Minimal Score for BBVA is 630

[Anonymous]

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

[FinStar]

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@Anonymous wrote:

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

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It would depend on the rating and the overall footprint assessment.  It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence.  CCs are a very tiny portion of the assessment though.  Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators.  Until then, they can't expand or do any M&As.

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

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It would depend on the rating and the overall footprint assessment.  It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence.  CCs are a very tiny portion of the assessment though.  Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators.  Until then, they can't expand or do any M&As.

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Wow I never knew all this goes on in the background. I hope I didn't get the loan officer in trouble with his bosses by sharing what he told me (I've always believe companies have their eye on forums such as myFICO). Probably not because the CRA performance evaluation is public information?

[FinStar]

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@Anonymous wrote:

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@FinStar wrote:

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@Anonymous wrote:

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

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It would depend on the rating and the overall footprint assessment.  It's not just lending, but also other access to banking products for LMI or underserved communities where they have a presence.  CCs are a very tiny portion of the assessment though.  Plus, it's likely they'll have anywhere from 5-10 years to complete any program that satisfies the regulators.  Until then, they can't expand or do any M&As.

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Wow I never knew all this goes on in the background. I hope I didn't get the loan officer in trouble with his bosses by sharing what he told me (I've always believe companies have their eye on forums such as myFICO). Probably not because the CRA performance evaluation is public information?

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Nah, CRA ratings are public information which includes any recommendations made by the regulators.  The FFIEC ensures that all banks are compliant.

[CreditCuriosity]

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@Anonymous wrote:
@Anonymous, You gonna app?

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Nah... Just like information... I have more credit at 50k+ then I know what to do with and only 1/3rd approx of my salary..  I am looking for the right cards and the right bonuses or hidden trade lines..  I am looking at you Diners if you weren't gone....  I am going to be very picky going forward on the cards I app for.. This is a good card for CL and APR, but not my cup of tea...  Ring will be included most likely and the Ritz this year.. Other then that I have no clue what i want .. Waiting for the Amex 23k CL to report along with the SM 11k+ CL to report the go from there...Anything under 10K will make me sad

[CreditCuriosity]

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@Anonymous wrote:

Googling around the Internet searching Commnity Reinvestment Act performance evaluation for various banks turns up some interesting reading. BOA didn't do so well. I wonder what their recovery plan is. I bet relaxed credit criteria is not the only option but clearly one of the options. I applaud BBVA for their approach. I am fan of theirs!!

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BofA what a shocker...Anyways us as taxpayers bailed out a ton of banks and alot didn't deserve it.

[stagefoursurvivor]

630 is a very speculative data point, even if true. We don't know what version is used AND, more importantly, there are many "escape" clauses to completely skew estimates for approval. I.e, INQs, new accounts, DTI, income, egyption ancestry, etc.

When you look at the overall landscape, NO ONE is a slam dunk with Compass or any lender for that matter. Particularly if you have no prior relationship with a given lender.

If a lender needs to increase lending strictly for compliance, why not target current banking customers that previously fell short instead of new customers? I.e, a massive "pre-approval" campaign?

[Aahz]

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@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam

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@CreditMagic7 wrote:

This train is on the way out of the station before it boards all it's passengers

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 Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)

[joedtx]

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@Aahz wrote:

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@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam

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@CreditMagic7 wrote:

This train is on the way out of the station before it boards all it's passengers

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 Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)

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I would disagree, and state that this is more in line with your profile rather than a standard approval.

[Anonymous]

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@joedtx wrote:

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@Aahz wrote:

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@FinStar wrote:
But, I think based on recent posted approvals, BBVA may be running out of steam

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@CreditMagic7 wrote:

This train is on the way out of the station before it boards all it's passengers

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 Hate to disagree with y'all, but...

Single Pull - EX 752 9 Inq (5 in 3 months)

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I would disagree, and state that this is more in line with your profile rather than a standard approval.

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Yeah your profile is strong and supports an instant approval. That $30K SL with 9.24% APR though... Wait I think I was supposed to be gardening with some hoes or something?