KEEBO Open banking credit card

Cperman

KEEBO credit card are offering a decent credit card based on open banking data rather than traditional credit data.
Has any one used open banking data to apply for credit? 

ThisnotThat

I'm sure someone has.

born_again

>>>We help you accelerate your financial success by giving you access to a transparent, lower-interest rate credit card that adjusts to your use. We give you affordable credit today and help you get better credit tomorrow, unlocking new financial opportunities. That's personalised credit.<<<

So we are going to sell you other products.

Why would anyone apply for a credit card when there is not mention of a Interest rate...

Alex9384

Does that mean they don't do a hard search when you apply?

Cperman

Same as any other card, interest would be bassed on assesment i guess.
Its 2021 not 1990's these Fintech comanys are getting big backing to go foward and change how we bank and get credit in my opinion.
So as far as u can see building  good open banking data early will pay off in future.

Cperman

 No they do not use credit agencys for data other than to verify you with soft search....they look at your bank to verify how much you earn,how much you spend/save and how much spare money you have to decide if you qualify for credit as far as i can see.

RBYHS

This sounds like an interesting idea, I wouldn’t mind trying it. I think it has got potential. 

Cperman

The fintech sector has been hugely successful (and hugely profitable) for much of the last decade, and even more so during the pandemic. But it might come as a surprise to learn that many in the industry believe that the story is just beginning and the sector is poised to achieve much more.

Long before the pandemic, the way in which banks were regulated was changing. Initiatives like Open Banking and the Revised Payment Services Directive (PSD2) were being proposed as a way to promote competition in the banking industry — allowing smaller challenger firms to break into a market that has long been dominated by corporate titans.

Now that these initiatives are in place, however, we’re seeing that their effect goes way beyond opening up a gap for challenger banks. Since open banking requires that banks make valuable data available via APIs, it is leading to a revolution in the way that small and mid-size enterprises (SMEs) are funded — one in which data, and not hard capital, is the most important factor driving fintech success

I think in the next 10 years we will all be using open banking, so starting early will pay off when it comes to credit....just a lack if info at the moment.

Cperman

Credit Kudos is a next-generation credit bureau that uses data from your bank - shared with your consent - to build an accurate picture of your financial situation.

Credit Kudos will be able to read your account history for the next 90 days. You can withdraw this access at any time from your banking app or using this link:

I have 100% affirdability😬

born_again

Cperman said:

 No they do not use credit agencys for data other than to verify you with soft search....they look at your bank to verify how much you earn,how much you spend/save and how much spare money you have to decide if you qualify for credit as far as i can see.

interest would be bassed on assesment i guess

Providing you are happy to share your data.

Credit checks are more to confirm other data, rather than banking. As lenders get their own raw data on your history.

There are no example of low or high rates that can be charged.

Mainstream lender do not asses you for interest rates. They only have one across the board.