Previous apps... do they remember?

[-Wade-]

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@axledobe wrote:

Just to clarify, I'm considering a Chase card.  They gave me an auto loan with a decent rate in July 2013 (I put a nice chunk of change down on the deal).  My credit score is right at 100 points higher now and I get rate specific pre qualified offers on their website for the Freedom and Slate, 18.99 and 17.99 respectively.  I've stayed a month ahead on the auto loan and pay extra quite often.  I hope I'm "in" so to speak.  I still have a feeling they would surely know where I stood 8 months ago and that would somehow affect my starting CL..... I'm trying to avoid low limit hell as much as possible... 

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i would say they will go by what's on your report at the moment of the app. I don't see them looking at where your credit was 8 months ago.

[-Wade-]

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@axledobe wrote:

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@Wade64 wrote:

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@Anonymous wrote:

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@axledobe wrote:

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@Anonymous wrote:

Probably, since it's easy to do from a technical perspective.

The same would apply for SP account reviews -- they probably know what state your credit was in 5 years ago.

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I agree.  With technology these days, I bet it's all saved right there and they can compare reports... maybe I'm wrong.....

The SP comment would obviously only apply in a scenario where you already had an account with them, correct?  

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Yes.  If they're doing SP account reviews, there's no reason why they couldn't save them, and thus develop a long-term snapshot of your credit profile.

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The OP was asking about reapplying for new credit is the way i read it ..... Correct me if i am wrong.

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Yes, new credit.  Specifically if you've applied before and denied (for me, Barclay to be specific).  I made a pretty "dumb" application with them in the past and now my TU is at a point where I should be approved but knowing them and their conservative nature, my 750 TU would equate a $500 starting limit if they have the ability to look back... LOL

EDITED: grammar

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I don't see them giving you a 500 Cl with a 750 score.I would go for it with that score, and you should get a nice CL base on your income

[axledobe]

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@Wade64 wrote:

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@axledobe wrote:

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@Wade64 wrote:

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@Anonymous wrote:

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@axledobe wrote:

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@Anonymous wrote:

Probably, since it's easy to do from a technical perspective.

The same would apply for SP account reviews -- they probably know what state your credit was in 5 years ago.

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I agree.  With technology these days, I bet it's all saved right there and they can compare reports... maybe I'm wrong.....

The SP comment would obviously only apply in a scenario where you already had an account with them, correct?  

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Yes.  If they're doing SP account reviews, there's no reason why they couldn't save them, and thus develop a long-term snapshot of your credit profile.

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The OP was asking about reapplying for new credit is the way i read it ..... Correct me if i am wrong.

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Yes, new credit.  Specifically if you've applied before and denied (for me, Barclay to be specific).  I made a pretty "dumb" application with them in the past and now my TU is at a point where I should be approved but knowing them and their conservative nature, my 750 TU would equate a $500 starting limit if they have the ability to look back... LOL

EDITED: grammar

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I don't see them giving you a 500 Cl with a 750 score.I would go for it with that score, and you should get a nice CL base on your income

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Thanks, Wade.  The 10th of this month will be my six month anniversary of getting the dreaded denial hammer.  I plan to wait until the end of next week if I do reapply so it's past the 6 month mark.  My most recent TU inquiry is by Barclay themselves.  That should count for something if I had to recon you'd think....

[Smooth954]

Anything is possible but the amount of data storage it would demand for a lender to store old are out dated reports on millions and millions of customers are prospected clients I would think that would be a waste of resource unless they are looking to take no risk on any investment. These banks are well aware of the risk that comes with investments they work to limit risk but they also know when you play for high rewards you have to wager higher stakes. Sometimes they will take a risk on a borderline approval and give a decent limit where we would scratch our heads but then you see the APR. 

[ecxpa]

I've often wondered about this myself.........I have been denied credit, tried to do a recon and the lender OFTEN said; "wait 6 mos and try again"  due to so many inquiries.  I'm sure they have the ability to check past apps whether they do or not is probably unknown.  Have heard of people getting approved after an app was denied at a later date.  So, my take on it is they look at your current picture.

[enharu]

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@Wade64 wrote:

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@Anonymous wrote:

Probably, since it's easy to do from a technical perspective.

The same would apply for SP account reviews -- they probably know what state your credit was in 5 years ago.

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our reports are always changing. i can't see them keeping up with our credit. They go by what's on them at that moment. All have a waiting time to reapply but that's it

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Lenders do keep records of customers' past credit history. Same for their usage and payment history. It's all data that helps to build up a bigger picture of the customer's financial standing and risk. The more data you have at hand, the better the analysis is going to be, due to the lower margin of statistical error.

However, in most cases, your credit score from 5 years ago will not affect your current application. The data isn't used this way. However, the lenders may use all the data to decide whether they want to extend you more credit than they already have right now, based on your overall risk outlook. Amex and Chase for instance base their credit decisions more on their internal scoring than FICO scoring in a lot of cases. If they do think you are qualified for more credit, then they'll just base your current application and CR on whether to approve that app itself. 

Want more examples of them keeping old data? Just look at people whom burned those lenders in the past. It may have fallen off the CRs, but the lenders still do remember. Same thing if you had late payments in the past that may already have fallen off your CR. 

Data space is plenty and cheap. Doesn't make any sense for any lender to not store these data.

[indiolatino61]

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@axledobe wrote:

I'd like some input please.  Let's say someone applies for a card and is flat out denied (no chance of recon) due to past derogs, high util or other negative information.  Six months goes by, util is pristine, old derogs have fallen off and scores are up by quite a bit as one would expect from the positive changes.  Do you think there's any type of internal system with the large banks (Chase, AMEX, Barclay, Citi, Discover, etc.) that remembers items from your previous app like "applied before with 645 FICO, BK on file and 72% util" but now has 720 FICO, no derogs and 1% util.... ?  Do they have the ability to 'back reference"?  Can they deem you as higher risk knowing what was on your report before?  I know a FICO score is a real time snapshot of your report but I question how banks handle this.  I just wonder if this is kept somewhere how it affects overall approvals and/or starting CL's if that's the case.

I've always wondered that.  Thoughts?

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IMO, there is a possibility that records of this type are kept for a specified time span. Remember, however, that physical storage space does cost money and resources. "The Cloud" was named to impart a sense of limitless storage and safety, but it still has physical hardware...it is not a magical land of memory...lol. So, all lenders must eventually expunge some recent records, which I presume will be "snapshots" like SP's. Just my opinion...it may be totally different....

[enharu]

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@indiolatino61 wrote:

IMO, there is a possibility that records of this type are kept for a specified time span. Remember, however, that physical storage space does cost money and resources. "The Cloud" was named to impart a sense of limitless storage and safety, but it still has physical hardware...it is not a magical land of memory...lol. So, all lenders must eventually expunge some recent records, which I presume will be "snapshots" like SP's. Just my opinion...it may be totally different....

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Storing a customer's data requires merely a few megabytes of data. 

With HDDs capacity increasing and cost decreasing, it's honestly dirt cheap for most companies to store all these data, as long as you do not include the costs to maintain those server farms.