topic Visa Signature / World MasterCard in Credit Cards

Visa Signature / World MasterCard

Anonymous — Wed, 13 Apr 2011 11:49:17 GMT

Hi all. I'm just curious, what are the estimated required scores to bag a Visa Signature card or World MasterCard?

Re: Visa Signature / World MasterCard

tntexans72 — Wed, 13 Apr 2011 15:15:43 GMT

@Anonymous wrote:
Hi all. I'm just curious, what are the estimated required scores to bag a Visa Signature card or World MasterCard?

Not to be discouraging but if you want a high approval success rate.

I would make sure you have no baddies.

At least 1 CC with a limit of $5K for 3 yrs.

No inquiries for the last 3-6 months.

Your score would be in the 720 + range

I've seen ppl getting approved with a much lower score BUT base on what I've stated....If you want a high approval success rate. Personally, I wouldn't want to waste a hard inquiry and if you had to asked? Hmmmmmm.

There's a prime card that I want and I am making sure that my credit are within those guidelines before I app. Hopefully in 1.5yrs, I am there.

Good luck !!

Re: Visa Signature / World MasterCard

tntexans72 — Wed, 13 Apr 2011 15:16:39 GMT

Not to mentioned your UTIL is 10% or less for 120 days too!!

Re: Visa Signature / World MasterCard

MarineVietVet — Wed, 13 Apr 2011 15:21:47 GMT

@tntexans72 wrote:
Not to mentioned your UTIL is 10% or less for 120 days too!!

I'm not sure what you mean by this. Scoring has no memory when it comes to utilization. It only looks at what the utilization happens to be at the moment the score is pulled.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Visa Signature / World MasterCard

tntexans72 — Wed, 13 Apr 2011 15:33:46 GMT

@MarineVietVet wrote:
@tntexans72 wrote:
Not to mentioned your UTIL is 10% or less for 120 days too!!
I'm not sure what you mean by this. Scoring has no memory when it comes to utilization. It only looks at what the utilization happens to be at the moment the score is pulled.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

I could be wrong and it's pure base on my personal experience and from other posters and topics I have read on this board. If you have a long credit history, the banks might be a little more forgiving, but if you have a short history, the approval rate could be lower. I think the UTIL is important in obtaining new credit because most banks won't give you a high CL if your UTIL is 50% plus IMHO. And if your credit is borderline, they could do a review and than denied. Like I stated, I've seen ppl get approval with a much lower score and higher UTIL. You don't know til you app. but personally, I wouldn't waste a hard inquiry unless I feel certain I get approve.

Re: Visa Signature / World MasterCard

Anonymous — Wed, 13 Apr 2011 15:43:21 GMT

I might be wrong, but I think MVV was commenting on the 120 days part of your statement. If your utilization is below 9% on the day the CR is pulled, you're good on the utilization issue.

Re: Visa Signature / World MasterCard

tntexans72 — Wed, 13 Apr 2011 15:52:55 GMT

@Anonymous wrote:
I might be wrong, but I think MVV was commenting on the 120 days part of your statement. If your utilization is below 9% on the day the CR is pulled, you're good on the utilization issue.

+1....cause in a prime card approval, most banks have their own scoring system, not just Fico, etc...They will by all means look at your UTIL and the 3-6 months that follow. If they feel you just paid it down to apply for a new prime card, they will denied if other criterias (score, credit history, baddies, etc..) don't meet their guidelines.

Re: Visa Signature / World MasterCard

Anonymous — Wed, 13 Apr 2011 19:32:48 GMT

oh I see - you're talking about keeping utilization low for several months after, not the three months previous

I wanna edit this for clarification.

Your utilization is scored at the time the CR is pulled. It has no memory.

Any account, new or old, Visa Sig/World MC or not, is likely to soft your credit reports and they typically don't like to see your utilization jump into the stratisphere at any point - one or two months in, thirty or forty months in.

That can give them the willies and they can gift you with AdverseActions i.e. lower CL, or even closing the account.

I assume the poster is talking about just this sort of thing - but I'm not altogether sure if that is, in fact, what s/he is referring to.

