@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
