Subprime vs. Prime

Anonymous · ‎10-04-2007

I've been reading alot on the forums about subprime and prime credit cards. What's the differences between each? Which one do I want? Is one better than the other?

How do I know if my cc's are subprime or prime? I currently have a US Bank student Visa and a WaMu MC (not student).

Message Edited by freelancer on 10-04-2007 01:27 AM

Anonymous · ‎10-04-2007

I think the board finally came to the conclusion that Subprime vs Prime is in the eye of the holder.

Interest rates, CL, terms, rewards,

You have a card from WAMU that would generally considered prime.

I guess the best example is that my AMEX has a higher APR and a lower CL than several of my other cards.

Conclusion: There are Prime Issuers that have sub-prime terms and there are sub-prime issuers with Prime terms.

I hope I have provided enough confusion to answer you question.

Anonymous · ‎10-04-2007

I consider a subprime card is any card I can get by just applying for it. I consider a prime card, one that I'll never get even with wearing the new dress I just bought when I go to apply for it.

Seriously, I know with my scores, I'll not get a Discover, AMEX, Chase or any other major bank card(unless it's secured...a whole different issue)

On the other hand, I know I'll get a subprime card like: Cap1, First Premier, Juniper, Orchard, and other similar one's just by applying for it.

TU: 676
EXP: 665
EQ: 633

future · ‎10-04-2007

Sylviatob wrote:
I consider a subprime card is any card I can get by just applying for it. I consider a prime card, one that I'll never get even with wearing the new dress I just bought when I go to apply for it.

Seriously, I know with my scores, I'll not get a Discover, AMEX, Chase or any other major bank card(unless it's secured...a whole different issue)

On the other hand, I know I'll get a subprime card like: Cap1, First Premier, Juniper, Orchard, and other similar one's just by applying for it.

TU: 676
EXP: 665
EQ: 633

with those scores you can get amex and few other cc. as long as you dont have a bk on record, you will get a amex. also those are pretty decent scores you can also get a citi or chase as well. good luck!! you will be in the 700 club before you no it

Anonymous · ‎10-04-2007

do you think amex blue is possible to get with credit scores over 700 and no bks..

Anonymous · ‎10-04-2007

thanks future, for your kind words. Perhaps a few prime bank cards but no further, as I have a lot of old baddies(late 30days) on my accounts from years ago. And fatal baddies in public records.(tax liens that I'm taking care of as much as possible).

fused · ‎10-04-2007

tony3 wrote:

do you think amex blue is possible to get with credit scores over 700 and no bks..

YES! Your scores alone will get an approval.

Anonymous · ‎10-05-2007

Do each AMEX card have it's own credit requirements? In other words, is there a difference between the score requirements for the Blue or Clear?

ficonovice · ‎10-05-2007

I'm confused. My scores are pretty decent

EQ: 693

TU: 664

EX: 669

but I have high utilization (this month it should dip to around 75%). I have 17K in total credit card lines. I have 2 30 day late payments from 2 yrs ago and everything else is pristine.

If I apply, are the scores alone good enough for approval, or do you think I'd be denied due to high utilization?

Thanks.

Rust never sleeps and neither does my fico score...

Anonymous · ‎10-05-2007

ficonovice wrote:

I'm confused. My scores are pretty decent

EQ: 693

TU: 664

EX: 669

but I have high utilization (this month it should dip to around 75%). I have 17K in total credit card lines. I have 2 30 day late payments from 2 yrs ago and everything else is pristine.

If I apply, are the scores alone good enough for approval, or do you think I'd be denied due to high utilization?

Thanks.

Some issuers will definitely deny based on high utilization alone. With your scores, you should get a nice boost from bringing that factor under control.

Message Edited by Brammy on 10-05-2007 09:57 AM