Soft-pull PREAPPROVALs - Updated 4/20/21

[1GaDawg85]

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@Merc1776 wrote:

Do you know any of the " some never HP depending on the company." by chance?

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those would be store cards 

[Merc1776]

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@1GaDawg85 wrote:

For those wanting to check out HSBC. They don't like BK's reporting or high UTIL and they want to see age on accounts. 

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"they want to see age on accounts" meaning they are like AMEX in the way they age out their accounts? Example an accountant told me in 2003 go for amex first because the way they report CC payment history was more enduring vs like a citi (cap one) which payment history goes slouging off over time. I noticed he seems to be right 15 yrs later vs other cards I had like Citi.

[Anonymous]

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@Merc1776 wrote:

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@1GaDawg85 wrote:

For those wanting to check out HSBC. They don't like BK's reporting or high UTIL and they want to see age on accounts. 

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"they want to see age on accounts" meaning they are like AMEX in the way they age out their accounts? Example an accountant told me in 2003 go for amex first because the way they report CC payment history was more enduring vs like a citi (cap one) which payment history goes slouging off over time. I noticed he seems to be right 15 yrs later vs other cards I had like Citi.

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@Merc1776 can you be more specific regarding reporting by American Express versus citi?

[Merc1776]

Couple additional examples. One Citi does co-ventures with like Exxon for a master card. Then Citi decides no longer to provide that CC product anymore and closes the account to all of its customers who signed up for Exxon Master Card. If they were keeping that cc line to all users it would have giving 15 yrs of trailing history. There are other times which cc companies may juggle cc products offerings and it will interfere with aging metric on the reports when you need to open another CC within their product offerings replacing the "old product" thereby starting whole new line on the report. Somtimes this can happen with corp mergers as well in banking. Regardless Amex was known to be more stable with their products and giving a nice long trailing positive use of reporting back to the big 3 agencies. I have seen this first hand over 20 yrs of pos pmt history. Also when other CC lines are no longer reporting any data because the "line of credit was closed out" on their end, and seen this several times as well.

[FinStar]

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@Merc1776 wrote:

Couple additional examples. One Citi does co-ventures with like Exxon for a master card. Then Citi decides no longer to provide that CC product anymore and closes the account to all of its customers who signed up for Exxon Master Card. If they were keeping that cc line to all users it would have giving 15 yrs of trailing history. There are other times which cc companies may juggle cc products offerings and it will interfere with aging metric on the reports when you need to open another CC within their product offerings replacing the "old product" thereby starting whole new line on the report. Somtimes this can happen with corp mergers as well in banking. Regardless Amex was known to be more stable with their products and giving a nice long trailing positive use of reporting back to the big 3 agencies. I have seen this first hand over 20 yrs of pos pmt history. Also when other CC lines are no longer reporting any data because the "line of credit was closed out" on their end, and seen this several times as well.

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@Merc1776, I'm not certain that your examples provide real clear/solid information for how the reporting can be more favorable or "stable" for AmEx vs Citi, Discover or other FIs.  In the past, at least prior to mid-2015, AmEx was well-known to have the capability of 'backdating' (reporting-wise) any CCs obtained up to that period, but I hope you realize that's not the case any longer.

To add, any CCs I've had dating back to the mid-90s have endured any [aging] reporting metrics whether it's been any M&As by FIs like First Union, MBNA, Nationsbank, FirstUSA/Bank One, etc.  The latter are still open with history dating beyond 25+ years.  So, IME, that's pretty stable (no duplicate or closed tradelines let alone "slouging off") just updates to the account numerical values and/or name of the lender.   Sure, whenever any private label partnerships occur, such as the example you provided (Citi/Exxon MC), is viable to occur with a variety of lenders including AmEx (i.e. JetBlue, Costco).

[Merc1776]

I gave you a “kudo” for the extra details you brought out. Before was looking to keep things brief when writing that post. Rather than too getting bogged down in the complexities. The Amex recommendation giving to me back then was solid one for building long credit histories.

Also having specifically been told that some bankers prefer a person to have 2-3 credit cards with long window time span rather than the more common scenario of +10 credit cards with large total outstanding credit limits. The bankers told the accountant they looked at it as a liability in their eyes, at that time , when going for a home loan or commercial business line of credit yet times do change dogma.

You brought out good point of change as far as the Amex “capability of backdating” and such which is another example of change over 20 year span. Yet the overall point is that Amex has their own transaction system rather than running off other 3rd party networks like Master Card and Visa. You referred to private label partnerships being another aspect of credit line being discontinued.   A big conglomerate banks like Citi may change to another 3rd party(MC VC) network or you may be unknowingly dealing with a subsidiary branch of “Citi of xyz” who may just discontinue a particular card over within window 20 year span. In general it is more probable to have discontinuation of a credit card with a conglomerate bank than with a standalone network like Amex.

[Anonymous]

Very interesting I enjoyed both of your perspectives.

[HRZ780]

Saw this one and thought it might be of interest.

https://www.peerform.com/

[coreysw12]

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@HRZ780 wrote:

Saw this one and thought it might be of interest.

https://www.peerform.com/

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Looks like a LendingClub kinda deal

[HRZ780]

Here's one more I didn't see on the list:

https://consumer.evenfinancial.com/transunion/loans