FNBO CLD ****Master Thread****

[805orbust]

@lgtwriter , @difringe , @SouthJamaica  I agree on all counts. So DW told me that she did a $4000 BT back in March and let it hang out, paying $500/month and making small charges on it periodically.  So that'd somewhere in the area of 25%util?  Either way, it was at about that $4k level when the AA occurred as she had made a few larger charges in September. 

Just refreshed her 3B report and her Resilience score is 83.  Factors were:  Account balances, Lack of installment loans, percentage of accounts that are revolving.  

Other DP's are:

1. 5 inq's on EX in last 12 months

2. 5 new cc'd accounts in the last 12 months 🤬

3. 1 late payment showing from 2019 on an old Comenity card on TU and EX. Apparently an oversight, but she paid it off and closed it. 

4. 69 accounts, 25 closed, all credit cards, 20% aggregate util.

Scores now sit at 701, 705, and 707... bad girl 😆  Looks like I'll be writing a few more checks this week.

Makes a "bit" more sense now on several fronts. This chick is hilarious... no fear whatsoever. YOLO!!!  🤣

[805orbust]

So the other thing that makes no sense is the 20% util. Her total limits read as $200,000.  However she is an AU on several accounts of mine. I let $10k report on my EDP, and about $9k on my Promise card this month, so I'm thinking those are part of it, but not 100% sure how AU account util figures into overall. She's on a few accounts that I've heard normally don't report AU's but do for us. Penfed being one. Lowes being another.  The whole thing makes much more sense to me now tbh. Still doesn't help me understand the policy overall from FNBO, however risk mitigation is definitely at the heart of it. 

[themanhimself]

I called to cancel my card and was able to get a decent chunk of the limit back. Instead of $500 the limit is now $8k so I'll keep it. 

I digged and asked questions and got the impression they are having quite a few accounts default. It's still weird to do it with accounts that have paid on time etc 

[805orbust]

So it's algorithmic based but can be re-negotiated... interesting.   That is fantastic info @themanhimself 

[themanhimself]

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@805orbust wrote:

So it's algorithmic based but can be re-negotiated... interesting.   That is fantastic info @themanhimself 

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Yeah I was surprised. I figured they were like capital one, when the computer says "no", there's nothing they can do. 

[RehabbingANDBlabbing]

Well I double checked my letter reasons. I have the letter but ran into an issue uploading it. Anyway, the letter says the reasons for me are, "Serious delinquency, ration of balance to limits on revolving accounts, and length of time accounts have been established."

All this stuff was there when I was approved for Evergreen and Getaway. IMO,  these aren't the real reasons. They probably will not tell us. Or they decided to apply a new algorithm to existing customers to determine which ones to cut. But it is definitely different than the approval algorithm. 

If this stuff was such a big deal, they would have cut my Evergreen limit. But no, it was paid in full. They only cut the Getaway because I carried a 0% BT balance for a large portion of the card's limit. To me, that makes the most sense.

[themanhimself]

In their terms it says they use the fico bank card score 9 to manage accounts. Is that different than the typical fico most pull when we apply for stuff? 

[Anonymalous]

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@themanhimself wrote:

In their terms it says they use the fico bank card score 9 to manage accounts. Is that different than the typical fico most pull when we apply for stuff? 

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Yes.

There are a ton of different FICO versions. The mostly widely used version overall is FICO 8, though FICO 9 is becoming more popular, and FICO 10 has been released but is only just starting to be adopted. The older versions persist for various reasons, like the Fannie Mae and Freddie Mac requirements for underwriting mortgages. There are also industry-specific versions, like the auto (for auto loans) and bankcard (for credit card lenders) versions. One of the more visible differences with the industry specific versions, including the EX FICO 9 bankcard score that FNBO uses, is the score ranges from 250 to 900, instead of the more familiar 300 to 850.

https://www.myfico.com/credit-education/credit-scores/fico-score-versions

[Anonymous]

@805orbust

This thread had me get curious? So, I used various searches on complaints on FNBO. Included the Better Business Bureau. The results were quite interesting and many followed findings in this thread.

What were the preferred DW in and application? Scores in the 700+ Fico Bankcard 9, an annual income of $40,000, minimum debt and steady income and 18 years of age. Maximum credit limits were reported as $50,000.

Going on, what is the average credit card limit? Median credit card limits is $5,394, according to TransUnion data from 2021. And according to TransUnion records (released in 2021), the average credit limit for new accounts is $4,468.

[805orbust]

Wow... goooooood data @Anonymous . The Mrs income is $50k, FNBO was her highest limit $15k SL, $18k after cli. She is app happy, so most of her limits are between $5-7k, Fico9 were in the 735 range on app day