a few questions.

[Anonymous]

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@birjest wrote:

Well, I have a questions?  Why does it matter if you have a sub-prime/prime card?  I figure, if you have a company that is willing to extend you credit, why care if it is sub or not?  just saying...

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One of the reasons for Amex denying a Zync recently at the terms requested:

"Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)"

Like the others, I'm not criticising the sub prime cards and will always be grateful to Cap1 for extending me credit when no-one else would, but I have to take the above into mind.

Mike

[john398]

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@Anonymous wrote:

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@birjest wrote:

Well, I have a questions?  Why does it matter if you have a sub-prime/prime card?  I figure, if you have a company that is willing to extend you credit, why care if it is sub or not?  just saying...

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One of the reasons for Amex denying a Zync recently at the terms requested:

"Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)"

Like the others, I'm not criticising the sub prime cards and will always be grateful to Cap1 for extending me credit when no-one else would, but I have to take the above into mind.

Mike

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wow american express said that about someones cap 1 card? ouch

[birjest]

Ohhhhh, I got it.  I didn't think AMEX would frown on other creditors when you app for them....

[Anonymous]

I have seen on 1 score report, don't remember which 1, but I got a subprime loan on my boat and score dropped, and it said because of the subprime lender

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birjest wrote:

Well, I have a questions?  Why does it matter if you have a sub-prime/prime card?  I figure, if you have a company that is willing to extend you credit, why care if it is sub or not?  just saying...

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[Anonymous]

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@birjest wrote:

  I know that you wasn't bashing.  I have an understandings of the 2, but I do agree.  Once the cards is maxed (can't graduate) then it will be time to move on.  I see you have a Zync, I just got my Zync last week.  however, I still see others here that bash the Zync card because it can't be pc.  You made some fine points.  OP, are you taking note...

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all cards have a purpose, but when u out grow them u must move on.. sure when I was trashed I happy to receive any card I could get,, but with the knowledge from this forum and discipline I have moved up from paying them to use ther card to them paying me to use ther card, amen praise the lord

[android01]

The key to consider whether or not a certain account has an effect on your score or an application denial is whether it is a computer approved application or a manual review by a person.  Payday loans, and other subprime "consumer loans" can and do affect (lower) your FICO score as these types of accounts are considered high risk.  If you are applying for a credit card and have a few revolving accounts from First Premier or Credit One, although your FICO score wouldn't be necessarily affected, your application would have a better chance for denial if a manual review was done on your report than an automated review.  Having a First Premier or Credit One account wouldn't lower your FICO score, but a loan officer or credit analyst absoultely knows who those companies are and why people use them, hence sending up a red flag about where you've been credit wise - despite your score.   As always YMMV. 

[birjest]

Well, it's funny that you said that.  I too is learning how to app for cards that pay me to use them.  I must admit, if I didn't come to this sites months ago, I would still have a CO and no credit cards.  Now, I have a Cap 1 2500cl, Discover 5000cl, Citi Plat Select 2600cl, and AMEX Zync, all in 3 weeks of each other...

[birjest]

Bro, I did not KNOW THISSS  serious, although never heard about these banks, (heard so much about Orchard), I am in awe that the type of card or loan you have can negatively affect you manual reviews

[Anonymous]

Don't get me wrong,, the sub primes help as we all know, but once u get going in the primes and ur shining u want better and better cards

[Anonymous]

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@birjest wrote:

Bro, I did not KNOW THISSS  serious, although never heard about these banks, (heard so much about Orchard), I am in awe that the type of card or loan you have can negatively affect you manual reviews

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Exactly why I said it looks very good on your credit report when you have accounts with prime banks! A loan officer is going to like seeing that you have an account with Citibank or American Express, over someone like First Premier or maybe even Cap1.