Greetings all! It's been a while since I've posted here, but thanks for all of the good advice in the past. I'm wondering if anyone knows whether or not there's some type of service that will allow you to find out the minimum credit score you need for specific credit cards (before actually applying for them and risking damage to your credit score if you don't qualify)? I just received in the mail, for example, an "Express Loan Certificate" from a big bank and I'm wondering if there's a way to know whether or not I will qualify BEFORE actually applying? Thanks!
I can't say much about what you received, but sites like HSBC/Household have the ability to tell you what you qualify for with only a soft pull (won't lower your score or show up to other creditors as a credit app). Then if you actually do qualify for a card and decide to accept it, there will be a hard pull. There are other creditors who will do it for you that way, some on the phone. You just need to do some searches on this site and others to find the ones.
It never hurts to "just ask" what the criteria are for acceptance with any creditor. I've asked FICO score requirements, debt to income ratios, etc. Most creditors will give you a fairly good idea of what the acceptance items are.
Regarding the above, I looked at the top of this forum and only came up with a search engine that recommends a variety of credit cards based on one's perception of one's credit (Good, damaged, etc.) Is there information here that shows approximate scores associated with approval for various cards? (American Express, for example) Thanks to all for your responses!
Shopping for financing and interviewing potential lenders I agree with the just ask comment above. I believe that especially if you are trying to rebuild credit you have every right to interview your lender. A good lender should be able to let you know what type of credit score you need to qualify for their best rates. And it's not out of line for you to ask what CRA they pull from. I call up the bank or credit union and ask their loan dept the following: Hi, I'm looking into financing a new (or used) car. 1. Can you tell me what type of credit score I need to qualify for your best rates? (Sometimes they will say that they look at many factors...you can ask for more clarification, be courteous and polite, listen to what they have to say, don't interrupt and most of the time you'll find out the information you need) 2. Which CRA will you pull my score from? 3. Do you report payment history to all three credit bureaus? Also, since I've had a bankruptcy that's been discharged, and it's still on my credit report I will be honest about that. They appreciate it. I like to interview the lenders first before giving any of my information like SSN, and if I already know myfico scores they should be able to give me an idea if I can qualify without having to pull my credit. Finally, if that particular person can't help me then I ask: What would you do if you were in my situation? This might get you a referral to another lender who will be able to work with you. If a lender won't answer some basic questions without me giving my personal information then that makes me nervous. This way of thinking might seem a little unusual, but really it isn't. You are simply being pro-active and protecting your file from a bunch of unneeded inquiries. This scenario would apply more to getting auto financing, and perhaps a credit card....I think sometimes it's actually easier to get mortgage financing than a credit card. Makes sense because it's a secured loan with collateral. Of course - your mileage may vary.
This is great common sense advice, the main thing is do not be intimidated to ask! It is easy to be on the defensive, and reluctant to actually say what your credit situation is, but you'll never know until you ask. Believe me, the "good credit" people ask all of the above questions, and much more! I recently drilled my bank about loan products, asking them for ALL of their criteria. But, the tone was "conversational", not defensive or offensive. Just, "hmmm..". It has been my experience that every lendor/creditor will communicate what their approval criteria are. It has been my experience that they are often "soft" criteria, there is room for negotiation.
I think this is especially true of credit unions, especially those associated with your employer or some other local group. They tend to look at the entire picture, where a finance company such as GMAC will be more score-driven. Be careful, though, especially if you're shopping for auto loans. Remember that you don't just have [bold]A[/bold] score, you have many scores because FICO has many models. When I was talking to my credit union about finanacing a car quite a few years ago, I was just learning about credit and credit scoring. I asked the loan officer at the credit union if she could tell me my score. I about fainted when she said it was 3-something. (356, something like that. I don't remember the actual number, only the shock that it was in the 300s). She quickly told me not to panic, that it is a risk score, and that low was better. She said I actually had a very good score. So, all I'm saying is that if the score seems out of line with what you would think, verify that it is in fact a FICO score and not some type of risk score. I think insurance companies have a different scoring model, too.
