Idea for service thoughts?

[Crashem]

I tend to be entrepreneur by nature.  Given growing knowledge, I wanted to bounce idea off people.  What do you think of service that recommends credit cards to people based on their actual goals and credit history? I guess service could make money of credit card referral fees or charge small fee so no need to concentrate on cards that pay referral fees.  I find current websites tend to broadly categorize credit cards by credit and are inaccurate because they don't include cards that don't pay them or use too broad definitions on cards or don't understand what people trying to accomplish.  Credit repair services tend to concentrate on getting rid of negatives which is only half of equation and skirts the integrity of credit system.   The idea is that this service could appeal to broad range of consumers.  For excellent credit people, help them build their cl's to maximizing rewards.  To less than perfect credit, help them build credit by obtaining and using credit.  Would love to hear thoughts or comments or features you guysshould like to see.  Also, hope this is right forum since this is credit card related.

[flowfaster]

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@Crashem wrote:

I tend to be entrepreneur by nature.  Given growing knowledge, I wanted to bounce idea off people.  What do you think of service that recommends credit cards to people based on their actual goals and credit history? I guess service could make money of credit card referral fees or charge small fee so no need to concentrate on cards that pay referral fees.  I find current websites tend to broadly categorize credit cards by credit and are inaccurate because they don't include cards that don't pay them or use too broad definitions on cards or don't understand what people trying to accomplish.  Credit repair services tend to concentrate on getting rid of negatives which is only half of equation and skirts the integrity of credit system.   The idea is that this service could appeal to broad range of consumers.  For excellent credit people, help them build their cl's to maximizing rewards.  To less than perfect credit, help them build credit by obtaining and using credit.  Would love to hear thoughts or comments or features you guysshould like to see.  Also, hope this is right forum since this is credit card related.

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While it's a good idea to help people and I like it, it just doesn't seem like a profitable business.  Unless your going to do it out of the kindness of your heart, how are you going to make a profit?  Once you start advertising, opinions become biased. Then it becomes like all the other "credit card finder" sites, they just want to pump the CAP1 and Freedom cards no matter what your credit is like.

[Crashem]

Yeah I know.  How to avoid trap of just going to high referral fees?  However would always be different that most websites as based on individual credit and goals vs the generic websites.

[Crashem]

Not really looking for it to make money, but pay for itself.

[flowfaster]

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@Crashem wrote:

Yeah I know.  How to avoid trap of just going to high referral fees?  However would always be different that most websites as based on individual credit and goals vs the generic websites.

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@Crashem wrote:

Yeah I know.  How to avoid trap of just going to high referral fees?  However would always be different that most websites as based on individual credit and goals vs the generic websites.

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You need to find out how to make it profitable with compromising your goals/morals first. 

Maybe you can tie it into a credit monitoring service like USAA?  That way you can charge a subscription fee and still provide your helpfull new service. 

[SoCalBound]

When you say credit history, do you mean actually pulling reports to base the information off of, or more of a questionaire or a combo of both.  I'm trying to think of profitability here and where to make the profit.

I do think the space currently has much room for improvements.

[migliogiorni]

Agree that it becomes which Credit Card Companies pay the most to advertise on sites. The credit business doesn't descriminate and we all start on even grounds. We will still have

those with excellent to bad credit. I think it's a good idea out of generocity but most CC companies are anything but generous lending credit. Only \exeption I can think of is Amex and they are still strict to get in with

[Crashem]

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@SoCalBound wrote:

When you say credit history, do you mean actually pulling reports to base the information off of, or more of a questionaire or a combo of both.  I'm trying to think of profitability here and where to make the profit.

I do think the space currently has much room for improvements.

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combination of both credit reports and questionnaire.  Need to understand what consumer is trying to accomplish and short cuts to get there.  Example, have you ever have amex in your name?  Credit report needed to give more accurate assessment of what cards are realistic.  About 70%ish percent of advice could be automated and rest would require Manual review.  Think combination of whogavemecredit.com with credit cadd finder website and then personalized for individual.  I am tired to seeing people make mistakes and hindering their credit progress and using websites that are giving bad advice.

[flowfaster]

Honestly the best advice then would be to tell people to come here, to the forums. 

[SoCalBound]

Something in depth like that could be really helpful and marketable.  I found a lot of what was on whogavemecredit pretty useless because it gave pretty limited into and not enough of a clear picture.  The other thing, as I know it applied to me, I had two pristine reports and the third one just was worthless due to a collection, but something  that counts in that stuff could help people greatly so they dont waste inquiries.  if you are doing credit reports (hopefully soft ) the fees could definately be tacked on easier.