Which cards have the strictest credit standards?

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CarefulBuilder14
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Which cards have the strictest credit standards?

Postby CarefulBuilder14 » Mon Oct 13, 2014 11:25 am

When we talk about exclusive cards, we sometimes focus on cards that require heavy spending or a large investment portfolio under the issuer's management.

Which cards and issuers have the strictest credit standards, though? Two that come to mind are US Bank for Cash+ and PenFed in general. Are there others in that league, or perhaps even some more conservative?

Lenders have their own preferences. A lot of people with great credit and many prime cards will, for instance, get a tiny limit from Discover. That's still an approval, though. PenFed will decline people with a long and clean history for having a lot of new accounts.

I'm talking about an issuer pulling someone's credit and seeing an 800+ FICO, no recent inquiries or new accounts, and still flat-out declining them. Do any have a reputation for that?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card


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djrez4
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Postby djrez4 » Mon Oct 13, 2014 11:31 am

Simmons First comes to mind.
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otter
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Postby otter » Mon Oct 13, 2014 2:16 pm

djrez4 wrote:Simmons First comes to mind.


Yeah, I've heard that they are tough... but reading some of the ads on various sites for their cards and having heard about their approval process, I find them to be a bit pretentious. Sure they have a great APR, but their rewards cards are just so-so and you could probably get just as good a deal at many credit unions without having to go through giving a blood sample of your firstborn.

I guess this must be the "anti-fixmycredit92/bears&turtles" thread...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Oct 13, 2014 2:34 pm

otter wrote:Yeah, I've heard that they are tough... but reading some of the ads on various sites for their cards and having heard about their approval process, I find them to be a bit pretentious. Sure they have a great APR, but their rewards cards are just so-so and you could probably get just as good a deal at many credit unions without having to go through giving a blood sample of your firstborn.

I guess this must be the "anti-fixmycredit92/bears&turtles" thread...


I've looked at the Simmons First cards and agree. It's hard to imagine anyone wanting one. Anyone with credit good enough to qualify could get a 0% card for at least a year for a big purchase, so 7.25% isn't very interesting. It has some travel benefits, but it's not a serious travel card.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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FastSRT8
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Postby FastSRT8 » Mon Oct 13, 2014 3:00 pm

What is Simmons First? Sounds like a pitch to buy Simmons bedding products
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Postby popamode72 » Mon Oct 13, 2014 3:19 pm

I have no clue what Simmons First is either. Does anyone know how conservative DCU is?
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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Vattené
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Postby Vattené » Mon Oct 13, 2014 3:30 pm

I had never heard of Simmons First either so I had to look them up quickly, and I must agree. Nothing too exciting. Perhaps strict credit standards are a way to keep the amount of credit card customers at a manageable (not to mention low risk) level for them?

I can only imagine their target customer being a high quality relationship one that doesn't chase rewards. After all, of all the people that use credit cards, how many are serious rewards seekers like us? Their cards certainly aren't too appealing on their own merits. I doubt low APRs are much of a selling point to potential customers with outatanding credit as they are highly likely to always PIF anyway. Then again, creditworthiness/APRs are much like a chicken/egg situation.

It must be pretty tough to be that competitive in the credit card market when you aren't a huge issuer already. I imagine there must be a ton of barriers to entry for the littler guys.
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FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
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otter
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Postby otter » Mon Oct 13, 2014 3:31 pm

FastSRT8 wrote:What is Simmons First? Sounds like a pitch to buy Simmons bedding products


It's actually the official bank of the "Kiss Army" with Gene Simmons as CEO.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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PlyrStar93
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Postby PlyrStar93 » Mon Oct 13, 2014 4:03 pm

I only knew Simmons First through cardmatch, they matched two cards and stated "Excellent Credit Required - Applicants that do not have excellent credit will not be approved".

Until today, what I have heard about are just their applications are tedious, you have to get a very high FICO to be approved, and they verify income. Didn't even bother to dig into them, though.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
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hockeyplayr
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Postby hockeyplayr » Mon Oct 13, 2014 4:30 pm

simmons first and Iberia bank. Read that simmons first has a group that manually approves and reviews applications once a week.
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|



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