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Discussion in 'Credit Talk' started by Dani, Nov 2, 2001.
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FOR ME...CITIBANK, JUNIPER, GETSMART, CAPITAL ONE...704 F.I.C.O.
...BUT OTHERS WITH <650 HAVE GOT THEM...
AMEX Platinum, Juniper, AMEX Cent.. Most cards are not "hard" to get.... For example.... CITI runs a profitability score on you. So, if your regular FICO, lets say, is 720, you may be declined if you appear to be a "deadbeat." (Meaning, pay in FULL most months). Other people, with, lets say, FICO of about 620, can get a great limit on a CITI Platinum, because they show a good "profitability" score. Everything is NOT based on a few generic FICO scores. These things are tweaked....
Joe, whenever you are declined for credit, the creditor is required by law to tell you the reasons you were declined as well as which bureau was pulled. Those reasons will always correspond to the four credit scoring factors which lower your score. Lately, some creditors have gotten around giving the four reasons in favor of simply referring you to the bureau for them, however someone needs to challenge that practice in court. In any event, "poor profitability potential" is not one of those reasons. You can NEVER be denied for credit simply because you may not carry a balance; that would violate federal law.
Respectfully, I don't know where you're getting your information, but you're wrong. To borrow your example, a "720" with perfect payment history but who pays balances every month will be approved by Citibank -- unless, like George, you have a great number of available revolving lines of credit already (in George's case, something like $90k worth).
As for the toughest card to get, Dani, my vote would be for the American Express Centurion Black. It requires perfect credit history as well as something like an average of $20,000 per month in demonstrated expeditures using another AmEx product during the past year. On top of that, you can only apply by invitation only, and the card is delivered by personal American Express courier. There is a $1000 annual fee. Benefits include free upgrades to Concorde service when purchasing certain transatlantic flights and a few other similar life necessities. A summary of benefits can be viewed here:
Most people have never seen what an American Express Centurion Black card looks like. Someone posted an expired one on eBay not too long ago, and the picture can be viewed here:
I appreciate your comments! I think I wasn't very clear. You are right, of course. My info comes like this: Assume you are in the normal "decline" range. Assume your profitability score is high...you may be granted an exception. This is NOT a violation in a case like this. Also, even if you are "approved" they can give you a super low limit due to your lack of a decent profitability score. That is key. No violation to use other types of score models to determine lines, rates, etc. The approval process must be even handed, but don't kid yourself, I know there is a LOT of "wiggle-room." If anyone thinks the process is applied evenly across the board, law or not, they are mistaken. Just what I have learned from friends....
Aha... so if you have a score that would normally be declined but you appear to be a customer with a high potential for profit, they may grant an exception. That makes sense. Thanks for clarifying. Your "720" example threw me off. Interesting, Joe!
Out of curiosity...why was a picture of a CC put on Ebay? Were they selling an expired card?!?
I'm curious and dying to know as well!
I'LL GET AMEX CENTURION BLACK, BEFORE I EVER GET CITIBANK, JUNIPER, CAPITAL ONE, OR GETSMART!!!
George, haven't you figured it out yet? Those credit card companies won't give you their cards because THEY are NOT worthy enough to have you as a customer. YOU are just to darned GOOD for them. Go for the black, the rest of the cards is bottom of the barrell. LOL
eBay hosts a special area just for people who collect expired and vintage credit cards. Here's the link:
(It's category #1462.)
I think I'll start with Juniper and then work my way up the Amex tiers. Maybe by the time I'm 60 I can afford to spend $20,000 a month and Amex will reward me with the Centurion. I would apply for the Platinum, just for the hell of it, but I hate having to pay $300 for an annual fee each year.
I remember when my Mom and Dad had the Visa and Mastercard credit cards. If I remember correctly the Visa card was blue, white, and gold and the Mastercard had two circles in the center one was orange and the other was red. I think it would be pretty neat to have one just for the heck of it.
DANG! I can't believe someone put their expired Centurion Black card up for auction. I would of seriously considered buying it. It's probably the closest I would ever get to actually owning one! LOL...