topic Re: New Best Buy LUV in Credit Cards

New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 15:00:28 GMT

I saw that the Best Buy CC now ask for your income on their LUV button. Are these still soft pulls?

Re: New Best Buy LUV

MarineVietVet — Sat, 20 Feb 2010 16:38:11 GMT

@Anonymous wrote:
I saw that the Best Buy CC now ask for your income on their LUV button. Are these still soft pulls?

That's an interesting move on their part. How do they verify your income?

But I have no idea if they are still soft pulls.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 16:52:09 GMT

@Anonymous wrote:
I saw that the Best Buy CC now ask for your income on their LUV button. Are these still soft pulls?

Same thing with Orchard Bank Luv. Asked for monthly income when I asked for CLI. Still a soft pull and no request for verification.

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 17:33:49 GMT

@MarineVietVet wrote:
@Anonymous wrote:
I saw that the Best Buy CC now ask for your income on their LUV button. Are these still soft pulls?
That's an interesting move on their part. How do they verify your income?

But I have no idea if they are still soft pulls.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score
When you click the link for CLI, it gives you a blank spot and a message above it stats before requesting a CLI you must first enter your current AGI. Which i think is dumb because really anyone could just enter 150,000 or whatever just to get a higher CL.

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 17:35:51 GMT

@Anonymous wrote:
@Anonymous wrote:
I saw that the Best Buy CC now ask for your income on their LUV button. Are these still soft pulls?

Same thing with Orchard Bank Luv. Asked for monthly income when I asked for CLI. Still a soft pull and no request for verification.

CB

Maybe its a HSBC thing.

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 18:12:59 GMT

I'd say it has to do with the new regulations that are due to take effect next week. CCCs are going to have to justify the amount of the credit lines they give people based on not only their credit history, but also by their financial ability to repay their debts.

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 18:35:32 GMT

@Anonymous wrote:
I'd say it has to do with the new regulations that are due to take effect next week. CCCs are going to have to justify the amount of the credit lines they give people based on not only their credit history, but also by their financial ability to repay their debts.

Agreed, but whats to stop someone who makes x amount to put 2x, or even 3x just to receive a higher CL?

Re: New Best Buy LUV

Anonymous — Sat, 20 Feb 2010 19:16:42 GMT

@Anonymous wrote:
@Anonymous wrote:
I'd say it has to do with the new regulations that are due to take effect next week. CCCs are going to have to justify the amount of the credit lines they give people based on not only their credit history, but also by their financial ability to repay their debts.

Agreed, but whats to stop someone who makes x amount to put 2x, or even 3x just to receive a higher CL?

Well, there is a thread around here somewhere where somebody mentioned that the CRAs are developing products that will "estimate" a person's income based on several factors in their credit profile. While I question the accuracy of such an "estimate", I'm sure many CCCs will use a product like that. Also, if a CCC is suspicious of your income, they can always ask for verification in the form of a 4506-T or some other proof. From reading other threads, I gather that AMEX does this type of thing all the time.