System and Methods for Providing Starter Credit Card Accounts

Abstract

A system and method for providing starter credit card products to selected customers of a credit card issuer is disclosed. Methods, systems and articles of manufacture consistent with the present invention enable a credit card issuer to identify a group of customers that may not eligible to obtain standard credit card products offered by the credit card issuer. The credit card issuer may rank these customers and present offers for starter credit card accounts with adjusted account parameters tailored to these customers. The credit card issuer monitors the activities of each starter card account during a trial period to determine whether each respective account has met predetermined criteria. Based on the results of the monitor process, the credit card issuer may adjust the parameters associated with each starter credit card account. The adjustment may include increasing a credit limit of the starter credit card account if the predetermined criteria has been met, or conversely, restarting the trial period if an account has not met the predetermined criteria during the trial period. Once a starter card account that meets selected criteria during the trial period will graduate and receive new parameters and benefits defined by the credit card issuer.

What is claimed is: 
     
         1 . A computer-implemented method for monitoring financial accounts, the method comprising:
 storing, in a database, account information associated with a financial account;   determining a current statement stage for the financial account, based on the account information;   receiving graduation criteria information for the current statement stage;   monitoring, via at least one processor, payment information for the financial account, the payment information comprising at least payment information for the current statement stage; and   determining, via at least one processor, whether the financial account will graduate a trial period, based at least on the monitored payment information for the current statement stage and at least a portion of the graduation criteria information for the current statement stage.   
     
     
         2 . The computer-implemented method of  claim 1 , wherein determining whether the financial account will graduate the trial period is further based on payment information associated with at least one other statement stage. 
     
     
         3 . The computer-implemented method of  claim 2 , further comprising;
 updating the graduation criteria information associated with the financial account when it is determined that the financial account has not graduated the trial period; and   storing the updated graduation criteria information in the database.   
     
     
         4 . The computer-implemented method of  claim 2 , further comprising:
 receiving fail criteria associated with the financial account; and   determining that the financial account has failed to graduate the trial period, based at least partially on the fail criteria.   
     
     
         5 . The computer-implemented method of  claim 2 , further comprising:
 receiving fail criteria associated with the financial account; and   determining that the financial account has failed to graduate the trial period, based at least partially on the fail criteria and the graduation criteria information associated with the current statement stage.   
     
     
         6 . The computer-implemented method of  claim 1 , further comprising:
 receiving data specifying a lag period; and   modifying at least one parameter of the financial account at the end of the lag period, based on whether the financial account has graduated or failed.   
     
     
         7 . A system for monitoring financial accounts, comprising:
 a database for storing account information associated with a financial account; and   at least one processor configured to:
 determine a current statement stage for the financial account, based on the account information; 
 receive graduation criteria information for the current statement stage; 
 monitor payment information for the financial account, the payment information comprising at least payment information for the current statement stage; and 
 determine whether the financial account will graduate a trial period, based at least on the monitored payment information for the current statement stage and at least a portion of the graduation criteria information for the current statement stage. 
   
     
     
         8 . The system of  claim 7 , wherein determining whether the financial account will graduate the trial period is further based on payment information associated with at least one other statement stage. 
     
     
         9 . The system of  claim 8 , wherein the processor is further configured to:
 update the graduation criteria information associated with the financial account when it is determined that the financial account has not graduated the trial period; and   store the updated graduation criteria information in the database.   
     
     
         10 . The system of  claim 8 , wherein the processor is further configured to:
 receive fail criteria associated with the financial account; and   determine that the financial account has failed to graduate the trial period, based at least partially on the fail criteria.   
     
     
         11 . The system of  claim 8 , wherein the database is further configured to store at least one parameter associated with the financial account. 
     
     
         12 . The system of  claim 11 , wherein the at least one parameter is one of: a credit limit, an interest rate, monthly membership fee data, trial period information, maintenance fee data, penalty fee data, and a credit limit increase value. 
     
     
         13 . The system of  claim 11 , wherein the processor is further configured to modify the at least one parameter associated with the financial account. 
     
     
         14 . The system of  claim 13 , wherein, after the financial account is determined to have failed the trial period, modifying the at least one parameter associated with the financial comprises one of: increasing an interest rate, reducing a credit limit, increasing a monthly membership fee, resetting the trial period, and increasing the penalty fee data. 
     
     
         15 . The system of  claim 11 , wherein the processor is further configured to:
 receive data specifying a lag period; and   modify the at least one parameter of the financial account at the end of the lag period, based on whether the financial account has graduated or failed.   
     
     
         16 . The system of  claim 7 , wherein the graduation criteria information comprises a number of on-time payments, the account information comprises on-time payment information, and the processor is further configured to update the on-time payment information based on the monitored payment information associated with the financial account. 
     
     
         17 . The system of  claim 10 , wherein the graduation criteria information comprises a number of on-time payments, the fail criteria comprises a maximum number of statement stages, and the processor is further configured to determine that the financial account has failed when the number of on-time payments cannot be met within a maximum number of statement stages. 
     
     
         18 . The system of  claim 10 , wherein the fail criteria comprises a maximum number of consecutively missed payments. 
     
     
         19 . The system of  claim 7 , wherein the database is configured to store a plurality of product codes, and wherein the graduation criteria information is associated with one or more of the product codes. 
     
     
         20 . The system of  claim 7 , wherein the database is configured to store alarm code information associated with the financial account; and
 the processor is further configured to modify the alarm code information based on at least one of the payment information, the current statement stage, and the graduation criteria information associated with the current statement stage.   
     
     
         21 . The system of  claim 20 , wherein the processor is further configured to send a message to an individual associated with the financial account, based on the alarm code information. 
     
     
         22 . A non-transitory computer-readable storage medium encoded with instructions that, when executed by a processor, perform a method for monitoring financial accounts, the method comprising:
 storing account information associated with a financial account;   determining a current statement stage for the financial account, based on the account information;   receiving graduation criteria information for the current statement stage;   monitoring, via at least one processor, payment information for the financial account, the payment information comprising at least payment information for the current statement stage; and   determining whether the financial account will graduate a trial period, based at least on the monitored payment information for the current statement stage and at least a portion of the graduation criteria information for the current statement stage.   
     
     
         23 . The non-transitory computer-readable storage medium of  claim 22 , wherein determining whether the financial account will graduate the trial period is further based on payment information associated with at least one other statement stage. 
     
     
         24 . The non-transitory computer-readable storage medium of  claim 23 , the method further comprising:
 updating the graduation criteria information associated with the financial account when it is determined that the financial account has not graduated the trial period; and   storing the updated graduation criteria information in the database.   
     
     
         25 . The non-transitory computer-readable storage medium of  claim 23 , the method further comprising;
 receiving fail criteria associated with the financial account; and   determining that the financial account has failed to graduate the trial period, based at least partially on the fail criteria.   
     
     
         26 . The non-transitory computer-readable storage medium of  claim 22 , the method further comprising;
 receiving fail criteria associated with the financial account; and   determining that the financial account has failed to graduate the trial period, based at least partially on the fail criteria and the graduation criteria information associated with the current statement stage.   
     
     
         27 . The non-transitory computer-readable storage medium of  claim 22 , the method further comprising:
 receiving data specifying a lag period; and   modifying at least one parameter of the financial account at the end of the lag period, based on whether the financial account has graduated or failed.