topic Re: Credit characterization in General Credit Topics

Credit characterization

Anonymous — Sun, 15 Apr 2007 21:38:45 GMT

I guess Im wondering if theres a good method of knowing how Credit card companies see you. For instance is 650 fico enough to be approved for a AMex or is it 700... I'm really trying to understand what Car companies and CC companies consider acceptable fico scores... any help would be appreciated

Re: Credit characterization

fused — Sun, 15 Apr 2007 22:37:43 GMT

Hi Acrus1969:

I have noticed some cc companies do not uses FICO scores, specifically, FIA (formerly) MBNA. While others do. I noticed that AMEX, FIA and Discover seem to be the most difficult cards to get. AMEX and discover really want scores above 700 with a least a one to two year credit credit history that is very sold, absolutely no baddies. FIA uses their own scoring models. But it seems they want applicants to grade high in their own models and be on par with say a FICO scores above 700.

Chase, Citi, Capital One and Bank of America would be the second tier cc's. They might consider approving someone with a score of 650. Expect lower credit limits though.

Two others cc's to consider with a score of 650 might be HSBC and Washington Mutual. Their underwriting does not seem to be as strict as Chase, Citi, Cap One and BOA, and definitely nothing like AMEX and Discover.

No to sure on the car stuff though.

I hope this helps you.

Re: Credit characterization

fused — Sun, 15 Apr 2007 22:44:01 GMT

I forgot to tell you about a website you might find useful:

whogavemecredit.com

Re: Credit characterization

Anonymous — Sun, 15 Apr 2007 23:49:18 GMT

fused111 wrote:
I forgot to tell you about a website you might find useful:

whogavemecredit.com

Fused you seem to know alot about different companies. I had the weirdest approval a moment ago. I had to speak with a rep and tey verified all sorts of info including residential info from 20 years ago. This was Chase. Is this par for the course for them or is it something to be worried about

Its almopst as if they were trying to be sure that I was really me. Do you think soemone app'd with them in the past using my info but didn't jibe with the CB info on the app?

Message Edited by Brammy on 04-15-2007 07:49 PM

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 02:32:17 GMT

Fused you seem to know alot about different companies. I had the weirdest approval a moment ago. I had to speak with a rep and tey verified all sorts of info including residential info from 20 years ago. This was Chase. Is this par for the course for them or is it something to be worried about

Its almopst as if they were trying to be sure that I was really me. Do you think soemone app'd with them in the past using my info but didn't jibe with the CB info on the app?"

If you got really weird questions, they pulled your LexisNexis report. Sometimes companies use that for verifying who you are, although luckily rarely. HSBC uses it frequently.

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 03:09:37 GMT

What propmts them to use LN. From all I hear its a fraud alert system. Does that mean that unual activity on your credit file or what will set off these type of inquiries. I answered the queston correctly but for the info they were asking, I was in the millitary and17. Heck I didnt know the county name when I was there yet alone 20 years later I heard one that sounded familliar and answered with that one. Glad they didn't have two I recognized

Maybe it was because I was making a 1k purchase at the time of app... it really weirded me out though

Message Edited by Brammy on 04-15-2007 11:09 PM

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 07:10:51 GMT

No idea about the causes. The bad thing about LN is it has a gigantic error rate and you'd be suprised what sort of (often incorrect information it has on it). So if you're getting questions like whom your sister lived with 5 years ago, that for instance would be a typical thing for it.

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 07:12:45 GMT

Hi Acrus1969:

Chase, Citi, Capital One and Bank of America would be the second tier cc's. They might consider approving someone with a score of 650. Expect lower credit limits though.

No to sure on the car stuff though.

I hope this helps you."

Amex uses it's own scoring. Your past history with them is extremely factored into it.

And you can't in alls eriousness call capital one to be a second tier cc's requiring 650. While they do have (a few) prime cards, majority of their business is in the subprime market. You would have a much easier time getting a card from them than hsbc or wamu (albeit it will be a highly mediocre card at best).

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 11:29:52 GMT

You may want to rethink your take on WaMu and HSBC. Here's WaMu's newwest offerring

http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=12494

There is also a new one from HSBC under the old Household that offers @% cash back but on that onw you really ned to read the offer. Depending on your score it may have an annual fee and the CB may be capped.

I love my WaMu card and really want the above offer

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 14:42:47 GMT

While the offer is nice, it's only that. I don't consider primeness based on their best card, but rather the typical card. Again note cap 1 - they do have good cards, just far from their typical card.

Re: Credit characterization

Anonymous — Mon, 16 Apr 2007 15:14:43 GMT

okrogius wrote:
While the offer is nice, it's only that. I don't consider primeness based on their best card, but rather the typical card. Again note cap 1 - they do have good cards, just far from their typical card.

I can't compain with their middle of the road card I haven't paid over 2% interest in the past year on any purchases thanks to great Bt offers. That and they will auto upgrade you to bennies like cash back and lower interest rates makes it a great card in my book.

Re: Credit characterization

Anonymous — Tue, 24 Apr 2007 03:10:01 GMT

::::::::If you got really weird questions, they pulled your LexisNexis report. Sometimes companies use that for verifying who you are, although luckily rarely. HSBC uses it frequently.::::::::

I just got a letter in the mail this weekend from Lexus Nexus stating that I had requested my report from them. I didn't even know who they were to get a report from them. However, I did apply for an HSBC card. Could that be why I got the letter? They want a copy of my DL and a variety of other documents before they will release the report. Is this legit? Should I be concerned that it's a scam?

Re: Credit characterization

smallfry — Tue, 24 Apr 2007 03:20:12 GMT

I wouldn't send anyone anything like that.

Re: Credit characterization

Tuscani — Tue, 24 Apr 2007 12:30:52 GMT

HouseHunter wrote:
::::::::If you got really weird questions, they pulled your LexisNexis report. Sometimes companies use that for verifying who you are, although luckily rarely. HSBC uses it frequently.::::::::

I just got a letter in the mail this weekend from Lexus Nexus stating that I had requested my report from them. I didn't even know who they were to get a report from them. However, I did apply for an HSBC card. Could that be why I got the letter? They want a copy of my DL and a variety of other documents before they will release the report. Is this legit? Should I be concerned that it's a scam?

Ignore them. HSBC does not use Lexus Nexus.. HSBC is a consistent EQ puller.

Re: Credit characterization

Anonymous — Tue, 24 Apr 2007 21:11:42 GMT

They didn't pull EQ on me. It shows as EX but don't understand why I got the Lexis Nexis letter out of the blue.

Re: Credit characterization

Tuscani — Wed, 25 Apr 2007 00:36:08 GMT

HouseHunter wrote:
They didn't pull EQ on me. It shows as EX but don't understand why I got the Lexis Nexis letter out of the blue.

Hard to say for sure. There is quite a bit info in a Lexis Nexis report. Where you live, what you own, who your relatives and neighbors are, any criminal record or public judgment records, on and on and on...

They do not consider themselves a CRA and do not examine, verify, or correct their data; rather they resell data obtained from other sources. So, maybe HSBC queried them for non credit related data.