US banks to begin issuing credit cards to “responsible” adult with no credit

[Slabenstein]

I can't decide if "UltraFICO" sounds more like a superhero or a diet drink.

[805orbust]

@sarge12  in my experience nothing nefarious is ever sold as such. There's always another story. Hard pass for me. 😉

[DONZI]

@Anonymous- I get the impression that you were happy with one credit card, it's defect and chose to live without personal debts, etc.. Cash and carry, like I lived for the better part of 20 years. I wasn't interested in my personal credit for a long time, however since I knew of such things as credit ratings, the penalty of a thin credit file was my own doing. I have been amazed how being responsible with finances in the short year since I have began to use credit cards again has done to my score. It seems the credit is available for the taking already.

Somewhat a different take on it, there are plenty of responsible people out there who don't want to use credit. I find it scary that regulators assume that responsible people need or want credit in the first place.... responsible people I imagine can in fact get credit to demonstrate their ability to handle money, if they want.

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In regard to the data sharing.. I don't like it. I feel used already with what goes on now. However I knowingly got back into the 21st century feeling that I was boarding a run-away train. I still have a majority of boundaries on what I will or won't sacrifice for convenience, etc.

[Anonymous]

Interesting thread and comments! Buyer Beware

ca·ve·at emp·tor ...

[Anonymous]

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@DONZI wrote:

@Anonymous- I get the impression that you were happy with one credit card, it's defect and chose to live without personal debts, etc.. Cash and carry, like I lived for the better part of 20 years. I wasn't interested in my personal credit for a long time, however since I knew of such things as credit ratings, the penalty of a thin credit file was my own doing. I have been amazed how being responsible with finances in the short year since I have began to use credit cards again has done to my score. It seems the credit is available for the taking already.

Somewhat a different take on it, there are plenty of responsible people out there who don't want to use credit. I find it scary that regulators assume that responsible people need or want credit in the first place.... responsible people I imagine can in fact get credit to demonstrate their ability to handle money, if they want.

--

In regard to the data sharing.. I don't like it. I feel used already with what goes on now. However I knowingly got back into the 21st century feeling that I was boarding a run-away train. I still have a majority of boundaries on what I will or won't sacrifice for convenience, etc.

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 Let me clarify if I may. Believe it is good for people to have the option and "Optional it Should be". Hate all the data sharing but we all pay to have most everything we do tracked through that hand held device we carry. I am one the most private people you could ever know. No social media of any kind ever and intend to keep it that way with the one exception of this forum and it is anonymous. Quite honestly I don't fit today's culture at all nor do I want to, call me a bit antiquated if you will.

Yes was quite content with the one card which would keep scores generated until dispute remarks. Did\do deal with local banks for an occasional installment (last was 2012) and they like scores too. Had Paypal Credit as well, non reporting until Sync and that's when I got scores back, late 2019. Here comes Covid and got in the game because I didn't want to handle cash all the time. 5 personal and 3 business cards in last 15 months, made money for collecting and using. Scores +/- 800 depending on bureau (Experian hammered with HPs) and utilization 1/10th of 1%. Now my spend is tracked, nothing to hide but don't like it.

Never have I had depository accounts with big banks with exception of PenFed CU and no intention of doing so. Do I use there credit card products, yes I sure do and that will be the extent of relationship. Call me a mattress man but that has its own issues of theft by government in devaluation of currency. Think of it this way a $100 bill from 1976 kept all these years, what would it have bought then vs what it will buy now.

I still believe it's a good thing for "some people". Would I take that route, not a chance! It was just stating that I understand how you can be penalized for being responsible and could possibly help "some people". 

[Anonymous]

^Please excuse grammatical error.... should have been their card products not there.

[Anonymous]

according to the latest Citi insert on info sharing there's not a lot that I can actually opt out from, basically only my credit worthiness, "marketing" via their affiliates and nonaffiliates. So it feels like we're already at the point of them sharing everything that's need for this process anyways. 

As for the actual process I can't imagine anyone who isn't using credit would need access to credit products based on their "financial status" in first place, if you're a cash only person why would one need access to a loan/credit card via alternate means than a classic credit score?

I do understand the fact that in today's world some form of Credit is necessary if one want's to rent etc. 

Also isn't this in some way going against the ECOA discrimination policy if they're targeting people due to their finances rather then their actual payment history?

[pizza1]

@gdale6 , you always find the most interesting articles! Thank you !

[sarge12]

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@Anonymous wrote:
Interesting thread and comments! Buyer Beware

ca·ve·at emp·tor ...

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A good question is, if there is no credit, what criteria is to be used to determine who is responsible, and who is not. Who is going to be making that determination?

[NoMoreE46]

May 13 Article linked from Reuters:

JPMorgan, others discuss issuing credit cards to people with no credit scores - WSJ | Reuters