Bank of America is making some changes towards their approval system and that means that they’re now using SageStream as a source of their Approval process. If you aren’t quite familiar with SageStream, it’s recommended that you freeze your reports prior to applying for a credit card with Bank of America. This recommendation is for all current and future applications towards new BoA Credit Cards.
Bank of America SageStream Summary:
SageStream is a smaller credit reporting bureau previously under the name of ID Analytics. if you’ve been rejected for a credit card, odds are it’s because of this new credit reporting bureau that Bank of America has chose to implement in their approval process system. It’s highly recommended that you freeze your reports prior to applying for a credit card for a higher chance of approval. SageStream’s is currently focusing a large extent on providing lenders with information about millennials, people aged 18 to 34 who may have “scant” credit histories.
Credit Optics Score:
Credit Optics is scored and calculated via ID Analytics “SageSteam” based on the data found in your SageStream Credit Report. With a range of 1 to 999, the score will come in various distinguishing orders, some in which favor a higher number and some towards lower numbers. Supposedly, SageStream is a “Supplemental Score” that takes into account all alternative information in making a credit decision aside from just approving or declining someone based on a less denoting FICO Score.
Conclusion:
Bank of America’s making big moves to making SageStream a part of their credit approval process. This is news for those looking to apply for a new Bank of America credit card in the near future. SageSteam is focusing a large extent of their prowess on approving millennials ages 18 to 34 who has scare credit history. Be sure to freeze your reports prior to applying for a credit card in order to avoid being declined. Unless you have an excruciatingly thin traditional credit report, It’s highly unlikely that Bank of Maerica will deny you for having your SageStream Reports frozen, however, they could deny you for a loan or credit card on the premise that your SageStream report is negative or doesn’t meet their lending requirments. Find our complete list of Credit Card News today!
