Do credit card companies typically look beyond FICO scores?
Guest: angelo21
Post subject: Do credit card companies typically look beyond FICO scores?
Posted: Wed Jan 17, 2007 2:45 pm
Thanks for the info.
It seems it will be considered but on another level. Just the way it says your address wil not considered. Place a flagged zip code on your application and many questions will arise on the lender's side.
Anyway, Thanks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fenster
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 2:56 pm
A security, identity theft-orientated flag, not a credit worthiness flag. You keep mangling things, you gonna funk everything up.
I’ll go even further and say that angelo is disowning his clear FICO statement and insisting he still has a point merely to save face. So I’ll say to angelo eating one’s words hardly ever gives one indigestion.
Quote:
angelo21 retorted: employment is a factor. If your showing frequent changes, etc. you will be verified unless you have a strong history.
You keep adding new requirements every post, now you’re entering job stability into the fray, next thing you’ll start demanding job prestige and mode of transport, whether by limo or chopper.
Her’s a simple experiment that’ll open your eyes, HSBC doesn’t pull a hard inquiry on the applicant when they initially apply, they pull a soft inquiry to show you which cards you qualify for, then you choose one and apply for real.
Do two applications, in the first one, list your actual income, actual years on the job and actual years at residence, then see what cards, APR and terms are offered to you.
On the second app, list an income of $1,000,000, 1 year on the job and one year at residence. If you don’t get the same offers, same APR and same terms, fenster will quit this board.
Notice that one of the variables that didn’t change between your two back to back apps is your credit profile, and this credit profile being the sole determinant of the offers you received.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Chazmanian
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 3:04 pm
angelo21 wrote:
Thanks for the info.
It seems it will be considered but on another level. Just the way it says your address wil not considered. Place a flagged zip code on your application and many questions will arise on the lender's side.
Anyway, Thanks.
Angelo, Over my past year of "Lurking" prior to coming out of my proverbial closet and posting I did manage to glean one fairly consistant factoid from this forum....
Both The Fenster and Harry have good sound knowledge and understanding of most things credit related.
You can learn a buncha good stuff here from these Gents and the other fine contributers here!
I also thought that Employment surely has something to do with our overall credit worthiness.
After reading this thread... I realize that I too thought wrong
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 3:25 pm
Quote:
I also thought that Employment surely has something to do with our overall credit worthiness.
After reading this thread... I realize that I too thought wrong
Chaz, don't backtrack too far. The only point here is that employment history isn't a FICO factor.
But creditors typically look beyond FICO scores (it's a no-brainer that they consdier income in assigning CL's). Many creditors will factor the employment you report on your application in some respect. (Emp history on your credit report is likely universally ignored since inaccuracies abound.)
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Do credit card companies typically look beyond FICO scores?
Posted: Wed Jan 17, 2007 2:45 pm
Thanks for the info.
It seems it will be considered but on another level. Just the way it says your address wil not considered. Place a flagged zip code on your application and many questions will arise on the lender's side.
Anyway, Thanks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fenster
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 2:56 pm
A security, identity theft-orientated flag, not a credit worthiness flag. You keep mangling things, you gonna funk everything up.
I’ll go even further and say that angelo is disowning his clear FICO statement and insisting he still has a point merely to save face. So I’ll say to angelo eating one’s words hardly ever gives one indigestion.
Quote:
angelo21 retorted: employment is a factor. If your showing frequent changes, etc. you will be verified unless you have a strong history.
You keep adding new requirements every post, now you’re entering job stability into the fray, next thing you’ll start demanding job prestige and mode of transport, whether by limo or chopper.
Her’s a simple experiment that’ll open your eyes, HSBC doesn’t pull a hard inquiry on the applicant when they initially apply, they pull a soft inquiry to show you which cards you qualify for, then you choose one and apply for real.
Do two applications, in the first one, list your actual income, actual years on the job and actual years at residence, then see what cards, APR and terms are offered to you.
On the second app, list an income of $1,000,000, 1 year on the job and one year at residence. If you don’t get the same offers, same APR and same terms, fenster will quit this board.
Notice that one of the variables that didn’t change between your two back to back apps is your credit profile, and this credit profile being the sole determinant of the offers you received.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Chazmanian
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 3:04 pm
angelo21 wrote:
Thanks for the info.
It seems it will be considered but on another level. Just the way it says your address wil not considered. Place a flagged zip code on your application and many questions will arise on the lender's side.
Anyway, Thanks.
Angelo, Over my past year of "Lurking" prior to coming out of my proverbial closet and posting I did manage to glean one fairly consistant factoid from this forum....
Both The Fenster and Harry have good sound knowledge and understanding of most things credit related.
You can learn a buncha good stuff here from these Gents and the other fine contributers here!
I also thought that Employment surely has something to do with our overall credit worthiness.
After reading this thread... I realize that I too thought wrong
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 3:25 pm
Quote:
I also thought that Employment surely has something to do with our overall credit worthiness.
After reading this thread... I realize that I too thought wrong
Chaz, don't backtrack too far. The only point here is that employment history isn't a FICO factor.
But creditors typically look beyond FICO scores (it's a no-brainer that they consdier income in assigning CL's). Many creditors will factor the employment you report on your application in some respect. (Emp history on your credit report is likely universally ignored since inaccuracies abound.)
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:06 PM
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