topic Re: Journey with Cred.AI in Credit Cards

Cred.ai

Red1Blue — Sun, 10 Oct 2021 19:02:10 GMT

Did any one use or familiar with CRED.AI. I am trying to find information on this card. Thanks.

Re: Cred.ai

CreditInspired — Sun, 03 Oct 2021 10:41:58 GMT

I did a Google search and my thoughts are that it's just a glorified "metal" debit card.

https://topmobilebanks.com/cred-ai/

Re: Cred.ai

Red1Blue — Sun, 03 Oct 2021 12:15:47 GMT

@CreditInspired wrote:
I did a Google search and my thoughts are that it's just a glorified "metal" debit card.

https://topmobilebanks.com/cred-ai/

I found the same thing. I already applied and approved. It is too late now. I put $250 into the account and see what happens. At least I am getting a Metal Card. I read they are reporting the credit limit as $1500 to all accounts. I am not sure if I want a new account reporting but it is too late. I'll see what happens.

Re: Cred.ai

b0yinterrupted — Sun, 10 Oct 2021 01:30:03 GMT

There is a lady on the /cRedit subreddit who loves this card.

DP for anyone considering applying...if you're on Chexsystems you can't get it.

Re: Cred.ai

Red1Blue — Sun, 10 Oct 2021 01:33:10 GMT

Today I received the card in the mail. Card Looks very nice. But it is disappointing it is only a debit card and no rewards or benefits attached to it. I'll keep it as souvenir. That is it for now for this card.

Re: Cred.ai

Horseshoez — Sun, 10 Oct 2021 01:34:25 GMT

@b0yinterrupted wrote:
There is a lady on the /cRedit subreddit who loves this card.
DP for anyone considering applying...if you're on Chexsystems you can't get it.

It seems for every subject covered on Redit, there is at least one person who loves said subject; color me unimpressed.

Re: Cred.ai

Anonymous — Sun, 10 Oct 2021 02:10:49 GMT

@Red1Blue wrote:
@CreditInspired wrote:
I did a Google search and my thoughts are that it's just a glorified "metal" debit card.

https://topmobilebanks.com/cred-ai/

I found the same thing. I already applied and approved. It is too late now. I put $250 into the account and see what happens. At least I am getting a Metal Card. I read they are reporting the credit limit as $1500 to all accounts. I am not sure if I want a new account reporting but it is too late. I'll see what happens.

"Should I jump? Too late now I jumped. Let's see what happens." I love your enthusiasm.

So is this like a SELF credit building account or a millenial fintech debit account?

Re: Cred.ai

Red1Blue — Sun, 10 Oct 2021 06:04:37 GMT

@Anonymous wrote:
"Should I jump? Too late now I jumped. Let's see what happens." I love your enthusiasm.
So is this like a SELF credit building account or a millenial fintech debit account?

I beleive it compares to Chime. It is a debit card but reported as a credit card to all 3 CRAs. Even if we dont keep money in the account, I believe they report credit line as $1500. It is what I read on google and there are quite a few videos on You Tube. I got the card yesterday and it looks very nice. Made out of Metal and design is out of the world. I dont need a new trade line on my report but since I already jumped, I want to give it some time and see how it works out. Good Luck.

Re: Cred.ai

Anonymous — Sun, 10 Oct 2021 06:17:41 GMT

Researched it a bit. Sounds like a good Day 1 card where you go on an app spree in the beginning of building so they can all age together with few negative effects. Tough to find a use case in the mid stages other than novelty.

Journey with Cred.AI

Red1Blue — Sun, 10 Oct 2021 14:18:37 GMT

I received my Cred.AI card and started to get famialiarize with it and understand better. Please feel free to share your experiences. I put $500 in the bank and I used the card for $1.51 at McDonald's. Now I am going to wait some time and see if they would send a statement or how it works. Feel free to share your experience with this card.

Re: Journey with Cred.AI

Horseshoez — Sun, 10 Oct 2021 14:22:18 GMT

This will be an interesting experiment; personally I don't see the benefit versus simply getting a secured credit card.

Please keep us posted on your experience.

