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Ok, so it's Bankcard 8, not Fico 8.
Is there anyway to guage what my Fico 8 score is from the free, bankcard score?...
Otherwise that score is pretty useless when needed for apping for CCs, imo.
Are you getting your FICO from Discover? I thought the free score via Discover was a classic FICO 8, not the FICO 8 Bankcard Enhanced flavor.
Regardless, the Bankcard flavor strikes me as probably fine if the products you are looking to acquire are in fact credit cards (as opposed to a mortgage or an auto loan). The B/E flavor was created speciifcally for credit card companies looking to evaluate potential cardholders. Not every CCC used the B/E flavor, but many do.
The only way to confidently prepare for how a CCC will evaluate your application is if you know the exact FICO model they will use, and you know which CRA they will use, and you have access to all score flavors from all CRAs each month. That requires a lot of inside knowledge and is expensive as well.
CGID is correct.
Fico 8 bankcard is just fine for evaluating credit worthiness for credit cards. Fico 8 classic and Fico 8 bankcard typically track closely over the 500 to 770 score range from a score distribution basis.
Discover card does provide free Fico 8 scores that are updated monthly. The scores are on your hard copy statement (if you get one). Otherwise they are available by accessing your online account. The Citi credit card scores, as mentioned is Fico 8 bankcard.
Pasted below is an old table that may be of some interest. Other factors such as length of credit history and amount of recent new credit may result in a denial even if your score is "within" a target range.
Fascinating table, TT. Where did you find it? I realize that it's just ended as suggestive, but I find it nontheless illuminating. Do you know to what extent CCC's would color their decisions below with the following two additional considerations?
(a) How much revolving total credit limit does the person already have? (Including all his cards from all companies)
(b) How much revolving total credit limit has this particular CCC already granted the applicant? (e.g. if one is applying for a Chase card, what is the total credit limit Chase has already granted him from other Chase cards?)
Also, how old is the table? Would you guess the income ranges are still the same, or would they be increased due to inflation?
I believe the table is around10 years old. I have a more recent example which includes an additional income category. That table is in a different format and takes up considerably more space. Fico score breaks were the same but CLs and income categories are different. Max CL listed was still $50k. Here is the table link. https://blog.creditkarma.com/credit-cards/how-a-credit-card-limit-is-determined/
Consider the table as a dated reference only illustratration. No doubt some 1% ers may have revolving credit card CLs of $100k or higher not counting the no limit charge cards.
A Primary factor is debt to income (DTI) ratio - Not total CL. That's why, if you keep your reported balances low, it is not too hard to pile on the cards and potentially reach a total CL of 3x or 5x yearly income. Best to keep total CL at or below 1x income to reduce exposure and potential indebtedness if bad things happen - IMO.
Below is a cut-paste that indirectly speaks to other decision factors.
Bethy Hardeman writes about personal finance, credit and the economy for CreditKarma.com, a free credit monitoring website that helps more than 20 million people access their credit score for free.
Personal income
Your income also impacts your credit limit. Since your credit limit essentially tells you how much you can charge to your card, it's important for your lender to know you have the income to cover anything you charge.
Since 2009's Credit CARD Act, it was a requirement that applicants report individual income (instead of household income). This change was originally made to keep young adults from racking up credit card debt they couldn't pay off. However, it unintentionally kept stay-at-home spouses and partners from qualifying for credit. The Consumer Financial Protection Bureau lifted the restriction last month, and applicants can once again report household income.
Other things lenders consider
Your credit limit can change
Maybe you've been given a low credit limit to start. Don't fret! Your credit limit isn't set in stone. In fact, most credit card issuers will re-evaluate you as a customer every six months. If you've used your credit card responsibly, your issuer may decide to increase your limit.
On the flip side, if you've made some late payments or missed a bill, your issuer may find that reason enough to decrease your credit limit. A lower credit limit could inflate your credit utilization rate, one of the most important factors of your credit score.
Stay on track
After you get approved for a new credit card, use it wisely. Make at least the minimum payment on time each month (more if you can, to save on interest). And keep your credit utilization to less than 30 percent (but more than 0 percent) for a healthy credit score.
In no time, you should see your good habits pay off credit wise.
@Anonymous wrote:Fascinating table, TT. Where did you find it? I realize that it's just ended as suggestive, but I find it nontheless illuminating. Do you know to what extent CCC's would color their decisions below with the following two additional considerations?
(a) How much revolving total credit limit does the person already have? (Including all his cards from all companies)
(b) How much revolving total credit limit has this particular CCC already granted the applicant? (e.g. if one is applying for a Chase card, what is the total credit limit Chase has already granted him from other Chase cards?)
Also, how old is the table? Would you guess the income ranges are still the same, or would they be increased due to inflation?
Here is a more recent table from an alternate source
How is My Credit Limit Determined?
by Odysseas Papadimitriou, CardHub CEO | Jul 27, 2013
http://www.cardhub.com/edu/credit-limit-basis/
Credit Score | Gross Annual Income | Credit Score | Credit Limit |
640 | 15000 | 640 or Lower | 200 |
680 | 15000 | 641-680 | 300 |
760 | 15000 | 721-760 | 1000 |
800 | 15000 | 761 or Higher | 3000 |
640 | 25000 | 640 or Lower | 200 |
680 | 25000 | 641-680 | 500 |
720 | 25000 | 681-720 | 1000 |
760 | 25000 | 721-760 | 2500 |
800 | 25000 | 761 or Higher | 5000 |
640 | 50000 | 640 or Lower | 200 |
680 | 50000 | 641-680 | 3000 |
720 | 50000 | 681-720 | 5000 |
760 | 50000 | 721-760 | 5000 |
800 | 50000 | 761 or Higher | 10000 |
640 | 75000 | 640 or Lower | 200 |
680 | 75000 | 641-680 | 4000 |
720 | 75000 | 681-720 | 10000 |
760 | 75000 | 721-760 | 10000 |
800 | 75000 | 761 or Higher | 15000 |
640 | 150000 | 640 or Lower | 200 |
680 | 150000 | 641-680 | 5000 |
720 | 150000 | 681-720 | 10000 |
760 | 150000 | 721-760 | 15000 |
800 | 150000 | 761 or Higher | 20000 |
640 | 200000 | 640 or Lower | 200 |
680 | 200000 | 641-680 | 5000 |
720 | 200000 | 681-720 | 15000 |
760 | 200000 | 721-760 | 20000 |
800 | 200000 | 761 or Higher | 50000 |