Is this normal now? A friend was approved with almost no credit (Blue Cash Everyday). AoYY: "1 month"
I personally checked is credit file and theres only 2 account, one from Discover 1 month old and the new AMEX Account.
I fill this is so strange bacause to be approved by amex I had to wait 6 months
Over 20 years ago my first card was the gold and the only thing I had on my file was an auto loan for a couple of months.
Approved for what and what limit?
Everyone's been digging into the underbanked recently because that's still an incomplete market... and pretty much where Chase goes Amex follows and vice versa TBH and Chase has been refactoring some of their products too though more on the checking side to my knowledge.
Ultimately everyone is talking about being "banks for life" or whatever, where they grow with the financial capabilities of their consumers rather than just offering one product that fits initially at the consumer's credit/financial tier and fails later and they wind up losing the consumer as a result to someone else (hi Penfed)... kind of like modern corporate America come to think of it and that's starting to change too.
Anyway the lenders have already sorted the higher end tiers, so it makes sense they're going to start pushing into the lower tiers as there's clearly room beneath the traditional checking account / credit card underwriting and someone just starting out or in college or whatever.
Secured cards filled that role before but banks are trying to find more inroads into that and have been for the last decade or so.
It really depends on the product and whether identity can be verified. Just because the Discover was only a month old doesn't mean there wasn't already a credit file with Experian. Did you have to wait 6 months because you had no Experian credit file?
@K-in-Boston wrote:It really depends on the product and whether identity can be verified. Just because the Discover was only a month old doesn't mean there wasn't already a credit file with Experian. Did you have to wait 6 months because you had no Experian credit file?
Personally I had a credit card with my local bank back then and it reported on experian, but that was about 4 years ago, that's why I was surpriced.
@Isacking97 wrote:
@K-in-Boston wrote:It really depends on the product and whether identity can be verified. Just because the Discover was only a month old doesn't mean there wasn't already a credit file with Experian. Did you have to wait 6 months because you had no Experian credit file?
Personally I had a credit card with my local bank back then and it reported on experian, but that was about 4 years ago, that's why I was surpriced.
What was the reason for the 6 month wait? My apologies if I wrongly assumed it was due to lack of a credit file.