topic Re: Excellent credit not needed in Credit Cards

Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 20:26:47 GMT

Its funny that i see so many NEW people that get top of the line Credit cards. If 850 is the BEST then why is 700 the exact same when it comes to getting cards.
Id really like to see Amex or Chase do a card for the 800+ only.
Ive seen kids (under 25) that work fast food with amex platinum cards, i use to think that was the best card but now i know that there is cards for (avg-great credit) and cards for (below avg).
Ive been floating around 760 to 780 for a few years every now and then ill go up to 805 or down to 750.
Is it just me or does 800+ really mean nothing to card issuers.
Say amex could do a amex platinum premium for the 800+ keep all the same bennies buy say let you use the uber credit all in 1 month or add free delta comfort for you when booked thru amex. Same thing could be done with any other issuer.
Done with my rant from snowy upper illinois.

Re: Excellent credit not needed

Remedios — Thu, 08 Feb 2018 20:41:23 GMT

760 is also excellent credit score.

Why not push it even further and wonder what a person would be entitled to with 830 score and should they look down on your 800?

Kid at McDonald's might be managing his money wise, paying his bills and working towards his future. Maybe he/she occasionally carries a balance, making him a more profitable customer. Maybe he has a $1000.00 CL, hence not too risky for Amex. Who knows? One thing I've learned is that trying to compare profiles always ends up being apples and oranges.

Score, in itself, is important, but score is not everything.

Re: Excellent credit not needed

CreditCuriosity — Thu, 08 Feb 2018 20:51:53 GMT

800+ score means nothing as anything above 760 really means nothing. If you want to part of a rare club pay 995$ af for the gold card from barclay's being the luxury card. Have fun as you will be one of the few with that card. Report back how it feels once done. Thanks

Edit:

In the meantime I will keep my cruddy Platinum, CSR and other cards with the common person on this forum

Re: Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 20:55:58 GMT

wrote:
Its funny that i see so many NEW people that get top of the line Credit cards. If 850 is the BEST then why is 700 the exact same when it comes to getting cards.
Id really like to see Amex or Chase do a card for the 800+ only.
Ive seen kids (under 25) that work fast food with amex platinum cards, i use to think that was the best card but now i know that there is cards for (avg-great credit) and cards for (below avg).
Ive been floating around 760 to 780 for a few years every now and then ill go up to 805 or down to 750.
Is it just me or does 800+ really mean nothing to card issuers.
Say amex could do a amex platinum premium for the 800+ keep all the same bennies buy say let you use the uber credit all in 1 month or add free delta comfort for you when booked thru amex. Same thing could be done with any other issuer.
Done with my rant from snowy upper illinois.

So you just want to feel superior to someone else? At a certain point a credit score is high enough to show a responsible borrower. That’s enough for credit card issuers to trust someone. When a person has no negatives they are a good borrower most often.

Re: Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 20:56:51 GMT

Because credit card companies market products to be profitable. Why limit a product to a very small generally less profitable demographic.

Re: Excellent credit not needed

FinStar — Thu, 08 Feb 2018 21:06:59 GMT

Unfortunately, what you suggest is unsustainable in the current environment by most of the key CC players in the lending arena.

First off, the same low APR tiered rates, based on spread, would apply to the core customer base who is above a specific threshold based on a variety of risk factors, analytics and data aggregation.

Nothing special for 800+ given that someone at 760, 780, or 795 can achieve the same feat with a clean profile depending on that lender's UW criteria.

The majority of lenders already offer some type of "super premium" product as part of their wealth management business - but not all products necessarily match the scope of what's already out there in the marketplace plus only some individuals will be able to qualify under the wealth management umbrella.

Take for instance the products offered by Simmons or Amalgameted Bank who typically cater to folks with scores 800+, for example. To some, nothing really special given that rewards structures are lacking, but for others it's the ultimate "holy grail" achievement.

Re: Excellent credit not needed

Shadowfactor — Thu, 08 Feb 2018 21:01:04 GMT

Most normal people will never see a score of 800+ without gaming the scoring system.

But that doesn't mean that they arent paying their bills on time, able to manage their finances well.

The reason is really quite simple. Money.

Very few consumers have 800+ credit scores, making a product to cater to just those people wouldnt be as profitable as a credit card for 720+.

Plus if your scores are 800+. You more then likely arent carrying a balance, so the bank isn't making as much money off them as someone with a 720+ that might carry a large balance from time to time.

Your FICO score has nothing to do with income. In the state I live in it's illegal to discriminate aganist a credit worthy customer just because they make less money. Your income is taken into consideration when determining a credit line and approval but it's not considered by FICO. The kid working at mcdonalds should have access to a platnium card or any other premium credit card if he is able to pay his bills on time and manage his finanances.

Re: Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 21:05:50 GMT

There should be a separate commuter lane for people with 800+ FICO.

Re: Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 21:19:30 GMT

My rant was not ment to be so uppity. Im sorry.
Point 1 is yes the 800 plus probably dont carry any balance but the issurer would make money off of swipes.
I would not ve able to get this card if it did exist.
Amex has cards for the 1 million dollar a year man so apples to oranges here too on the 1% that are rich get a ca rdrd just for them but the 5% of people that have (excellent) credit cant have a card just for them.
Being that I live on VA and SSDI, I will never get the amex black or chase Palladium.
I was just looking for a card that i could shoot for to say "i made it".
Yes those kids with amex platinum cards could have excellent credit or low credit lines, but i always puy amex platinum as the poor mans black card, the card you get when you make it not the 1st card you get out of high school.