Re: Journey with Cred.AI

Red1Blue — Sun, 10 Oct 2021 15:10:59 GMT

@Horseshoez wrote:
This will be an interesting experiment; personally I don't see the benefit versus simply getting a secured credit card.

Please keep us posted on your experience.

@Horseshoez did you also apply for this card?

Re: Journey with Cred.AI

Anonymous — Wed, 13 Oct 2021 18:11:19 GMT

Cred.ai works way better than secured cards, why?

You can put amounts you want on the card with the limitation fund to add but, it works. it even help builit credit score, which it helped me at least, 20 points in 55 days.

I've been using this card for while and it's really cool card and it has great features. What I like about it that it gives you two cards, one real physical visa number and 2nd sleath visa number ready to use (ideal for online shopping) to prevent fraud. and once the card is used, it'll generate a new one. amazing.

what i love about this card, the card itself is metal, crazy right? also i like they connect to your bank account in real time to do bank transfers. also if you have direct deposit like job or govt benefits, it allows predict paychecks and you can access to that funding, I assume credi.ai gives you their money and when the check comes in, they keep it. it's nice to have if you need money, fast.

I can see cred.ai could be the next generation or possible new technology how you can improve your credit in a better way. this will help people who have bad credit that needs to improve in a simple way, this is the way to go.

Re: Journey with Cred.AI

Horseshoez — Wed, 13 Oct 2021 19:23:50 GMT

@Anonymous wrote:
Cred.ai works way better than secured cards, why?

You can put amounts you want on the card with the limitation fund to add but, it works. it even help builit credit score, which it helped me at least, 20 points in 55 days.

I've been using this card for while and it's really cool card and it has great features. What I like about it that it gives you two cards, one real physical visa number and 2nd sleath visa number ready to use (ideal for online shopping) to prevent fraud. and once the card is used, it'll generate a new one. amazing.

what i love about this card, the card itself is metal, crazy right? also i like they connect to your bank account in real time to do bank transfers. also if you have direct deposit like job or govt benefits, it allows predict paychecks and you can access to that funding, I assume credi.ai gives you their money and when the check comes in, they keep it. it's nice to have if you need money, fast.

I can see cred.ai could be the next generation or possible new technology how you can improve your credit in a better way. this will help people who have bad credit that needs to improve in a simple way, this is the way to go.

Sorry, none of those things sound like reasons for the card; further more, I would argue other financial institutions seeing a high limit secured card will be way more likely to grant you credit than using a Credit.AI card.

CRED .AI... Does this sound legit to you guys?

Carloscda40 — Sat, 19 Mar 2022 02:13:37 GMT

From all the chatter I decided to check them out. Filled out all the nessary info, a few days later I receive this email.

Thank you for your recent application for a CRED .AI Deposit Account from WSFS Bank.

Our procedures require that we obtain and verify your current home address (where you live). However, we were unable to verify that the address you provided on your application is your current home address.

So that we may make a decision on your application, please provide us with the following verifying documents:

Clear photos (not scans or copies) of the front and back (both sides) of one of the following that contains your full name and date of birth: your unexpired US State driver’s license or identification card, USA passport (photo page and signature page), or other US-government-issued photo identification.
A clear photo of you holding the identification document from #1 next to your face (that is, a "selfie" with your document).
A utility bill (electric, gas, water, cable/internet) dated within the last 45 days that shows the billing name and shows the address on your application as the service address. You authorize us to confirm with the provider the existence of this utility account.

Along with the link to submit the info.

Never had a problem with submitting my info for anything before which made me put on the brakes! I haven't submitted anything!

Thoughts?

Re: CRED AI... Does this sound legit to you guys?

SoCalGardener — Sat, 19 Mar 2022 01:43:23 GMT

While I've never come up against anything like this myself, from reading these boards over the past year I've found that it's not unheard of. Keeping in mind that I know nothing about the bank you're dealing with, since you're the one who initiated this process, it sounds legitimate to me. Cumbersome and annoying, but legitimate!

FWIW, I don't think *I* would follow through on an app like that. I just feel like it's asking too much. I'm fully aware of how much fraud happens these days and how important security is, but I just draw the line when I think something is too intrusive or asking for more than I'm comfortable providing.

