Minimum credit score for FICO to get approved for companies like Dell and Paypal

[Anonymous]

@ernie, what others have said is true, but I wish to add one specific point. You are right that, when your mother was approved, she was approved in seconds, and it was indeed done by a computer. However, a computer is MUCH more capable of looking at more data than a 3 digit FICO score! For example, a computer could check a report for anything in the collections region of the report. If there is anything from the last 7 years, the computer can flag the application and give you a 7-10 day message. This will lead to you not having an instant decision, even if your score were high, and perhaps you having to call to have a human check your report manually and give an explanation for why you qualify.

This is why a score is not the.only factor. You could meet and exceed every other requirement, including score, but some underwriting programs refuse to allow people with certain elements on their report from being automatically approved. Trust me and others when we say that computers can analzye more than just a single score (eg, it can also analyze your current credit limits to decide what to give you).

[J-F168]

I got paypal MC with 621 TU last summer,  and denied for dell with 675 EX WebBank was IIB.

[Anonymous]

You can never definitively know what score is going to come with approval or denial. It's just not how credit criteria is judged at all.

I can carry a 750 but if my utilization is through the roof, I have a ton of inquiries, and maybe even 1 late payment showing. Those are all reasons that could easily be counted towards not being offered the approval.

Best bet if you really want the card is just to apply. The only thing that is going to happen is either congrats you are approve or you are denied and expect the letter in 7 to 10 days.

Which then within the letter will tell you that they didn't extend the offer because of this reason or that reason.

I recently actually applied to Dell with my scores that you see below and I got denied. But it wasn't due to my score, my inquiries, or even my utilization. It was due to the fact that I had a Dell card about 10 years ago that I had ended up not paying off and it was cancelled. They pulled that data from that long ago and told me that is why they were not willing to approve me.

If you do decide to apply, good luck!

[Anonymous]

Ernie, sorry you have not gotten the exact answer you were looking for. As everyone has mention before a FICO score is a part of the lending approval or denial. The FICO score can be a high number but a thin profile, and that particular lender may not accept the profile to extend credit. In the same token someone may have a slightly lower number but a thicker quality profile and may extend credit. The best thing to do is to google credit data base and see who others have gotten lucky and not so lucky and go from there. Even if you were to call the lenders they would not disclose such thing or provide specifics about product approval requirements because they cannot discourage from you applying this is in the Consumer Financial Protection Bureau's website. Worse case scenario you get declined, and yeah it'll cost you an HP but without knowing what you need to work on you won't exactly know. Good luck!

[Anonymous]

The point is this: HARD INQUIRY. Those look BAD on a credit report and can be hard to remove. If a person is denied, it shows up. Not good. I will never apply unless I am literally guaranteed to be approved.

[Caught750]

Ernie, I don't know how else to xplain this. FICO does not decide if you are approved. FICO can not guarantee an approval. There is NO such thing as a guaranteed approval. If you do not wish to apply without a guarantee that's your choice but guarantees don't exist. People with scores in the 800s get denials. It is what it is. Each lender decides, namely Dell and PayPal in this case. If you do not believe us that's fine but you can ask away all you'd like. You will get the same answers from any educated source you go to.

[Anonymous]

Nothing is guaranteed, pre-approval applications can still be declined. If you receive one of those look at those term and conditions it has different verbiage but the saying can be something along the lines of "at the time we pre approved your profile match but things can change and may still get decline or not get favorable results." People also can lose something big like a mortgage with a pre-approval which means more than pre-qualify and STILL get declined for different reasons obviously. HP do hurt if you apply a ton of times in a short period of time and if your credit profile does not support it. Meaning if you are beginning your credit journey or have high utilization use and are applying a lot then yes it looks bad because, just like every cliche out there, it is a sign of financial struggle. Also don't forget in the FICO score world the 1st 12 months make a scoring impact but stays there for 24 months declined or not you still have to run credit is all. You may want to do some more in depth research and be opened to credit obstacles and know on how to beat those. You earn trust with the lenders they are not by any means obligated to give you anything, if you don't qualify. Even if you get approve they can close your account at anytime they deem it necesarry as well just look at what Chase has done and Comenity in the past and recent.

[Caught750]

You've most definitely come to the right place to learn. You're in the right place to ask questions and get educated answers. MOST people here are very helpful some are not. Read around the forum in general, check credit pull databases, listen to the advice you are being given.

Lenders have the final say, always. There is no entitlement to lending. Yes people get frustrated with denials, or limits, or customer service, and vent here. NOTHING guarantees an approval and an approval doesn't guarantee they won't shut you down if they don't like something you do a week later.

Credit is a game and we can help you learn but only if you let us. Many people here are very well educated on the subject.

[Anonymous]

It all boils down to SERVICE. There is no reason people should have to go through that. It just makes the companies like Dell look LESS inviting, and if people do not get what they want, they will just go somewhere else. Dell has been hurt a LOT by credit denials. People simply do not CARE what those companies think, PERIOD.

[Anonymous]

I am out,there is no need to beat a dead horse. Good luck with your ventures. Hopefully you are more open to how the credit world works in the future. FYI Dell does not extend credit it is WebBank, they are the one's who make the lending decision.