topic Re: Minimal Score for BBVA is 630 in Credit Card Applications

Minimal Score for BBVA is 630

Anonymous — Fri, 10 Apr 2015 21:45:17 GMT

The following information was shared with me by the BBVA loan officer in person at a local branch. After I was approved for $4800 credit card and $6000 unsecured loan with 684 TU pull with 2 baddies I asked why BBVA seems easier to obtain credit from. He said BBVA "failed" the CRA (Community Reinvestment Act) and had to start granting credit to more people. as a result they lowered the minimal score for certain credit cards and Signature loans to 630. Meeting the score does not guanrantee approval but gets your application considered. Some baddies are accepted and a relationship with them also helps. If you think you are borderline applying at the branch could help which provides a chance to explain your situation.

Re: Minimal Score for BBVA is 630

FinStar — Fri, 10 Apr 2015 21:55:33 GMT

Good data point. But, I think based on recent posted approvals, BBVA may be running out of steam or tightened the criteria somewhat. Some folks have recently started to report double pulls.

Re: Minimal Score for BBVA is 630

Saleen099 — Fri, 10 Apr 2015 21:59:52 GMT

@FinStar wrote:
Good data point. But, I think based on recent posted approvals, BBVA may be running out of steam or tightened the criteria somewhat. Some folks have recently started to report double pulls.

DOUBLE PULLS WHAT?

Re: Minimal Score for BBVA is 630

Anonymous — Fri, 10 Apr 2015 22:02:18 GMT

@Saleen099 wrote:
@FinStar wrote:
Good data point. But, I think based on recent posted approvals, BBVA may be running out of steam or tightened the criteria somewhat. Some folks have recently started to report double pulls.
DOUBLE PULLS WHAT?

Wow.. Double pulls are not good.. BBVA is going to be sorry..

Re: Minimal Score for BBVA is 630

DeeBee78 — Sat, 11 Apr 2015 00:06:49 GMT

I app'd this card today. Denied. Waiting for the reason.

Re: Minimal Score for BBVA is 630

Anonymous — Sat, 11 Apr 2015 00:09:41 GMT

@Anonymous wrote:
The following information was shared with me by the BBVA loan officer in person at a local branch. After I was approved for $4800 credit card and $6000 unsecured loan with 684 TU pull with 2 baddies I asked why BBVA seems easier to obtain credit from. He said BBVA "failed" the CRA (Community Reinvestment Act) and had to start granting credit to more people. as a result they lowered the minimal score for certain credit cards and Signature loans to 630. Meeting the score does not guanrantee approval but gets your application considered. Some baddies are accepted and a relationship with them also helps. If you think you are borderline applying at the branch could help which provides a chance to explain your situation.

Thank you for sharing this info!

Re: Minimal Score for BBVA is 630

CreditMagic7 — Sat, 11 Apr 2015 01:12:17 GMT

This train is on the way out of the station before it boards all it's passengers

Re: Minimal Score for BBVA is 630

CreditCuriosity — Sat, 11 Apr 2015 01:26:41 GMT

Very interesting information.. I need to research this more for curiousity purposes if this is public information. Which it should be. thanks for sharing!

Re: Minimal Score for BBVA is 630

Anonymous — Sat, 11 Apr 2015 01:51:37 GMT

Interesting. Thanks for letting everyone know!

Re: Minimal Score for BBVA is 630

Anonymous — Sat, 11 Apr 2015 02:40:52 GMT

@CC, You gonna app?

Re: Minimal Score for BBVA is 630

Anonymous — Sat, 11 Apr 2015 03:11:42 GMT

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

Re: Minimal Score for BBVA is 630

FinStar — Sat, 11 Apr 2015 03:29:13 GMT

@Anonymous wrote:
Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

It would depend on the rating and the overall footprint assessment. It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence. CCs are a very tiny portion of the assessment though. Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators. Until then, they can't expand or do any M&As.

Re: Minimal Score for BBVA is 630

Anonymous — Sat, 11 Apr 2015 03:38:30 GMT

@FinStar wrote:
@Anonymous wrote:
Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!
It would depend on the rating and the overall footprint assessment. It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence. CCs are a very tiny portion of the assessment though. Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators. Until then, they can't expand or do any M&As.

Wow I never knew all this goes on in the background. I hope I didn't get the loan officer in trouble with his bosses by sharing what he told me (I've always believe companies have their eye on forums such as myFICO). Probably not because the CRA performance evaluation is public information?

Re: Minimal Score for BBVA is 630

FinStar — Sat, 11 Apr 2015 03:45:18 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!
It would depend on the rating and the overall footprint assessment. It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence. CCs are a very tiny portion of the assessment though. Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators. Until then, they can't expand or do any M&As.
Wow I never knew all this goes on in the background. I hope I didn't get the loan officer in trouble with his bosses by sharing what he told me (I've always believe companies have their eye on forums such as myFICO). Probably not because the CRA performance evaluation is public information?

Nah, CRA ratings are public information which includes any recommendations made by the regulators. The FFIEC ensures that all banks are compliant.

Re: Minimal Score for BBVA is 630

CreditCuriosity — Sat, 11 Apr 2015 07:25:24 GMT

@Anonymous wrote:
@Anonymous, You gonna app?

Nah... Just like information... I have more credit at 50k+ then I know what to do with and only 1/3rd approx of my salary.. I am looking for the right cards and the right bonuses or hidden trade lines.. I am looking at you Diners if you weren't gone.... I am going to be very picky going forward on the cards I app for.. This is a good card for CL and APR, but not my cup of tea... Ring will be included most likely and the Ritz this year.. Other then that I have no clue what i want .. Waiting for the Amex 23k CL to report along with the SM 11k+ CL to report the go from there...Anything under 10K will make me sad

Re: Minimal Score for BBVA is 630

CreditCuriosity — Sat, 11 Apr 2015 07:27:48 GMT

@Anonymous wrote:
Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

BofA what a shocker...Anyways us as taxpayers bailed out a ton of banks and alot didn't deserve it.

Re: Minimal Score for BBVA is 630

stagefoursurvivor — Sat, 11 Apr 2015 11:33:20 GMT

630 is a very speculative data point, even if true. We don't know what version is used AND, more importantly, there are many "escape" clauses to completely skew estimates for approval. I.e, INQs, new accounts, DTI, income, egyption ancestry, etc.

When you look at the overall landscape, NO ONE is a slam dunk with Compass or any lender for that matter. Particularly if you have no prior relationship with a given lender.

If a lender needs to increase lending strictly for compliance, why not target current banking customers that previously fell short instead of new customers? I.e, a massive "pre-approval" campaign?

Re: Minimal Score for BBVA is 630

Aahz — Sat, 11 Apr 2015 16:39:47 GMT

@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam

@CreditMagic7 wrote:
This train is on the way out of the station before it boards all it's passengers

Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)

Re: Minimal Score for BBVA is 630

joedtx — Sat, 11 Apr 2015 18:28:13 GMT

@Aahz wrote:
@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam
@CreditMagic7 wrote:
This train is on the way out of the station before it boards all it's passengers
Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)

I would disagree, and state that this is more in line with your profile rather than a standard approval.

Re: Minimal Score for BBVA is 630

Anonymous — Sun, 12 Apr 2015 00:26:11 GMT

@joedtx wrote:
@Aahz wrote:
@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam
@CreditMagic7 wrote:
This train is on the way out of the station before it boards all it's passengers
Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)
I would disagree, and state that this is more in line with your profile rather than a standard approval.

Yeah your profile is strong and supports an instant approval. That $30K SL with 9.24% APR though... Wait I think I was supposed to be gardening with some hoes or something?