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Besides AMEX are there other lenders

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Besides AMEX are there other lenders

that SP approvals from existing members?
Message 1 of 17
16 REPLIES 16
Super Contributor

Re: Besides AMEX are there other lenders

I doubt it. 

Prior to this relatively recent change by AMEX, my theory was they had a logic like this:

1) Cardholder obviously not getting a second card, denial, use available SP on file, no HP.

2) Cardmember SP not quite strong enough, get HP data, approve if possible. 

3) Cardmember SP not quite strong enough, get HP data, oops, denial anyway.

4) Cardmember instapproved off the SP, get a HP just to tag the credit file with an inquiry. 

 

That at is no longer the AMEX logic, but the part about tagging  credit files with a HP may be why all other banks end up doing that, even if they internally score you well. But other banks do not use the same level of sophistication on SP and internal score data, or it is not as commonly recognized.  

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Message 2 of 17
Valued Contributor

Re: Besides AMEX are there other lenders

You can get a SP pre-approval with a firm CL / APR from:

 

BBVA - need existing account to login and hit apply on the card and then it will present the limit/APR or the denial letter w/ Fico&Vantage scores

 

Regions - same as above but, sign up for free savings account to generate an online profile to login and then go to the pre-approval listed under CC's from the main page, login, answer questions, and it will present you an offer with CL / APR information for 1 to 3 card options.

 

Of course if you accept you get the HP but, it's somewhat of a twist compared to a blind app with other lenders.

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Message 3 of 17
Senior Contributor

Re: Besides AMEX are there other lenders

If you're really determined to avoid inquiries, question whether you really want new accounts.

 

There are exceptions, but the latter seem to usually become a problem first.

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Message 4 of 17
Valued Contributor

Re: Besides AMEX are there other lenders

IMO, the true benefit only applies is when you get business cards which don’t report to your credit reports.

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Message 5 of 17
Community Leader
Mega Contributor

Re: Besides AMEX are there other lenders

Yes there are many other lendersSmiley Wink
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Message 6 of 17
Community Leader
Senior Contributor

Re: Besides AMEX are there other lenders


@FettHutt wrote:
that SP approvals from existing members?

I can't think of one but I did get both of my Discover cards on a SP surprisingly.  

Message 7 of 17
Super Contributor

Re: Besides AMEX are there other lenders

Can't think of any. To me though, it's a nice courtesy that they don't always do a HP, but if your profile isn't ready for a HP, it's probably not the best time for a new account anyway.

Message 8 of 17
Community Leader
Valued Contributor

Re: Besides AMEX are there other lenders


@AverageJoesCredit wrote:
Yes there are many other lendersSmiley Wink

Cheeky lol

OP, the only other one that comes to mind immediately would be BB&T. There were a lot of threads talking about SP approvals even for FIRST cards from them. 

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Message 9 of 17
Mega Contributor

Re: Besides AMEX are there other lenders


@NRB525 wrote:

I doubt it. 

Prior to this relatively recent change by AMEX, my theory was they had a logic like this:

1) Cardholder obviously not getting a second card, denial, use available SP on file, no HP.

2) Cardmember SP not quite strong enough, get HP data, approve if possible. 

3) Cardmember SP not quite strong enough, get HP data, oops, denial anyway.

4) Cardmember instapproved off the SP, get a HP just to tag the credit file with an inquiry. 

 

That at is no longer the AMEX logic, but the part about tagging  credit files with a HP may be why all other banks end up doing that, even if they internally score you well. But other banks do not use the same level of sophistication on SP and internal score data, or it is not as commonly recognized.  


So is there a difference between HP and SP data?   I thought that there really wasn't, all an HP did was "write" to the file as well.

 

ETA:  This thread suggests that they are basically the same datawise:  https://ficoforums.myfico.com/t5/General-Credit-Topics/Difference-between-SP-vs-HP-What-is-it/td-p/5...

Message 10 of 17
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