I've stumbled upon this at Experian's web site: http://press.experian.com/documents/showdoc.cfm?doc=442 Pretty interesting.... what do you think?
I remember a while back that the bureaus were developing some new types of data mining/screening systems to better "understand" creditor habits. This came into being because the banks were crying "Oh no! Joe Blow has a $35,000 Visa with us and he charged up $20k in 2 weeks...now, 3 months later with no payment from him and he's declaring bk on us!" Evidently there was a "rash" of well-to-do (so they say) people who declared bk and ostenibly, there were no traditional warning signs. So now, they look at things like: use your Visa card at the grocery store and maybe you're not making ends meet...use it at Midas and well those car repairs could be piling up--maybe you're about to default on your car loan... Of course that could be true but it could also be complete crap because Jane Sunshine wants to maximize her Delta Skymiles and charges everything.... What I want to know is when Experian is going to let the consumers have the same kind of power via Credit Max?
INTERESTING... Maybe a "PRE-APPROVED" will be a real APPROVED not apply then get denied... They could "TARGET" credit card offers correctly...people who NEVER pay an annual fee on a VISA/MC would always TRASH an offer with a fee...so they wouldn't bother. If somebody has credit lines $10,000+ and interest rate <10.00% NOBODY should try to offer $500 @ 24.99% with an annual fee of $72.00 !!!
