Real-time financial card offer and application system

• US 7,310,617 B1
• Filed: 06/01/1999
• Issued: 12/18/2007
• Est. Priority Date: 04/19/1996
• Status: Expired due to Fees

• Current Assignee: Block Financial LLC (H&R Block, Inc.)
• Original Assignee: Block Financial Corporation (H&R Block, Inc.)
• Inventors: Cunningham, Gordon Cotter
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US09/323,715
• Time in Patent Office: 3,122 Days
• Field of Search: 705/38, 705/39, 705/35, 705/40, 705/44, 235/380
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence

Abstract

A system is disclosed for presenting financial card (e.g., credit card, debit card) offers to potential customers. Financial card applicant selection criteria and financial card term data are provided by participating financial institutions. An applicant interested in applying for a new financial card accesses the system via the Internet/World Wide Web. The applicant provides personal and financial data that are then analyzed in conjunction with data from outside sources (such as credit bureaus) to determine a financial risk rating for the applicant. The rating is used to locate financial card offers appropriate for the applicant. The applicant then peruses the offers and chooses one that meets his or her personal selection criteria. The applicant'"'"'s data is then forwarded for processing to the participating financial institution that made the selected offer.

Claims

1. An electronic method for locating financial card offers, comprising:

(a) storing in at least one database financial card data for participating financial institutions, said financial card data comprising terms for at least one financial card offer from each of said participating financial institutions;

(b) providing selection criteria associated with said financial card data from each of said participating financial institutions associated with said financial card data from each of said participating financial institutions;

(c) prompting a computer user for application data for use in assigning a rating to said computer user to locate financial card offers for said computer user;

(d) receiving at a server said application data from said computer user;

(e) analyzing said application data provided by said computer user;

(f) assigning a rating to said computer user based on said analyzing of said application data;

(g) locating financial card offers for said computer user by comparing said rating of said computer user with said selection criteria of said financial card data for said participating financial institutions; and

(h) presenting to said computer user for review said financial card offers located for said computer user by comparing said rating of said computer user with said selection criteria of said financial card data for said participating financial institutions.

2. The method of claim 1 further comprising sending said computer user a financial card in accordance with an accepted financial card offer.

3. The method of claim 1 wherein said rating is a financial risk rating.

4. The method of claim 1 wherein said participating financial institutions modify said financial card data.

5. The method of claim 1 further comprising the step of uploading said modified financial card data.

6. A method for presenting electronic financial card offers on a public network comprising:

creating a public network site on said public network, said site associated with an identifier for use by public network computer users to access said site;

defining terms for financial cards, said financial cards terms provided by a plurality of financial institutions;

associating selection criteria with each of said financial card terms provided by said plurality of financial institutions;

storing said financial card terms and said associated selection criteria in a database;

obtaining application data for a financial card applicant accessing said site using said identifier, said application data for use in providing a rating for said financial card applicant to locate offers for said applicant according to said selection criteria associated with said financial card terms provided by said plurality of financial institutions;

receiving said application data at a server connected to said public network site;

providing a rating for said financial card applicant, said rating provided in accordance with said application data for said financial card applicant;

locating offers to present to said financial card applicant, by comparing said financial card applicant rating with said selection criteria associated with each of said financial card terms provided by said plurality of financial institutions; and

presenting to said financial card applicant for review offers located for said applicant by comparing said financial card applicant rating with said selection criteria associated with each of said financial card terms provided by said plurality of financial institutions.

7. The method of claim 6 further comprising sending information regarding said applicant to a participating financial institution sponsoring said offer accepted by said applicant.

8. The method of claim 6 further comprising sending to said applicant a financial card in accordance with an offer accepted by said applicant.

9. The method of claim 6 wherein said electronic financial card is selected from the group consisting of credit cards and debit cards.

