topic Re: Fifth Third -- Score Needed...? in Credit Cards

Fifth Third -- Score Needed...?

Charmante — Mon, 27 Jul 2020 18:57:02 GMT

About what Credit Score is necessary for APPROVAL from 53 Bank?

I've always had an affinity for their logo and name -- but never knew how difficult it is to get a foot in their door...

And honestly can't recall ever seeing anyone on these forums displaying a 53 Card on their Siggy... Hmmm

Thanks!

Re: Fifth Third -- Score Needed...?

800wannabe420 — Mon, 27 Jul 2020 19:27:26 GMT

@Charmante wrote:
About what Credit Score is necessary for APPROVAL from 53 Bank?

I've always had an affinity for their logo and name -- but never knew how difficult it is to get a foot in their door...

And honestly can't recall ever seeing anyone on these forums displaying a 53 Card on their Siggy... Hmmm

Thanks!

Their cards are very unspectacular. Also they have taken a page from Well Fargo's book and have been opening fraudulent accounts.

I would avoid this bank personally.

https://www.google.com/amp/s/www.washingtonpost.com/business/2020/03/11/fifth-third-bank-fake-accounts/%3foutputType=amp

Re: Fifth Third -- Score Needed...?

coldfusion — Mon, 27 Jul 2020 19:47:48 GMT

Their footprint is in the southeastern US and they have tight georestrictions. At one point their Stand Up 2 Cancer card wasn't georestricted (I have one) but even that card now requires an in-branch visit to apply.

I used to occasionally see threads and approvals on their Trio and Stand Up 2 Cancer cards but it's been a while since I've noticed any.

Re: Fifth Third -- Score Needed...?

Charmante — Mon, 27 Jul 2020 19:58:33 GMT

What exactly do you mean they have been opening fraudulent accounts?

Re: Fifth Third -- Score Needed...?

800wannabe420 — Mon, 27 Jul 2020 20:07:05 GMT

@Charmante wrote:
What exactly do you mean they have been opening fraudulent accounts?

They were caught opening new accounts for existing customers and transferring funds from the original accounts into the new account. This also included opening credit cards.

Please refer to the link I included in my previous post or Google 5th 3rd for more info.

On the plus side, they do have a cool logo and they used to make some neat commercials, but I would not use either as a good criteria in making credit decisions.

Re: Fifth Third -- Score Needed...?

coldfusion — Mon, 27 Jul 2020 20:11:12 GMT

Reps were opening additional accounts for existing clients (e.g. someone with an existing checking account would get a savings account opened) without the clients knowledge or consent because the rep wanted to meet a quota and in some cases there were fees being assessed and charged to the client.

It wasn't fraudulent in the context that they would open up credit cards and put spend on them, but they would apply for credit cards in the client's name without their permission and get a +1 against their quota.

Re: Fifth Third -- Score Needed...?

M_Smart007 — Mon, 27 Jul 2020 20:17:54 GMT

@coldfusion wrote:
Reps were opening additional accounts for existing clients (e.g. someone with an existing checking account would get a savings account opened) without the clients knowledge or consent because the rep wanted to meet a quota and in some cases there were fees being assessed and charged to the client.

It wasn't fraudulent in the context that they would open up credit cards and put spend on them, but they would apply for credit cards in the client's name without their permission and get a +1 against their quota.

Do these Reps think that they will never get caught? .. what are they ~~smoking~~ thinking

Re: Fifth Third -- Score Needed...?

coldfusion — Mon, 27 Jul 2020 20:27:39 GMT

Today's problem is meeting my quota. Tomorrow's problem is, well, tomorrow's problem.

Re: Fifth Third -- Score Needed...?

Charmante — Mon, 27 Jul 2020 20:45:26 GMT

Wow talk about desperate to meet a quota. Lol

Re: Fifth Third -- Score Needed...?

M_Smart007 — Mon, 27 Jul 2020 20:59:11 GMT

Come to think of it, I have not seen a Fifth Third approval in a while.

Re: Fifth Third -- Score Needed...?

Anonymous — Mon, 27 Jul 2020 21:03:10 GMT

@M_Smart007 wrote:
Come to think of it, I have not seen a Fifth Third approval in a while.

I'm not even sure of the last time I've heard their name on here.

Re: Fifth Third -- Score Needed...?

CreditCuriosity — Mon, 27 Jul 2020 21:48:07 GMT

Cards are nothing special and believe rewards expire after a year as well.. Have a 5/3 TRIO use to have a few others but closed them out just the trio left and never spend enough to cash out rewards and can swear i am losing them as never seen to meet threshold, granted only use a handful times a year.. CLs and APRs are nothing special either.

Regarding scores probably high 600 to low 700's use to get them i would suspect in todays lending enviroment well into the 700's to get a card although no proof of that

Re: Fifth Third -- Score Needed...?

Anonymous — Mon, 27 Jul 2020 23:36:49 GMT

Well if you want to see somebody who has 1 in their signature, you can look under my RIP. I closed mine.

I had no use for it nothing special. I did miss a nice sub on a checking account though. Cli is hp. Not generous, imo.

Re: Fifth Third -- Score Needed...?

sammydavidjr — Tue, 28 Jul 2020 02:13:21 GMT

@800wannabe420 wrote:
@Charmante wrote:
About what Credit Score is necessary for APPROVAL from 53 Bank?

