Credit Card Approval Rating

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Whatamuji
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Credit Card Approval Rating

Postby Whatamuji » Sun Sep 13, 2015 2:01 am

I was wondering if there was a fairly standard rating system that could be applied to lenders in regards to how difficult it is to get approved for a card. Or is it very much based on an individuals credit report. If it is indeed fairly standard what would be the order of the major lenders in least difficult to hardest difficulty of getting approved with little to no credit?
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CarefulBuilder14
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Re: Credit Card Approval Rating

Postby CarefulBuilder14 » Sun Sep 13, 2015 11:57 am

The criteria used for two cards from the same lender can vary a lot. Barclaycard issues both Rewards and Sallie Mae, but the former is generally considered much easier to get.

Also, hard-to-get cards aren't necessarily better.

*And issuers can be focused on different things. Some issuers are more worried about inquiries, new accounts, and/or utilization than others.
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JonE
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Re: Credit Card Approval Rating

Postby JonE » Sun Sep 13, 2015 12:18 pm

I don't think the Sallie Mae is worth the trouble it takes to get the thing. When it comes to Barclays I'd rather have the Rewards card or the top of the heap card, the Ring.

Amex as an example, the Delta card I've heard is fairly easy to get, and their Charge Cards are a little easier to get (although I dispute that with some of them) than the revolvers.
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CarefulBuilder14
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Re: Credit Card Approval Rating

Postby CarefulBuilder14 » Sun Sep 13, 2015 12:54 pm

JonE wrote:I don't think the Sallie Mae is worth the trouble it takes to get the thing. When it comes to Barclays I'd rather have the Rewards card or the top of the heap card, the Ring.

If you think a card with no rewards is top of the heap, then your priorities are very different than mine.

*That is, assuming you're not doing Nixon - style promotional BT bonus hunting. I wouldn't bother, but it can be profitable.

**Relevant past discussion:
http://creditcardforum.com/general-credit-card-talk/10832-which-cards-have-the-strictest-credit-standards-10.html
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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Letting new accounts cool off since May
Really not sure what I'll add next or when

JonE
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Re: Credit Card Approval Rating

Postby JonE » Mon Sep 14, 2015 5:02 am

CarefulBuilder14 wrote:
JonE wrote:I don't think the Sallie Mae is worth the trouble it takes to get the thing. When it comes to Barclays I'd rather have the Rewards card or the top of the heap card, the Ring.

If you think a card with no rewards is top of the heap, then your priorities are very different than mine.

*That is, assuming you're not doing Nixon - style promotional BT bonus hunting. I wouldn't bother, but it can be profitable.

**Relevant past discussion:
http://creditcardforum.com/general-credit-card-talk/10832-which-cards-have-the-strictest-credit-standards-10.html


I'd rather have the Ring than anything else in their portfolio, simply because of the low interest. Not sure I'd use it for anything other than the occasional balance transfer from other higher interest cards, but as far as Barclays is concerned, it's the most desirable for me since other cards offer higher rewards on Groceries than Sallie Mae (The Amex Blue Cash and Everyday cards, even with the AF, are more useful in that regard since you get more of a cap to work with). And even the Amazon store card is a better option if you're a Prime member (I am) because of the lack of cap on 5%. I concede that opinion just shows my overall lack of regard for Barclays products as a whole.
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takeshi
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Re: Credit Card Approval Rating

Postby takeshi » Mon Sep 14, 2015 9:45 am

Whatamuji wrote:I was wondering if there was a fairly standard rating system that could be applied to lenders in regards to how difficult it is to get approved for a card.

Not really. The specific underwriting criteria for each product/creditor are not disclosed for one thing.

Whatamuji wrote:Or is it very much based on an individuals credit report.

It's totally one's credit profile (and income) versus underwriting criteria. It's not a matter of odds or difficulty. Either one qualifies or one does not.

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CarefulBuilder14
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Re: Credit Card Approval Rating

Postby CarefulBuilder14 » Mon Sep 14, 2015 1:02 pm

Mobile double post, sorry.
Last edited by CarefulBuilder14 on Mon Sep 14, 2015 1:14 pm, edited 1 time in total.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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CarefulBuilder14
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Re: Credit Card Approval Rating

Postby CarefulBuilder14 » Mon Sep 14, 2015 1:09 pm

JonE wrote:I'd rather have the Ring than anything else in their portfolio, simply because of the low interest.

My essential expenses are pretty low, so my emergency fund is big in comparison. I'd cut back expenses and close or downgrade AF cards before I'd have to do a BT and pay any interest.

Barclaycard has some bad front-line CSRs, but statistically Synchrony gets far more complaints per dollar spent. *And a $750 cap doesn't bother me, especially when Discover or Freedom covers Q4.*

I agree that Amex grocery cards are pretty good values.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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