Re: Visa Signature / World MasterCard

MarineVietVet — Wed, 13 Apr 2011 17:26:37 GMT

@tntexans72 wrote:
I could be wrong and it's pure base on my personal experience and from other posters and topics I have read on this board. If you have a long credit history, the banks might be a little more forgiving, but if you have a short history, the approval rate could be lower. I think the UTIL is important in obtaining new credit because most banks won't give you a high CL if your UTIL is 50% plus IMHO. And if your credit is borderline, they could do a review and than denied. Like I stated, I've seen ppl get approval with a much lower score and higher UTIL. You don't know til you app. but personally, I wouldn't waste a hard inquiry unless I feel certain I get approve.

Thanks for the clarification.

I was talking about how scoring works when I mentioned no memory because I thought that's what you meant. .

I agree that CCC's will look at more than just a score including what kind of balances you might have been carrying in the past.

Re: Visa Signature / World MasterCard

lenz99 — Wed, 13 Apr 2011 19:02:14 GMT

Bank like issuing signature/world card now as these carry a higher fee(for merchant). So really, nothing special, the card has to have a minimal CL of $5k or you'll get a platinum card instead. Otherwise, I think these cards are no harder to get than regular cards with $5k CL.

Re: Visa Signature / World MasterCard

vish1 — Wed, 13 Apr 2011 19:58:45 GMT

@lenz99 wrote:
Bank like issuing signature/world card now as these carry a higher fee(for merchant). So really, nothing special, the card has to have a minimal CL of $5k or you'll get a platinum card instead. Otherwise, I think these cards are no harder to get than regular cards with $5k CL.

What is the base of this info? I have not heard this ever...

Re: Visa Signature / World MasterCard

lenz99 — Wed, 13 Apr 2011 21:16:27 GMT

@vish1 wrote:

@lenz99 wrote:
Bank like issuing signature/world card now as these carry a higher fee(for merchant). So really, nothing special, the card has to have a minimal CL of $5k or you'll get a platinum card instead. Otherwise, I think these cards are no harder to get than regular cards with $5k CL.
What is the base of this info? I have not heard this ever...

search "interchange fees" to get an idea and here is the fee schedule:

http://usa.visa.com/merchants/operations/interchange_rates.html

http://www.mastercard.com/us/merchant/support/interchange_rates.html

Re: Visa Signature / World MasterCard

vish1 — Wed, 13 Apr 2011 21:55:03 GMT

@lenz99 wrote:
@vish1 wrote:

@lenz99 wrote:
Bank like issuing signature/world card now as these carry a higher fee(for merchant). So really, nothing special, the card has to have a minimal CL of $5k or you'll get a platinum card instead. Otherwise, I think these cards are no harder to get than regular cards with $5k CL.
What is the base of this info? I have not heard this ever...

search "interchange fees" to get an idea and here is the fee schedule:

http://usa.visa.com/merchants/operations/interchange_rates.html

http://www.mastercard.com/us/merchant/support/interchange_rates.html

Interesting...

I know wat interchange fee is, but did not know that the interchange differs based on the card used. Thanks, this is good piece of info.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 00:50:30 GMT

I just got a Visa Signature for the first time with the Chase British Airways 100k miles signup. Does the Signature report a limit to the bureaus? It seems like I remember reading that the Signature cards do not report limits but I am hoping I just have that confused with something else.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 01:40:58 GMT

ttbhg, my mother filled out the app. for this card last Saturday and has not heard anything. how was the process for you did you get a instant. She received a email from BA welcoming her the FF account.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 01:45:46 GMT

I did not get instant approval as I used my house address instead of my PO Box, which is the address listed on my credit report. I called the backdoor number immediately after receiving the 7-10 day notice. I had to verify some of the info in my credit report because of the address mot matching up to verify that it wasn't identity theft and then they told me I was approved. Took about 3 minutes and was very easy. The thread on Flyertalk is full of people getting the pending app message so I wouldn't worry.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 01:49:39 GMT

Ok thanks. I think i am going to go for the BA card also. Do you know if I am not approved can I move credit from my slate.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 02:04:40 GMT

There are a bunch of people on flyertalk that called and moved credit lines from existing Chase cards to the BA card for approval. That thread is really long and I can only remember about two people getting denied. Doesn't seem like the hardest card to get.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 02:18:08 GMT

thanks. Kind of like AA card with citi seems to be a very easy card to get.

Re: Visa Signature / World MasterCard

Anonymous — Thu, 14 Apr 2011 03:50:10 GMT

Like the amex platinum, these cards are not special; I think it depends more on the issuer's general requirements than the card designation. I got a visa signature and world elite MC with about 750 scores.