I've always had an affinity for their logo and name -- but never knew how difficult it is to get a foot in their door...

And honestly can't recall ever seeing anyone on these forums displaying a 53 Card on their Siggy... Hmmm

Thanks!
Their cards are very unspectacular. Also they have taken a page from Well Fargo's book and have been opening fraudulent accounts.

I would avoid this bank personally.

https://www.google.com/amp/s/www.washingtonpost.com/business/2020/03/11/fifth-third-bank-fake-accounts/%3foutputType=amp

In all fairness, I think the title of the article you've referenced is clickbait: it is absolutely unreasonable (in my opinion) to compare what happened at Wells Fargo with what happend at Fifth Third.
- Wells Fargo: the company's executive team established "cross-selling" as both an internal goal and a KPI that would be referenced in every earnings call. To inflate its valuation, the company deliberately pushed the narrative of a bank so good at relationship banking that it was able to consistently cross-sell and upsell product to its existing customers. While pushing that outbound narrative, the company aggressively rewarded employees for cross-selling metrics, and inevitably motivated its workforce to defraud customers in order to meet this particular goal. When it was busted, the Company took forever to acknowledge the problem, trying more than once to get away with it. Approximately 3,500,000 fraudulent accounts were opened in 5-6 years at WF.
- Fifth Third: in 6-7 years, 1,100 fraudulent accounts were opened by 96 employees. That's 0.03% the Wells Fargo total (Fifth Third is 7.5% the size of WF). The damage to customers reached a grand total of approximately $30,000 ($27 per fraudulent account). The bank itself identified the problem after receiving complaints and intervened to fire the employees and refund customers.

If you ask me, and based on what we know, I would say Fifth Third did a great job: while WF promoted fraud among its employees and created both the culture and the rewards mechanism that instigated fraud, FT identified the problem and addressed it. There will always be greedy people who try to scam others for a living: at WF those were at the top and modelled the entire business after their own greed; at FT they were an isolated group that was identified and excised. Kudos to the risk management and compliance teams at Fifth Third.

Re: Fifth Third -- Score Needed...?

frugal47374 — Tue, 28 Jul 2020 03:50:41 GMT

I got a Fifth Third Truly Simple card in Apr 2019. The allure was the 0% on purchases for 15 months. Received a $4000 credit limit. They used my Transunion FICO 9 of 734.

Their computer support seems a bit lacking ... I think I had to mail a form in to establish automatic payments.

I don't think there will be any reason to use them after the 15 months is up.

Re: Fifth Third -- Score Needed...?

Anonymous — Tue, 28 Jul 2020 04:09:46 GMT

They are very conservative, and I would bet more so than Key Bank.

You'll need a FICO TU score above 720 to even get your foot in the door with a decent limit.

If you're in the same geo, look at Huntington instead.

Re: Fifth Third -- Score Needed...?

Ficoproblems247 — Tue, 28 Jul 2020 13:10:21 GMT

@800wannabe420 wrote:
@Charmante wrote:
What exactly do you mean they have been opening fraudulent accounts?
They were caught opening new accounts for existing customers and transferring funds from the original accounts into the new account. This also included opening credit cards.

Please refer to the link I included in my previous post or Google 5th 3rd for more info.

On the plus side, they do have a cool logo and they used to make some neat commercials, but I would not use either as a good criteria in making credit decisions.

When I was a kid, they were my first bank. I opened my first auto loan with them which my father cosigned for. Something like 5 years or so later, I learned how to check my credit report for the first time. I discovered that the banker had opened a credit card in my name as well, and then closed it after a few months without my knowledge. This coupled with many negative experiences I had with their in branch personal over the years made it a very happy day for me when I closed those accounts.

Re: Fifth Third -- Score Needed...?

Anonymous — Thu, 30 Jul 2020 00:00:24 GMT

I have my TRIO card from them for about three years now. I received a pre approved mailer from them in the mail. At the time my FICO score was mid 740's. Initial credit line was $19,000 and about a year ago they raised it to $23,000. I have also had the interest rate lowered automatically without me ever asking. That doesnt matter to me since I dont carry balances.

Re: Fifth Third -- Score Needed...?

Charmante — Thu, 13 Aug 2020 17:41:56 GMT

@Anonymous You mentioned TWO other Banks: Key Bank and Huntington...

What credit scores does Huntington require? Key Bank?

Details of both banks; pro's and con's. Please...

Thank you all!!!

Re: Fifth Third -- Score Needed...?

ClevelandIndians — Wed, 26 Aug 2020 23:01:22 GMT

I spent some time in a 5/3 branch today opening up a checking to take advantage of deposit bonus, and during that process they naturally try to cross sell you cards and other products. I did ask if they were aware of the score needed for a card approval, and got the response that currently it was 680 TU (unsure of score type) however their underwriting changes their risk tolerance frequently depending on market factors since they're not a giant bank.

Between those comments and overhearing a banker telling someone denied for a heloc due to a 2-year old charge off, I'd agree with others that they're very conservative. I was tempted to app for the Trio card but didn't want the embarrassment of a potential decline since I do have some 4 year old derogs.