@krushin84 wrote:
New to the forums and couple things stuck out at me. I dont the difference between prime and sub prime. Looking for advice.
Recently my Amex blue cash card has been up to. 12k. Have a capital one card that's at 6.5k but no sure if It's that
High cuz they kept the cl that chase was using. Also have a 6.5k on HSBC. Now that capital one has bought HSBC should I be lookin to dump my cap one cards? I been forced into capital one cards never applied to them. I had a Sony rewards chase card that turn into a capital one card.
Prime cardfs are cards that have great rewards, high CL's, in most cases no AF's, and will grow with you. Do your current cards fit this bill?? I would say for sure your AMEX is.
Do the Cap 1 cards have:
-AF's?
-Good rewards?
-have they incresed the lines any?
Those are some of the things to think about before axing a card.
@Revelate wrote:If you can regularly qualify with a score beneath 680 = subprime. And that's a pretty arbitrary figure these days too.
You can't really call many lenders prime or subprime these days, anyone prime only is moving into subprime (see: Amex Zync) faster than, insert your own overly colorful euphemism here.
Amex Zync = subprime. Amex BC Anything = prime
Chase Freedom = subprime *and* prime, Chase Sapphire = Prime
Discover More = subprime.
These cards have plenty of rewards, some have AF's, some don't, and the line is blurring all the time. I have a 5K BOFA 1-2-3 rewards card... prime or subprime? Without the information that it's secured, it's probably prime; however, it is secured = subprime, yet still a good card.
The whole distinction is really pretty moot: that Orchard card tcfobade has: originally subprime no doubt, and now with a most excellent reward tacked on to it (2% on ALL SPENDING), which I don't know of any other lender matching, including the big 5ish.
I wouldn't call AMEX Zync subprime. It's AF is low compared to others and its a charge card. The rewards arent on the same level as other AMEX charge cards but it's decent.
I think of subprime as a card that is targeted toward a subprime market of consumers. In order to mitigate the inherent risk in issuing credit to this subprime market, these lenders compensate by imposing high fees and interest rates, low credit limits, and usually no rewards. These lenders have their place and it is often the only way for consumers with subprime credit ratings to build a history sans going the secured route. These cards are not meant to be kept forever, especially after a consumers credit rating becomes 'prime' for the big banks goals of issuing significant credit to quality clientele.
@LS2982 wrote:
I wouldn't call AMEX Zync subprime. It's AF is low compared to others and its a charge card. The rewards arent on the same level as other AMEX charge cards but it's decent.
It's designed as a product for people with six months history (students), or one for people recovering from prior credit issues. With a rough 640 FICO requirement, and being able to qualify for one as a near thin-file, how is it prime? 
By a pure FICO measurement, I could assert none of the Amex charge cards are prime.
@Revelate wrote:
@LS2982 wrote:
I wouldn't call AMEX Zync subprime. It's AF is low compared to others and its a charge card. The rewards arent on the same level as other AMEX charge cards but it's decent.
It's designed as a product for people with six months history (students), or one for people recovering from prior credit issues. With a rough 640 FICO requirement, and being able to qualify for one as a near thin-file, how is it prime?
By a pure FICO measurement, I could assert none of the Amex charge cards are prime.
The ones that get approved with a 640 are more than likely the ones with hard limit/autopay tacked on to it. AMEX is a prime lender to me no matter what the card is. It may not be to others but thats perfectly fine. It felt extremely good to get in with them with a 700 score when they declined me twice with a 640 and and 670.
@Revelate wrote:
@LS2982 wrote:
I wouldn't call AMEX Zync subprime. It's AF is low compared to others and its a charge card. The rewards arent on the same level as other AMEX charge cards but it's decent.
It's designed as a product for people with six months history (students), or one for people recovering from prior credit issues. With a rough 640 FICO requirement, and being able to qualify for one as a near thin-file, how is it prime?
By a pure FICO measurement, I could assert none of the Amex charge cards are prime.
That's a pretty low bar you have set. Some people with 700+ FICO scores have 6 months of personal credit history combined with 30 years of piggybacked credit as an AU. Plus, I read of BOA, Discover and Citi giving people with 640 FICOs their "prime" products. To disparage AMEX Zync is to label the others "sub-prime" as well.
IMO, AMEX is prime...period.
@LS2982 wrote:
@Revelate wrote:
@LS2982 wrote:
I wouldn't call AMEX Zync subprime. It's AF is low compared to others and its a charge card. The rewards arent on the same level as other AMEX charge cards but it's decent.
It's designed as a product for people with six months history (students), or one for people recovering from prior credit issues. With a rough 640 FICO requirement, and being able to qualify for one as a near thin-file, how is it prime?
By a pure FICO measurement, I could assert none of the Amex charge cards are prime.
The ones that get approved with a 640 are more than likely the ones with hard limit/autopay tacked on to it. AMEX is a prime lender to me no matter what the card is. It may not be to others but thats perfectly fine. It felt extremely good to get in with them with a 700 score when they declined me twice with a 640 and and 670.
Heck, AMEX won't let me in with 700+ FICO scores and AAoA of 10 years and no lates due to a BK7 over piles of medical bills that would have destroyed my financial life (but saved my son's life). I'd say that's a prime lender any way you slice it.