Re: CRED AI... Does this sound legit to you guys?

Aim_High — Sat, 19 Mar 2022 02:13:59 GMT

If you're interested in a card with them, it doesn't sound unreasonable to me. Back-in-the-day, applying for a credit card often meant walking into a local bank and filling out a paper application. As a part of that process, they probably asked for a form of identification or they already knew me personally as an account holder. Today, with so many online applications, verifying identity can be more difficult but especially if there are differences in the data they access for processing versus what you may have provided. In my case, I'm glad some lenders are doing this to help circumvent fraud and identity theft since it's so pervasive. IMO, it's a minor inconvenience to pay for some added security. Still, it's sad that lenders have to be so skeptical these days.

The USA Patriot Act of 2001 added additional requirement for financial institutions to verify customer identity after investigations from the 9/11 terrorist attacks found that US Banking accounts had been used by Al-Qaeda to channel funds to embedded terror cells within the US. So another reason lenders have become more cautious is their responsibilities under federal law.

When I applied for the AOD FCU Visa, I had to provide the popular "selfie" document, but I understood that I was applying for a credit card with a small credit union hundreds of miles away that didn't know me from Adam. I did find it odd that when I applied for new card after new card with Chase in 2018 to 2020, they often held up most of my applications for processing to verify my identity even though I had been a customer for 20 years and they already had all my documentation! Once I spoke with the fraud prevention department each time, they released the application. (At least Chase never asked for the selfie, but I've heard of some lenders asking an applicant to come into a physical branch to verify identity.)

Re: CRED .AI... Does this sound legit to you guys?

FinStar — Sat, 19 Mar 2022 02:49:34 GMT

@Carloscda40 wrote:
From all the chatter I decided to check them out. Filled out all the nessary info, a few days later I receive this email.
Thank you for your recent application for a CRED .AI Deposit Account from WSFS Bank.

Our procedures require that we obtain and verify your current home address (where you live). However, we were unable to verify that the address you provided on your application is your current home address.

So that we may make a decision on your application, please provide us with the following verifying documents:

Clear photos (not scans or copies) of the front and back (both sides) of one of the following that contains your full name and date of birth: your unexpired US State driver’s license or identification card, USA passport (photo page and signature page), or other US-government-issued photo identification.
A clear photo of you holding the identification document from #1 next to your face (that is, a "selfie" with your document).
A utility bill (electric, gas, water, cable/internet) dated within the last 45 days that shows the billing name and shows the address on your application as the service address. You authorize us to confirm with the provider the existence of this utility account.
Along with the link to submit the info.

Never had a problem with submitting my info for anything before which made me put on the brakes! I haven't submitted anything!

Thoughts?

It appears this topic was discussed not long ago. You can reference the posts upthread for feedback, @Carloscda40. I believe this was also discussed around 2020 in the thread below:

https://ficoforums.myfico.com/t5/Credit-in-the-News/Move-over-Apple-Card-Cred-ai-wants-to-break-all-credit-card/m-p/6101367/thread-id/23615

Re: CRED AI... Does this sound legit to you guys?

Carloscda40 — Sat, 19 Mar 2022 02:54:07 GMT

Ok a number of WSFS Bank locations in Philadelphia and the Headquaters in Delaware.

Lets see what happens, thanks for the replys.

Re: Cred.ai

Anonymous — Sat, 19 Mar 2022 13:09:49 GMT

I got this card a few months ago reports as a few% util 1500 credit limit unsecured credit card. It's nice if you want another tradeline without a hp and the security features are pretty nice if you're worried about getting skimed or something and its a heavy metal card other than that it's rather useless. They also connect to your bank via plaid so you need to be comfortable with that. I usually make a small purchase monthly to keep it from closing(not sure if i even need to) but will probably get rid of it eventually. Apparently you can turn off them autopaying your cc statement and all that and manage it yourself not sure if that opens up the credit line for you to use or not but yeah i dont care about any of that.

I could see this card being useful for people rebuilding but i honestly probably shouldnt have opened it i hurt my AAoA for basically no reason.