After a year of clamping down on new credit card, mortgage, and commercial loan issuance in the aftermath of the COVID pandemic, US commercial banks are planning to issue credit cards to people with no credit scores.
WSJ reports JPMorgan, Wells Fargo, and US Bancorp, and others will extend credit to people who cannot obtain a credit card. Instead of using credit scores to vet an applicant, these banks will use other factors, including checking or savings accounts, to increase their chances of being approved.
Sources told WSJ the pilot program to give credit cards to people with no credit would begin this year. There was no mention of the start date.
These are the top 5 holdings of South Dakota Investment Council
Vanguard FTSE Emerging Markets ETF (VWO) - 16,086,227 shares, 13.93% of the total portfolio. Shares added by 0.97%
Microsoft Corp (MSFT) - 917,754 shares, 3.60% of the total portfolio. Shares added by 1.66%
Apple Inc (AAPL) - 1,657,522 shares, 3.37% of the total portfolio. Shares reduced by 1.59%
Bristow Group Inc (VTOL) - 6,543,676 shares, 2.82% of the total portfolio. Shares reduced by 0.18%
Wells Fargo & Co (WFC) - 3,117,728 shares, 2.03% of the total portfolio. Shares added by 0.43%
New Purchase: H&R Block Inc (HRB)
South Dakota Investment Council initiated holding in H&R Block Inc. The purchase prices were between $15.66 and $21.8, with an estimated average price of $18.91. The stock is now traded at around $24.400000. The impact to a portfolio due to this purchase was 0.2%. The holding were 560,066 shares as of 2021-03-31.
by Tyler Durden
Friday, May 14, 2021 - 06:40 PM
After a year of clamping down on new credit card, mortgage, and commercial loan issuance in the aftermath of the COVID pandemic, US commercial banks are planning to issue credit cards to people with no credit scores.
WSJ reports JPMorgan, Wells Fargo, and US Bancorp, and others will extend credit to people who cannot obtain a credit card. Instead of using credit scores to vet an applicant, these banks will use other factors, including checking or savings accounts, to increase their chances of being approved.
Sources told WSJ the pilot program to give credit cards to people with no credit would begin this year. There was no mention of the start date.
Some of the largest U.S. banks plan to start sharing data on customers' deposit accounts as part of a government-backed initiative to extend credit to people who have traditionally lacked opportunities to borrow.
Getting A Credit Card With No Credit Score Could Get Easier: Here’s How
05/13/21 AT 10:07 AM
Securing a credit card with no credit score has never been an easy feat, but it may be possible under a new government-backed initiative that is being supported by a number of banks.
According to The Wall Street Journal, JPMorgan Chase, Wells Fargo, U.S. Bancorp, and seven other banks are looking to extend credit to consumers who typically would not be able to open a credit card by sharing deposit data from their checking and savings accounts.
This means that financial institutions would be able to review a credit card applicant’s personal bank account information to determine their approval for credit, sources for the WSJ said.