Credit Score Scale ?
I am attempting to track down people who may have been victim to
illegal bait-and-switch practices from Dell Financial Services
and CIT Bank (Dell's creditor). DFS seems to be in the practice
of denying promotional credit to applicants because of "bad
credit" when, in fact, the applicant has perfect credit.
Dell is essentially "cherry picking" individuals who have perfect
credit and denying them promotions such as "Same As Cash Until
Reply with you Beacon score. If it is over 700, it might be interesting.
Otherwise, Dell's practice is most certainly legal and appropriate. The
lower your score, the higher the risk of default. Therefore, the higher the
interest rate.
The same applies to mortgages, for example. There is a huge market for
sub-standard mortgages (the industry's term, not mine) where the rate can be
significantly higher.