citi, Cap One and BOA, and definitely nothing like AMEX and Discover. 
 
No to sure on the car stuff though.
 
I hope this helps you.
Credit Profile -
FICO 08 Scores (08-22-2014): EQ 820, EX 817, TU 815
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Moderator Emeritus
fused
Posts: 16,351
Registered: ‎03-12-2007
0

Re: Credit characterization

I forgot to tell you about a website you might find useful:
 
whogavemecredit.com
Credit Profile -
FICO 08 Scores (08-22-2014): EQ 820, EX 817, TU 815
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Credit characterization

[ Edited ]


fused111 wrote:
I forgot to tell you about a website you might find useful:
 
whogavemecredit.com


 
Fused you seem to know alot about different companies.  I had the weirdest approval a moment ago.  I had to speak with a rep and tey verified all sorts of info including residential info from 20 years ago.  This was Chase.  Is this par for the course for them or is it something to be worried about
 
Its almopst as if they were trying to be sure that I was really me.  Do you think soemone app'd with them in the past using my info but didn't jibe with the CB info on the app?





Message Edited by Brammy on 04-15-2007 07:49 PM
Regular Contributor
okrogius
Posts: 169
Registered: ‎03-16-2007
0

Re: Credit characterization

"
Fused you seem to know alot about different companies.  I had the weirdest approval a moment ago.  I had to speak with a rep and tey verified all sorts of info including residential info from 20 years ago.  This was Chase.  Is this par for the course for them or is it something to be worried about
 
Its almopst as if they were trying to be sure that I was really me.  Do you think soemone app'd with them in the past using my info but didn't jibe with the CB info on the app?"
 
If you got really weird questions, they pulled your LexisNexis report. Sometimes companies use that for verifying who you are, although luckily rarely. HSBC uses it frequently.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Credit characterization

[ Edited ]
What propmts them to use LN.  From all I hear its a fraud alert system.  Does that mean that unual activity on your credit file or what will set off these type of inquiries.  I answered the queston correctly but for the info they were asking, I was in the millitary and17.  Heck I didnt know the county name when I was there yet alone 20 years later:smileyvery-happy:  I heard one that sounded familliar and answered with that one.  Glad they didn't have two I recognized
 
Maybe it was because I was making a 1k purchase at the time of app... it really weirded me out though


Message Edited by Brammy on 04-15-2007 11:09 PM
Regular Contributor
okrogius
Posts: 169
Registered: ‎03-16-2007
0

Re: Credit characterization

No idea about the causes. The bad thing about LN is it has a gigantic error rate and you'd be suprised what sort of (often incorrect information it has on it). So if you're getting questions like whom your sister lived with 5 years ago, that for instance would be a typical thing for it.
Regular Contributor
okrogius
Posts: 169
Registered: ‎03-16-2007
0

Re: Credit characterization

"
Hi Acrus1969:
 
I have noticed some cc companies do not uses FICO scores, specifically, FIA (formerly) MBNA. While others do.  I noticed that AMEX, FIA and Discover seem to be the most difficult cards to get.  AMEX and discover really want scores above 700 with a least a one to two year credit credit history that is very sold, absolutely no baddies.  FIA uses their own scoring models.  But it seems they want applicants to grade high in their own models and be on par with say a FICO scores above 700.
 
Chase, Citi, Capital One and Bank of America would be the second tier cc's.  They might consider approving someone with a score of 650.  Expect lower credit limits though.
 
Two others cc's to consider with a score of 650 might be HSBC and Washington Mutual.  Their underwriting does not seem to be as strict as Chase, Citi, Cap One and BOA, and definitely nothing like AMEX and Discover. 
 
No to sure on the car stuff though.
 
I hope this helps you."
 
 
Amex uses it's own scoring. Your past history with them is extremely factored into it.
 
And you can't in alls eriousness call capital one to be a second tier cc's requiring 650. While they do have (a few) prime cards, majority of their business is in the subprime market. You would have a much easier time getting a card from them than hsbc or wamu (albeit it will be a highly mediocre card at best).
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Credit characterization

You may want to rethink your take on WaMu and HSBC.  Here's WaMu's newwest offerring
 
There is also a new one from HSBC under the old Household that offers @% cash back but on that onw you really ned to read the offer.  Depending on your score it may have an annual fee and the CB may be capped.
 
I love my WaMu card and really want the above offer
Regular Contributor
okrogius
Posts: 169
Registered: ‎03-16-2007
0

Re: Credit characterization

While the offer is nice, it's only that. I don't consider primeness based on their best card, but rather the typical card. Again note cap 1 - they do have good cards, just far from their typical card.

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