topic Re: Has Hooters /Merrick changed their underwriting standards????? in Credit Cards

Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 02:24:43 GMT

Cheddar and I were just discussing how Hooters seems to have changed a bit lately...

Just back 1/06/08, I made this post:

Share your Hooters Denial Details

Just 3 months ago, denials at hooters were unheard-of, and most CL's were $1500 or more. Many people were reporting that Hooters matched their highest CL's, or came very close, or were by FAR their highest card.

Flash forward, and I'm hearing about many denials, myself included. I'm also hearing of very low CL's, often $500.

I even heard of a person lately who had a 700+ FICO who only got $500 in CL, but on the website, her mid-500's hubby was denied. Then, they sent her hubby a card anyway. He got $1000 CL, or double her CL at 150 FICO points lower score.

I'm also hearing about delays in card mailings, and denials where the card shows up anyway, and instant CLI's if the first purchase made is at Starbucks....

What the HECK is up??? Have they changed standards? Moved more prime? Had a lot of CO's? The cost of paper increased for the hooters magazine they send out for free? Smoked a lot of crack?? Found God??? Lost all their employees??

Thoughts?

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 02:29:00 GMT

I completely agree. As I mentioned in that other thread, I remember just six months ago or so that Hooters was the card for rebuilders who needed a nice large starting CL. At that time, it seemed that $500 CLs were unheard of.

BTW, Jenna, I knew there was a reason I waited for you to start this post instead of doing it myself. Your post is much better than anything I would have come up with.

Re: Has Hooters /Merrick changed their underwriting standards?????

haulingthescoreup — Tue, 11 Mar 2008 02:32:20 GMT

Here's one guess: Hooters was a startup (the card, at any rate) and startups typically blitz the market and grab everyone they can. Once they have enough customers signed up, they can close the gate a bit on the corral and start getting more choosy.

We're at the 6+ month point for the big Hooters rush, and I think that we're starting to see the real rules showing up.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:05:30 GMT

Hey boys and girls. I guess I missed most of these threads. I just got my Hooters Card only a few weeks ago and the CL is $1500 and that was my only second card after BK and after Orchard with a $300 CL. I got it 8 days after app. My TU was 683.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:09:11 GMT

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:09:35 GMT

Check out this thread from July of last year.

Someone with TU 644 got $8K. Another poster is surprised at the CL, because that poster got only $3K.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=344

Re: Has Hooters /Merrick changed their underwriting standards?????

NICKI183 — Tue, 11 Mar 2008 03:17:46 GMT

Well its been 11 days and I havent even gotten a BOO! Most people seem to be getting their denials online or quickly in the mail. When I called last week (twice) I was told that they did have my application and it was in review.

There were some cards that I applied for after 2/29 I already have received the denials - go figure!

To me getting a HOOTERS card would serve me well. I got $5k out of Kay, so I would glady settle for $1k or better so that I can close my HSBC and Orchard. How far can $300 carry you.

I called earlier to Merrick and they were closed. I guess they must have lost my app(LOL).

Cheddar at this point, what are you to make of the differences? A small percentage is getting them and some not at all.

Re: Has Hooters /Merrick changed their underwriting standards?????

haulingthescoreup — Tue, 11 Mar 2008 03:19:12 GMT

@Anonymous wrote:

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

OK, I'll oblige... You idiot! You should have gotten a pair!

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:22:40 GMT

NICKI183 wrote:

Cheddar at this point, what are you to make of the differences? A small percentage is getting them and some not at all.

I have to agree with HTSU above. The fact that they have gotten past the big run on new accounts when they first came out and were offering really good terms for rebuilders, coupled with the ongoing "credit crunch," they seem to have tightened their standards quite a bit.

Pulling out that old thread I posted above really brought back some memories. I can't remember the last time I heard of anyone getting $8K on a Hooters card, especially someone with a fair score.

I wouldn't give up hope yet, though, Nicki. The fact that they haven't denied you yet just makes it more likely that the card will show up in your mailbox one day when you are least expecting it, IMO.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:23:51 GMT

@haulingthescoreup wrote:

@Anonymous wrote:

Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

OK, I'll oblige... You idiot! You should have gotten a pair!

