topic Does having a prestige and prime card help your credit profile look better to underwriters? in Credit Cards

Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 09:25:18 GMT

okay a few buddies of mine all had a talk at the dinner table about this. The topic was basically does having a prime card from Amex, Chase, etc make your credit profile look better if an underwriter or someone were to give you a loan and looked through your credit profile in detail.

The debate ended up going back and forth with one person saying if there was only 1 loan to give out and two people competed. A person with Amex and chase on their profile would get the loan over someone with only capital one in their profile lol.

I found the the discussion funny, told my friends I'm going to post on my fourm when I got back home to see what all of you guys think about this lol.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Dcyphrz — Fri, 04 Mar 2016 09:36:25 GMT

I'm no banker, but I'd imagine that there is so much other criteria to consider during the loan process that the specific credit cards an applicant carries wouldn't have much affect on their qualifying. Just a guess.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

jsucool76 — Fri, 04 Mar 2016 10:31:58 GMT

Having an Amex card can make a difference when applying for another Amex card since you have history with the lender. Same applies to chase, and basically all lenders. Otherwise, I'd find it hard to believe that an underwriter who sees hundreds of reports a day goes "oh, they have an Amex, they must have good credit, approved!"

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Chris679 — Fri, 04 Mar 2016 10:39:43 GMT

Only time I could see this being a factor is if you have a low credit score/limited history/baddies. In that case I think someone with accounts in good standing from Amex/Chase is going to better than someone with a couple store cards and Fingerhut. Once you have a thicker/well established file I don't think it's much of a factor.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Loquat — Fri, 04 Mar 2016 12:16:53 GMT

Amex cards really aren't all that hard to get anymore are they? Don't know why it would be given any more "weight" than any other card? I would think that the overall credit profile would be the determining factor.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

bz386 — Fri, 04 Mar 2016 12:23:46 GMT

How would a bank know that you have a "premium" card? All they ser on your credit report is how many accounts you have with each lender, not what specific cards you have.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Dcyphrz — Fri, 04 Mar 2016 12:33:16 GMT

Interesting point.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 12:41:32 GMT

I work in real estate lending at a large bank and talk to underwriters every day. Granted, I have never asked them about this but I'm nearly 100% sure that approving someone with an AMEX / Chase card over someone with a Credit One, and that being the only deciding factor, would be a violation of Fair Lending laws. Banks are so careful about this now, at least in theory. We have had to attend class after class about it and many policies have been tweaked or added over the years to ensure we are adhering to Fair Lending practices. Just my opinion but I don't think it would make any difference. A lender would get killed in an audit for it.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 12:43:39 GMT

Also, we see an applicants full credit report on every application. We see everything.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

jacetx — Fri, 04 Mar 2016 13:10:22 GMT

@Anonymous wrote:
okay a few buddies of mine all had a talk at the dinner table about this. The topic was basically does having a prime card from Amex, Chase, etc make your credit profile look better if an underwriter or someone were to give you a loan and looked through your credit profile in detail.

The debate ended up going back and forth with one person saying if there was only 1 loan to give out and two people competed. A person with Amex and chase on their profile would get the loan over someone with only capital one in their profile lol.

I found the the discussion funny, told my friends I'm going to post on my fourm when I got back home to see what all of you guys think about this lol.

I don't think it would help any. IMO a lender would like see a positive payment history, steady income, low # of inquiries, high scores, etc, when making a decision rather than a "prime, prestige" card. You can have Credit One and First Premier cards and have a perfect payment history and a great score. Having a prime or prestige card is not a guarantee that you will be a responsible borrower. That being said, I think having cards with high limits help, some lenders issue a CL based on your other limits.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

jamesdwi — Fri, 04 Mar 2016 19:11:36 GMT

@bz386 wrote:
How would a bank know that you have a "premium" card? All they ser on your credit report is how many accounts you have with each lender, not what specific cards you have.

They wouldn't be able to see card type, as in BCP vs EveryDay card, but they would see its a revolver from AMEX ( has a stated CL), and what the CL is. So they could base the decision on they have an AMEX with a 15k CL, or multiple AMEX revolvers with a total CL of 28,500. They would also be able to see high recent balance of each card vs payment history and outstanding balance. I know AMEX resets the High Balance statement every so often my ZYNC card reports a high Balance of $25, when in the past I have let $1300 report on that card.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

jamesdwi — Fri, 04 Mar 2016 19:11:50 GMT

@bz386 wrote:
How would a bank know that you have a "premium" card? All they ser on your credit report is how many accounts you have with each lender, not what specific cards you have.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 20:25:14 GMT

Sorry guys, didn't mean to write a misleading title. I know looking at a report you can't see what type of card it is. What I meant is seeing a prime lender ( Amex, Chase, Capitol one, etc).

