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Written by: meya on 2007-08-30

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meya's review: Callout Comment Well done I like what everyone has said, not that my story is going to be any better or less, but we have to face some real life issues here. Scores, scores, scores. Tu, Ex, Eq has all of our minds rapped up by judging ourselves along with the levels of poor, fair, good and excellent. Scores is a peak at what the credit agency's estimate you to be at because they know exactly what you do daily. But, if they knew so much then humans would not be able to trick the system. Here is the problem that we are having here, everyone will not be approved for the same card regardless if their scores are higher or lower than the person who refers them to it. Why? Because every creditor is totally different. Now isn't that weird, because the CRA is always the same. It's only one TU, one EXP, and one EQ but guess what? They tell one thing about you one day and tell something else the next. Scores changes day to day so that is the least of worries. A 700's credit score does not mean that the individual has top notch credit, they could have some dings (that they are too embarrassed to tell) in their report that is not as severe due to the time length it has been there compared to someone who just received a late payment. Not only that, a person with a 500's credit score probably have a verifiable 6 figure income while the 700's had just $40k per year. One person may have 0 balances on all cards and the other may have 50% or more in utilization. Here is a good example, my sister has over 45 co's in her credit reports that go from 2001-2006 and inquiries so long I did not have time to scroll down the bar. I have 2 from 2002 totaling $400, 1 tax lien judgment in 1999 for $1301, and 1 cc co in 2001 for $1200. Her scores range from 489-588 and mines range from (as of 8/27/07) 591, 602, 615. I have 16 accounts (four year history with credit cards and 8 years with installments) in good standing and all the baddies was just mentioned above. My sister was offered two cards that I was declined for. How is that? Maybe that creditor would take a chance on someone who already has baddies than someone with multiple good accounts which may be on her way to destruction. If the next person came through with a mixture of my credit and my sisters credit and applied at the same company, she might stand a chance with a higher limit or better apr. For those with poor scores, we are playing Russian Roulette with approvals just hoping that one day something will pop loose on us. I have refereed many people to Orchard bank that came back with a secured card. I tell them not to take it, why? Because if you are going to go secured, go to a well-known local bank like CITI, WELLS FARGO, OR BOFA because it is better to have a "Top Dog" reporting on your credit report than a company that is known for approving those with poor credit histories. Since I am in the rebuilding stage I know how it feels to be told the word secured, we want someone to trust us with a line of credit from the company itself. No matter how you tell us to apply for secured, as long as we own a pc or can travel to department stores, we will still keep applying for credit. It is easy for someone that has good credit to lecture those less fortunate especially those who had good credit before Fair Issac came about or someone who is a "Piggybacker". What the main issue should be, is to keep searching the internet for new cards that does not have a ton of fees that would accept someone at FG in the "estimated range" of what their credit TRULY is so we can refer then to it. Even though there is no guarantee that they will be approved, being able to refer an individual to a card that won't tear they head off is the best feeling, and the approvals that they receive is a heart-breaker. How would we know which card to recommend if we don't hear results. I believe, and if I am wrong stop me, we should team up and offer recommendations to those that are either in the same credit range or a speck less credit range than what you currently are. Poor to poor, fair to poor, good to fair, excellent to good, and excellent to excellent. This would somewhat eliminate disappointments with denials and low cl approvals, and it would also help all members realize that because FG said your scores should at least be here, they would hear a credit story from someone who had experienced that same card from a totally different credit level. Can someone else take over, my fingers are tired... Lmao

1 Comment

Comment 1 by deedee
RE: Meya User Icon on 2007-08-30

Remarks Thanks Meya! I have enjoyed this site for 8 mos now! I love it!
If you have a Best Buy card, is the Reward Zone Mastercard better? Will you ever be converted to a Reward Zone MC? Just curious, my BB store card has been great!

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