Hooters jokes are so 2007. Just like the card, I'm afraid.

Message Edited by cheddar on 03-10-2008 11:23 PM

Re: Has Hooters /Merrick changed their underwriting standards?????

NICKI183 — Tue, 11 Mar 2008 03:25:43 GMT

cheddar wrote:

I wouldn't give up hope yet, though, Nicki. The fact that they haven't denied you yet just makes it more likely that the card will show up in your mailbox one day when you are least expecting it, IMO.

Yes, I want the ability to flex my mail. I have gotten the denial letters I was waiting for.LOL. However, I havent gotten the Macy's card yet. I don't even know if you even get a card for Crown Jewlers since they on report when you spend,

I got my Shinny Kay's card though.

Re: Has Hooters /Merrick changed their underwriting standards?????

haulingthescoreup — Tue, 11 Mar 2008 03:26:52 GMT

@Anonymous wrote:
@haulingthescoreup wrote:
@Anonymous wrote:
Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

OK, I'll oblige... You idiot! You should have gotten a pair!
Hooters jokes are so 2007. Just like the card, I'm afraid.

But sweetie, I just got an AARP membership card! That makes me SO 1954.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 03:35:10 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
@haulingthescoreup wrote:
@Anonymous wrote:
Hmmmm. Maybe I should have gotten two Hooters while the gittin' was good.

ok. I'm ready. Let me have it..........

OK, I'll oblige... You idiot! You should have gotten a pair!
Hooters jokes are so 2007. Just like the card, I'm afraid.
But sweetie, I just got an AARP membership card! That makes me SO 1954.

No comment, and I am unanimous in that decision.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 04:42:24 GMT

HTSU you make it sound like since you have an AARP membership card that you are OLD!!!!

YOu are only as old as you feel. And I hope that you don't feel old because you are not.

Re: Has Hooters /Merrick changed their underwriting standards?????

haulingthescoreup — Tue, 11 Mar 2008 04:45:20 GMT

@Anonymous wrote:

HTSU you make it sound like since you have an AARP membership card that you are OLD!!!!

YOu are only as old as you feel. And I hope that you don't feel old because you are not.

Thanks! AARP may think that I'm old, but only my left knee feels old. But it's really, really old.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 08:44:02 GMT

@Anonymous wrote:

BTW, Jenna, I knew there was a reason I waited for you to start this post instead of doing it myself. Your post is much better than anything I would have come up with.

Heh... I did my bestest... I wanted to please the cheese....

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 09:22:27 GMT

I received a new Hooters card on 03/06/08 from my app spree w/ $3000 intitial credit line. Approval was not automatic, it just showed up in the mail about 2 weeks after apping online.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 10:44:31 GMT

it might have something to do with new millenium bank. They are writing geico, hooters, etc. I've had a merrick for a few years now and i could access my account all of a sudden through new millenium. I called Merrick and they said they were writing for new mill. but i shouldn't be able to access through them. They were going to look into it. Something strange here.

Re: Has Hooters /Merrick changed their underwriting standards?????

bb1000 — Tue, 11 Mar 2008 11:39:00 GMT

I think they've changed somewhat. I too read those stories of $8k limits, and got mine last September. I asked for a CLI with them, since my score went from a 610 at the time of their approval to about a 675 at the time of asking for an increase. They only gave me an $1100 increase, from 2k to 3100. I was kind of disappointed, but it was tempered by the fact that most of my cards aren't reporting limits, and of the ones that are, those aren't reporting what the limit is right now. Amex is so slow to report, that my CR's aren't reflecting the CLI I got from them on my Delta.

Re: Has Hooters /Merrick changed their underwriting standards?????

Anonymous — Tue, 11 Mar 2008 12:55:58 GMT

Thought I'd share my story too - with a TU 712, I got Hooters with $2800 CL.

I had Merrick several years ago and had a great limit with them, but my scores were about 80 pts lower. I was kind of surprised at this CL, but it will help replace Juni if they get weird with me.

I definitely think we're seeing the fallout of the credit crunch starting to trickle down. And I suspect it's going to get tougher as time moves forward for this year.