10. A financial card offer system accessible via a public computer network comprising:

a public computer network site at a server connected to said public network for communicating with a financial card applicant using a computer;

at least one database in communication with said server for storing financial card data, said financial card data provided by a plurality of participating financial institutions and comprising selection criteria for at least one financial card offer;

at least one device in communication with said server adapted to access data from third party sources;

memory at said server for receiving and storing application data concerning said financial card applicant using said computer;

memory at said server for storing a rating for said financial card applicant, said rating determined in accordance with said application data concerning said financial card applicant and said data from said third party sources;

at least one financial card offer for said applicant, located from said database by said server by comparing said financial card applicant rating with said selection criteria for at least one financial card offer of said financial card data provided by said plurality of financial institutions; and

a display at said computer for presenting to said applicant for review said financial card offer located for said applicant by comparing said financial card applicant rating with said selection criteria for at least one financial card offer of said financial card data provided by said plurality of financial institutions.

11. An electronic financial offering system comprising:

a first database for storing financial institution data comprising financial institution selection criteria and financial offering data for a plurality of participating financial institutions;

a second database for storing credit history data for a plurality of individuals; and

one or more servers connected to a public network adapted to;

(a) obtain application data from an applicant using a computer connected to one of said servers using said public network;

(b) enter said application data in memory at one of said servers;

(c) obtain from said second database credit history data for said applicant in accordance with said application data;

(d) enter said credit history data in memory at said one of said servers;

(e) process said application data and said credit history data for said applicant to locate from said first database at least one financial offering for said applicant, said at least one financial offering meeting selection criteria for at least one of said plurality of participating financial institutions; and

(f) present to said applicant for review at said applicant'"'"'s computer at least one financial offering located for said applicant according to said application data, said credit history data, and said selection criteria for at least one of said plurality of participating financial institutions.

12. The system of claim 11 wherein said application data comprises the applicant'"'"'s name, telephone number, home address, e-mail address, income, other assets and liabilities, and bank account numbers.

13. The system of claim 11 wherein said at least one financial offering for said applicant is located in accordance with a grading system process.

14. The system of claim 13 wherein said grading system process assigns a grade/score to the applicant using the application data and credit history data and uses the grade/score to search each participating financial institution'"'"'s selection criteria to locate the appropriate financial offerings.

15. The system of claim 14 wherein each financial institution'"'"'s selection criteria are organized in a matrix associating financial offering data with a minimum grade/score combination.

16. The system of claim 11 wherein each of said at least one financial offering is presented to the applicant in a single computer display.

17. The system of claim 11 wherein said at least one financial offering is presented in the form of a menu comprising a summary of said at least one financial offering from which the applicant may make a selection to review details of the financial offering.

18. The system of claim 11 wherein said at least one financial offering is a credit card offering.

19. A computerized method for presenting electronic financial offerings comprising:

obtaining financial institution data comprising financial institution selection criteria and financial offering data for participating financial institutions, wherein said financial institution selection criteria comprises financial risk ratings associated with financial offerings;

storing said financial institution data in a first database;

prompting an applicant using a computer for application data for use in assigning a financial risk rating to said applicant to locate financial offerings for said applicant;

receiving at a server from said applicant computer said application data;

obtaining from a second database credit history data for said applicant in accordance with said application data;

assigning a financial risk rating to said applicant in accordance with said credit history data from said second database;

selecting from said financial institution data for participating financial institutions financial offerings in accordance with said financial risk rating and said financial institution selection criteria for participating financial institutions; and

presenting to said applicant at said computer for review selected financial offerings.

20. The method of claim 19 wherein prompting the applicant comprises prompting the applicant for the applicant'"'"'s name, telephone number, home address, e-mail address, income, other assets and liabilities, and bank account numbers.

21. The method of claim 19 wherein assigning a financial risk rating comprises assigning a rating in accordance with a grading system process.

22. The method of claim 21 wherein said grading system process assigns a grade/score to the applicant using the application data and credit history data and uses the grade/score to search each participating financial institution'"'"'s selection criteria to select financial offerings.

23. The method of claim 22 wherein each financial institution'"'"'s selection criteria are organized in a matrix associating financial offering data with a minimum grade/score combination.

24. The method of claim 19 wherein presenting to said applicant selected financial offerings comprises presenting each of said selected financial offerings in a single computer display.

25. The method of claim 19 wherein presenting to said applicant selected financial offerings comprises presenting selected financial offerings in the form of a menu comprising a summary of each financial offering from which the applicant may make a selection to review details of the financial offering.