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 20:27:43 GMT

I agree with the person who said credit limits, I can see high Credif Limits being more of a factor than having a prime lender name on the report . But what do you guys think about a charge card with no CL? How is that looked upon then?

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

OmarGB9 — Fri, 04 Mar 2016 21:16:53 GMT

Who's to say what lenders are considered "prime?" Capital One for example caters to both the subprime and prime market.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 21:18:50 GMT

Your overall credit profile is what really matters in these instances. You could have a Chase and an Amex, but if you're making minimum payments and your utilization is through the roof, that's not going to help you. Payment history, utilization, number of accounts are all factors. Not what particular cards you have. Half the time that doesn't even work with the same banks if your credit doesn't support it. I once applied for a Chase Amazon card and was declined after about 6 months of having a Freedom.

The 'right' cards are a nice ego boost if that's something you need, but beyond that it matters very little compared to your overall profile.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Anonymous — Fri, 04 Mar 2016 21:22:38 GMT

This is funny on two levels...

One I've done UW and

Two I've been in MARKETING for years

And this is w/o a doubt a marketer's DREAM....having the public in-fighting over which BRAND of CC has more value to

keep in one's wallet.

From an issurers POV you WANT ppl clamouring and clawing to GET and KEEP 'your' well marketed product because of

preceived value...that's why certain retailers can sell a B.S. dress with a 900% mark-up

If you 'OWN' their minds/ their 'feelings' ...you GOT 'EM

Why do so many ppl say 'I WANT this card?" ....it's mostly due to MARKETING

And marketing can last way beyound it's paid run.....

Say "Where's the beef' and it's STILL Wendy's after almost 20 years

Diner's Club and AmEx sought to market themselves as CLASS and Upscale and ppl remkember the marketing it's ingrained.

BUY it ONCE ...Own it a lifetime

But if one were to have a SERIOUS, non 'feelings' or emotion based discussion regarding approval of a loan the answer if NO

as an UW to 'brand' of card is NOT going to be the deciding factor to whom gets the last loan.

There are other MEANIFUL ways to 'vet' a payer other than 'hey some other company approval him/her "last year" or whenever...

so I'm gonna stake MY APPROVAL on what the freak AmEx did or Chase...REALLY?

How about chosing you r mate because a really good looking person 'wanted' them in the past, so THAT makes them 'worthy' of YOUR attention

(sounds dumb as snit doesn't it?)

Truth is as an UW for a company you have rules/regs for YOUR company and you maybe judged promoted or let go based upon the results of YOUR decisions,

so if you were STUPID enough to allow some dumb snit like that be your deciding factor over something tangible and professional reasonable you'd be an idiot, who deserves to be fired.

You can cope out with length of account, income, debt/ratios, open accounts...so many things to divide the last two apps and the NAME on the card ai't gonna be it, pal.

Well well maintained aged Bert N Ernie Visa with a 20k CL does NOT 'lose' to a 'CHASE Visa' just because....gimme a break

*And BTW ..Yes you got beat on those 'special' shoes to they were made in the same Italian sweat-shop, by the same kid named Lucia

Now as a marketer, it's good to see 'spin' works when you need it

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Dcyphrz — Fri, 04 Mar 2016 21:50:08 GMT

@Anonymous wrote:

...Bert N Ernie Visa with a 20k CL...

That would be the funniest thing ever! I'd make them have their picture taken holding up the card or I wouldn't approve them.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

red259 — Fri, 04 Mar 2016 22:13:00 GMT

@Anonymous wrote:
okay a few buddies of mine all had a talk at the dinner table about this. The topic was basically does having a prime card from Amex, Chase, etc make your credit profile look better if an underwriter or someone were to give you a loan and looked through your credit profile in detail.

The debate ended up going back and forth with one person saying if there was only 1 loan to give out and two people competed. A person with Amex and chase on their profile would get the loan over someone with only capital one in their profile lol.

I found the the discussion funny, told my friends I'm going to post on my fourm when I got back home to see what all of you guys think about this lol.

No. If you have a cap 1 card and someone else has an amex card that in itself will not make any difference. If you have a a few months history with a rebuilder card vs years with a 20k prime credit card that will make a difference, but it has nothing to do with the lender. Its because of the demonstrated ability to handle credit lines and showing a payment history.

Re: Does having a prestige and prime card help your credit profile look better to underwriters?

Ysettle4 — Fri, 04 Mar 2016 22:18:17 GMT

@bz386 wrote:
How would a bank know that you have a "premium" card? All they ser on your credit report is how many accounts you have with each lender, not what specific cards you have.

Exactly.