Method and system for the issuance of instant credit

• US 8,918,338 B1
• Filed: 04/07/2000
• Issued: 12/23/2014
• Est. Priority Date: 04/09/1999
• Status: Expired due to Fees

• Current Assignee: Citibank NA (Citigroup Incorporated)
• Original Assignee: Citibank NA (Citigroup Incorporated)
• Inventors: Elder, Richard, Bornhofen, Bob, Byrne, Luke, Bray, David, Feight, Richard, Pinnola, Kathleen Hill, Shimshi, Faye, Quinlan, Ray, Cheeseman, Mark
• Primary Examiner(s): TINKLER, MURIEL S
• Application Number:
  US09/544,459
• Time in Patent Office: 5,373 Days
• Field of Search: 705/38, 705/40, 705/35, 705/44, 705/10, 705/26, 705/39, 235/379
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method and system for the issuance of Instant Credit has an Instant Credit engine that performs instantaneous analysis. The method and system can operate along side existing “batch” processes. In addition, the method and system offer various channels of distribution for the Instant Credit products. With the present invention, Instant Credit and other Instant services (e.g., instant account balance transfers, etc.) can be obtained via, Internet, point-of-sale and other distribution channels. The present system also enables highly dynamic product offerings, which can be generated “instantaneously” based on a variety of factors, such as, for example, the channels of distribution (e.g., telephone or Internet), the product sought and/or even the particular individual and/or entity that is applying for a line of credit.

Claims

1. A computer implemented method for issuing instant credit to an Applicant using a computer, the method comprising:

creating a database of source codes;

receiving a credit application keyed in at an information input device;

assigning by the computer a source code to the application;

processing by the computer the application within an instant credit engine in real time, wherein the step of processing comprises the step of credit risk scoring using a dynamic scorecard based at least in part on the assigned source code, wherein the dynamic scorecard has a criteria of an instant credit record score that is changed based on information provided in the credit application;

determining pricing of a credit product based on the assigned source code and the dynamic scorecard; and

informing the Applicant of the pricing;

wherein at least assigning the source code, processing the application, determining the pricing of the credit product, and informing the Applicant of the pricing are performed real time in response to receiving the keyed in credit application.

2. The method of claim 1, including determining terms and conditions of the credit product based on the assigned source code.

3. The method of claim 1, including assigning said source code to the application based on a credit product applied for.

4. The method of claim 3, including assigning a plurality of additional source codes based on and respectively corresponding to other credit products applied for within the application.

5. The method of claim 4, including assigning respective pricings for said other credit products based on said additional source codes.

6. The method of claim 1, wherein said source code is based on at least one of a URL accessed or identified by the Applicant, an invitation number provided by the Applicant, and an instant evaluation of whether the Applicant was either an existing card member or a pre-solicited Applicant.

7. The method of claim 1, including rendering a conditional approval to the Applicant based on further verification analysis to be conducted.

8. A computer implemented method for issuing instant credit to a customer using a computer, the method comprising:

receiving entry of a credit application;

creating by the computer an instant credit record;

building by the computer a credit bureau file for the instant credit record;

processing by the computer the application within an instant credit engine in real time, wherein the step of processing comprises the step of credit risk scoring using a dynamic scorecard, wherein the dynamic scorecard has a criteria of an instant credit record score that is changed based on information provided by the customer in the credit application, and wherein the dynamic scorecard is scored using the credit bureau file;

creating an account number for the account;

pre-populating an electronic wallet with information particular to the customer pertaining to the customer'"'"'s created account number; and

displaying the electronic wallet to the customer;

wherein creating the instant credit record, building the credit bureau file, determining approval, creating the account number, pre-populating the electronic wallet, and displaying the electronic wallet to the customer are performed real time in response to receiving entry of the credit application.