my first few weeks on the job

[jcstarkey8826]

Well, I have a good understanding of whats going on behind the scenes now. So far I have only a few things to suggest and re-enforce.

1. ALWAYS RECON. On average, we only receive 15% of the applications to review. The rest fly through the system. Analysts are WAY more lenient than the system. So always call and get a pair of understaning eyes on it. This doesn't mean your app will be approved, but gives you a chance.

2. Your DTI is a MAJOR factor. We don't even look at your credit score. Our systems are actually being updated not to include that  information. The CARD act is making your income a massive factor. I have declined scores in the 800s and approved 620s. They take ability to repay seriously.

3. Under 50% is our magic utilization. Keep it under that and you probably won't worry anyone looking. Keep you DTI under 50% as well.

4. BK isn't as bad as you think. The system really doesn't like it, but get a pair of eyes on it, and if it's 4 years or so ago and you have managed re-establlished yourself, it's not as bad as I expected.

5. Your credit tips might work if you are lucky enough to fly through the system, but if you call for a recon, be prepared to be called out on your AU trades, why you have so much credit and need more, etc. (things I remember people doing to get trades and increases) There are people being declined now because their avg. yearly spend on a card is 1k and they want a 5k increase. Not happening. If you want an increase, show you need it or have a reason for needing it now.

These are just some of the things I've been picking up. As I said last month, I'd update you guys on the inside workings as I learn. If you have any questions about specifics let me know. Obviously the above will change company to company, and I can't say who I work for, but it will give you a general sense if you were curious.

Thanks guys

[Rhaeny]

Thanks for the tips from an insider.  Can't get better than this for sure.  

And congratualtions on your new position!!!!

[HiLine]

Thanks for the helpful information, jcstarkey8826! It's nice to have [Bank] insider's information on this board!

Oh, and congratulations on the job!!!

[MsLadyRover]

Congrats on your new job.

Great information to know! Thanks for sharing.

[jcstarkey8826]

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@HiLine wrote:

Thanks for the helpful information, jcstarkey8826! It's nice to have [Bank] insider's information on this board!

Oh, and congratulations on the job!!!

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Being that I just asked a question about Chase auto CLI, I would assume people could rule that out haha. I don't have this companies CC, but hopefully these tips will be somewhat general or helpful in some way lol

[Rhaeny]

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@jcstarkey8826 wrote:

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@HiLine wrote:

Thanks for the helpful information, jcstarkey8826! It's nice to have [Bank] insider's information on this board!

Oh, and congratulations on the job!!!

---

Being that I just asked a question about Chase auto CLI, I would assume people could rule that out haha. I don't have this companies CC, but hopefully these tips will be somewhat general or helpful in some way lol

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Absolutely they are helpful and thanks again for providing them!

[HiLine]

What Rhaeny said!

[scenery_guy]

Nice post, thank you. Glad to see DTI being a major factor as it should. I do notice you didn't say available credit to income, just debt to income. Also if credit score is becoming less than relevant how are you looking at recent inquiries and how does that effect things? How are recent (less than 1 year old) vs. older (greater than 1 year old) inquiries judged? 

Thanks again!

[indiolatino61]

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@jcstarkey8826 wrote:

Well, I have a good understanding of whats going on behind the scenes now. So far I have only a few things to suggest and re-enforce.

1. ALWAYS RECON. On average, we only receive 15% of the applications to review. The rest fly through the system. Analysts are WAY more lenient than the system. So always call and get a pair of understaning eyes on it. This doesn't mean your app will be approved, but gives you a chance.

2. Your DTI is a MAJOR factor. We don't even look at your credit score. Our systems are actually being updated not to include that  information. The CARD act is making your income a massive factor. I have declined scores in the 800s and approved 620s. They take ability to repay seriously.

3. Under 50% is our magic utilization. Keep it under that and you probably won't worry anyone looking. Keep you DTI under 50% as well.

4. BK isn't as bad as you think. The system really doesn't like it, but get a pair of eyes on it, and if it's 4 years or so ago and you have managed re-establlished yourself, it's not as bad as I expected.

5. Your credit tips might work if you are lucky enough to fly through the system, but if you call for a recon, be prepared to be called out on your AU trades, why you have so much credit and need more, etc. (things I remember people doing to get trades and increases) There are people being declined now because their avg. yearly spend on a card is 1k and they want a 5k increase. Not happening. If you want an increase, show you need it or have a reason for needing it now.

These are just some of the things I've been picking up. As I said last month, I'd update you guys on the inside workings as I learn. If you have any questions about specifics let me know. Obviously the above will change company to company, and I can't say who I work for, but it will give you a general sense if you were curious.

Thanks guys

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For #5...is wanting to make a large purchse (70" Flat Screen, etc.) a reason to substantiate the need?

[migliogiorni]

Thanks for the inside scoop.  Insightful tips e