What Credit Cards Rely Solely on Experian?

What Credit Cards Rely Solely on Experian?

Experian is one of the three major credit bureaus in the United States, alongside Equifax and TransUnion. Credit card companies use these bureaus to determine creditworthiness and make decisions on whether to approve or deny credit card applications. However, not all credit card companies rely on all three bureaus. In this article, we’ll explore which credit cards rely solely on Experian and what that means for consumers.

What is Experian?

Experian is a credit reporting agency that collects and analyzes credit information from various sources, including credit card companies, banks, and other financial institutions. They use this information to create credit reports, which are used by lenders to evaluate creditworthiness. Experian also provides credit monitoring services and identity theft protection.

Which Credit Cards Rely Solely on Experian?

While most credit card companies use all three credit bureaus to evaluate creditworthiness, some companies rely solely on Experian. These credit cards include:

1. Discover it® Cash Back

2. Discover it® Miles

3. Discover it® Secured

4. Discover it® Student Cash Back

5. Discover it® Student chrome

6. Discover it® Business

7. Petal® 2 "Cash Back, No Fees" Visa® Credit Card

8. Petal® 1 "No Annual Fee" Visa® Credit Card

9. Capital One® Secured Mastercard®

10. Indigo® Platinum Mastercard®

11. Milestone® Gold Mastercard®

12. Total Visa® Credit Card

What Does this Mean for Consumers?

If a credit card company only uses Experian to evaluate creditworthiness, it means that the credit report they receive will only include information that Experian has collected. This can be a disadvantage for consumers who may have negative information on their Equifax or TransUnion credit reports that could impact their creditworthiness.

However, if a consumer has a strong credit history with Experian, they may be more likely to be approved for a credit card that only relies on Experian. Additionally, consumers can take steps to improve their credit history with Experian by paying bills on time, keeping credit card balances low, and monitoring their credit report regularly.

Tips for Applying for a Credit Card

When applying for a credit card, it’s important to research the credit card company’s credit bureau requirements. If a consumer has a strong credit history with a specific bureau, they may want to apply for a credit card that relies solely on that bureau. It’s also important to compare credit card offers, including interest rates, rewards programs, and fees.

Consumers should also be aware of potential risks associated with credit cards, such as annual fees and high interest rates. They can minimize these risks by paying off balances in full each month and avoiding carrying high balances on their credit cards.

In conclusion, while not all credit card companies rely solely on Experian, consumers can take steps to improve their credit history with Experian and apply for credit cards that rely solely on this bureau. They should also be aware of potential risks and take steps to minimize them.