Instant Approval Online Credit Card
Q: Are this free Instant Credit Card search site any good application? , I read about this free instant approval online credit card search website. Has anyone used this type of service? Is it any good?
A: In my experience as a mortgage loan officer, the answer is no. The free credit report gives a score, and that's it. If you want the details, then you have to pay a fee -- typicaly inthe range of about $50. I had a customer that paid the fee to get the detail report, and it gave her a score of something like 720, she was all excited that her credit problems were over and she came to me for some of her home equity. When I ran her credit, the actual score was in the range of about 625, and she didn't qualify. In the interest of full disclosure, I could get her a loan with her score but the loan was a painful one, not at the rate that she would get with the 720 score. Consumer credit scoring and mortgage credit scoring are apparently done on a different model, and this explains the different scores. Are they really different models? I don't know, but I do know the scores are different.
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