You have a chance to be seriously considered just because of your high scores. It gets your foot in the door for any loan application.
EX:694 TU:744 EQ:777
700 w/4+ tradelines and even 3 years > 800 w/1 tradeline + one year from an underwriting perspective.
That's true at least 2 major lenders I have direct knowledge of. A score only gets you so far, and you're lacking in payment history, and tradelines honestly. Not necessarily a bad thing, but you need to round out your credit profile, and I'd refrain from applying for the absolute top tier cards as I think they might wind up being a rude surprise.
@Revelate wrote:700 w/4+ tradelines and even 3 years > 800 w/1 tradeline + one year from an underwriting perspective.
That's true at least 2 major lenders I have direct knowledge of. A score only gets you so far, and you're lacking in payment history, and tradelines honestly. Not necessarily a bad thing, but you need to round out your credit profile, and I'd refrain from applying for the absolute top tier cards as I think they might wind up being a rude surprise.
I agree, a stay in the garden for a year will get you anything you want almost (YMMV).
tbh, i didn't know 800 FICO is possible with 1 tl and 1 year of history. Aren't both of those things, #/mix of TL + AAoA, major factors in the FICO scoring algorithm?
...unless you are authorized user on a few much older trade lines?
@DaveSignal wrote:tbh, i didn't know 800 FICO is possible with 1 tl and 1 year of history. Aren't both of those things, #/mix of TL + AAoA, major factors in the FICO scoring algorithm?
...unless you are authorized user on a few much older trade lines?
It probably is on current versions of the model. There was a post over in one of the other boards where it was EQ 735 / TU 798 theoretically from here. Personally I don't put a lot of stock in the 798 as a TU '98 pull compared to the Beacon 5.0 number, but not all scores are carry equal weight and many underwriters would look very skeptically at someone with such short history.
@Anonymous wrote:I wasn't so much picking any real numbers, just giving a scenario for illistrative purposes. I don't know if it would be possible, I just wanted to know if a creditor would be more inclined to deny you simply because of a short history, even if you had high scores, which seems to be the case, which is what I originally thought.
Does applying for a second card through the same CCC increase your chances of approval? Does it depend on the CCC whether or not it might give you a better chance of being approved?
If you've done well with relationship, probably. If you haven't been a model customer for whatever reason, it may be a detriment.
Most of the big lenders are starting to try to reward customer loyalty, so on the balance it probably helps.
