No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I haven't had this happen to me and there is no way I am going to ever give Amex ongoing access to the contents of my bank accounts. Anyone had this happen to them during an app? https://www.doctorofcredit.com/american-express-requesting-bank-account-access-during-credit-card-ap...
Looks like another nail in the coffin for Amex ever being in my wallet.
Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory.
No.....and I hope it doesn’t.
@Anonymous wrote:Looks like another nail in the coffin for Amex ever being in my wallet.
Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory.
Honestly I will go back to using debit cards if that happened. I don't need credit card companies. If they want to play these games they can take a hike. Did just fine before without them and I would do just fine again.
@red259 wrote:
@Anonymous wrote:Looks like another nail in the coffin for Amex ever being in my wallet.
Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory.
Honestly I will go back to using debit cards if that happened. I don't need credit card companies. If they want to play these games they can take a hike. Did just fine before without them and I would do just fine again.
Highly unlikely to affect people with scores to support the card. My understanding is that when you give them access to an account, it’s because you’re on the border of not being approved.
You pick the account and as long as there is $400 in there and no overdrafts in the last 3 months, you would get the maximum UltraFICO bonus.
Technically you could just slap $400 in a CU savings and app for a card after a few months to get whatever boost UltraFICO gives.
That said, I wonder if that Amex screenshot is a hoax. There’s never been anything that said UltraFICO would be ongoing access, just a quick assessment of finance handling.
Although Amex regularly requests people’s tax information so I wouldn’t put this move past them :/
To be fair, this still doesn’t help those people. It has nothing to do with bill pay and purely has to do with balances and no overdrafts for the last 3 months.
Unfortunately this is a big can of worms that they just opened as credit companies will now be able to see what and how you spend your actual money on and how much you have instead of just what you make. That data is the holy grail for credit card companies.
@Pikaboo-icu wrote:Nope, Nada, NO, ain't happenin'.
They get all the access to my bank accounts I'll allow, when I pay my bill-
I dunno, if they are going to give me enough points, I don’t have a problem opening up a savings account with a CU and tossing $400 in there for a few months.
But my other accounts? Yeah no.
Amex already peeks at my balances (or at least gets some ballpark figure), but at least I get $200 a year out of it.