Re: Excellent credit not needed

FinStar — Thu, 08 Feb 2018 23:05:46 GMT

It sounds like you want some sort of validation, but IMO, that's really the wrong approach by having a specific product (or tool) to dictate your status in life.

Think of the days when lenders offered Gold CCs, which during the 80s and early 90s, were only available to individuals with really excellent credit, decent income and references. Then, the marketing geniuses went to work on the bottom lines for most lenders. Then, Platinum came along eventually followed by Titanium (for some lenders). Mostly everyone drank the kool-aid with the sense of "belonging" to something special.

A credit card, while touted as a rectangular bliss of happiness for some folks, should not be the key driver to dictate "your arrival". In the grand scheme of things, most people don't care about the cards you carry. Plus, with mobile wallets these days, there's less of an interaction for someone to really stop in their tracks and say "is that a super duper Iridium American Express?"

Re: Excellent credit not needed

arkane — Thu, 08 Feb 2018 23:02:53 GMT

I'm actually surprised Diamond cards haven't become more popular.

Or maybe they should make an unobtanium card. Now that would truly be something.

Re: Excellent credit not needed

polaris2011 — Thu, 08 Feb 2018 23:13:03 GMT

Capitalism.

Re: Excellent credit not needed

AverageJoesCredit — Thu, 08 Feb 2018 23:17:54 GMT

One should probably feel like they made it when you are able to get the best rates on the things you want most. I know thats my credit goal and im on the average McDonalds level.

Re: Excellent credit not needed

MrDisco99 — Thu, 08 Feb 2018 23:25:06 GMT

Your status is not indicated by the cards in your wallet, but by what you do with them.

Re: Excellent credit not needed

Remedios — Thu, 08 Feb 2018 23:29:50 GMT

wrote:
I'm actually surprised Diamond cards haven't become more popular.

Or maybe they should make an unobtanium card. Now that would truly be something.

Here is the recon # for the Unobtanium 800-800-8000

Re: Excellent credit not needed

Anonymous — Thu, 08 Feb 2018 23:43:47 GMT

I understand wanting validation for having worked hard and put effort into ones finances or any project for that matter. Feeling like you've done something that sets you apart is not necessarily "uppidy" in my opinion, but could be perceived that way at first glance. Without getting too philosiphical, it seems to me the you could potentially benefit from finding a new project to excel in. Perhaps it's time to look at career, health or philanthropy goals that you could attain. Reaching those goals may have the pay off you are looking for while having the added benefit of improving your status.

My 2 cents.

Best of luck

Re: Excellent credit not needed

Loquat — Fri, 09 Feb 2018 04:53:17 GMT

wrote:
It sounds like you want some sort of validation, but IMO, that's really the wrong approach by having a specific product (or tool) to dictate your status in life.

Think of the days when lenders offered Gold CCs, which during the 80s and early 90s, were only available to individuals with really excellent credit, decent income and references. Then, the marketing geniuses went to work on the bottom lines for most lenders. Then, Platinum came along eventually followed by Titanium (for some lenders). Mostly everyone drank the kool-aid with the sense of "belonging" to something special.

A credit card, while touted as a rectangular bliss of happiness for some folks, should not be the key driver to dictate "your arrival". In the grand scheme of things, most people don't care about the cards you carry. Plus, with mobile wallets these days, there's less of an interaction for someone to really stop in their tracks and say "is that a super duper Iridium American Express?"

^^^ my thoughts exactly!

Re: Excellent credit not needed

happypill — Fri, 09 Feb 2018 05:12:17 GMT

Scores aren't everything. Once you reach a level where the lender has confidence they are going to get paid back, other factors are more important. Once you get to 720+ or maybe 750+, I'd say that income becomes a bigger factor in getting higher limits and elite cards.

Lenders don't make money off your score; they make money when you use their card, and the most when you carry a balance. I'm guessing people with really high scores don't carry balances as often and are not that profitable. People who have lower scores because they carry balances probably make lenders a lot more money.

When lenders come out with their elite cards, they don't care about attracting 800+ or 850 scores; what they care about are attracting the biggest spenders.

Re: Excellent credit not needed

Anonymous — Fri, 09 Feb 2018 05:39:50 GMT

I see a lack of upside. Ultimately a CC must make money. Someone with a high credit score and high income generally won't carry a balance. He doesn't need the money or could borrow it more cheaply other ways. Cards aimed at these customers make profit on the merchant fees. But a 2% cashback card is already kicking back most of the merchant fees to the cardholder, after subtracting the actual costs of operating the card network and a nominal profit for the bank. There just isn't any more they can offer beyond what they think they can profitably offer to people with 700-750 scores.

Re: Excellent credit not needed

Anonymous — Fri, 09 Feb 2018 06:34:34 GMT

Somewhere in the 710 to 730 range you run of clients who carry balances. At that point the money is made of the swipes. You can have

"nice" cards but low limits.