No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Interesting read and true as I am seeing more and more card invites in the mail - mostly from Citibank and BofA.
Nothing from Chase - I guess the last failed app may have spooked both of us ?
Now if Citibank would just return my 1000 dollar deposit they have been holding on to for nearly 2 years for my secured card!
Does this mean that it is now easier to obtain a Citi Core Card? Such as, they won't deny you for stupid reasons like "too many inquiries" or "lack of any RE credit"? Lol
Does this also make it likely that Chase may lift it's 5/24 rule? Or BofA may loosen their Requirements?
@Anonymous wrote:Does this mean that it is now easier to obtain a Citi Core Card? Such as, they won't deny you for stupid reasons like "too many inquiries" or "lack of any RE credit"? Lol
Does this also make it likely that Chase may lift it's 5/24 rule? Or BofA may loosen their Requirements?
Those denial reasons aren't stupid.
From lenders perspective, they are some of the most valid reasons.
Anyway, nope, that's not what it means.
Chase's restrictions were put in place to curb churning, and they are rather effective. Their business grew since they were imposed, they have no reason to change them.
Citi, totally profile driven. Some cannot get approved with 0 inquiries, others have no issues with HPs in double digits.
Also, better the SUB, higher demand, lender can be pickier than usual (simple UW tweak for them).
Best thing you can do is stop trying to apply for everything under the sun and moon. Then in time you will have options based on your CR, not on news article.
@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...
So that seems like a dumb thing to factor into a CC app...
@Anonymous wrote:@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...
So that seems like a dumb thing to factor into a CC app...
It came as a general recommendations for those aiming for cards where lenders any have certain sensitivities. I can respond to your post while including general info and not just things applicable to you, since it's not you as a topic here, but instead, news article.
Reasons you mention are common for younger and thinner files, its a round about way of telling you "not enough history there, not enough different types of accounts" so it's not a dumb thing. In time, you wont see those reasons
@Anonymous wrote:@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...
So that seems like a dumb thing to factor into a CC app...
@Anonymous
It may sound random but it's more like a algorithmic segmentation, an example like:
BoA deposits/relationship = 0, then if
FICO >=600 and 680<=
And
Open bankcards in lst 12 mo >=2
Open RE trades = 0, then deny application
If it wasn't for no RE trade you may well have or not been denied for another reason, however, lenders aren't required to list all of them IIRC
Obviously there's much more factors going on but generally UW algorithms for these large banks segment people based on things like relationship, risk score, credit, for approval and then a segmentation of similar factors to calculate ability to pay for CL assignment and minimum approval guideline