The holiday season often brings great cheer and happiness. It also brings great debt and stress! The first few months of the New Year are huge for companies that are making firm offers of credit. Mortgage Lenders, Banks, Consumer Lenders, and Pay Day Loan Providers need to keep their eyes open for signs that the consumer is ready to borrow. Let’s take a look at some strategies and clues that will come in handy for lenders during the holiday season and throughout 2018!
Winter FICO Migration
Consumer FICO scores tend to fly South with the birds ahead of winter. Consumers are spending, opening new lines of credit, and racking up bills! December is the optimal time to start thinking about a direct-to-consumer targeting strategy that takes consumer spending into account. Consumers will be open to consolidating debt in the months following the holiday season. This is your time to make sure the right offers are getting to the right consumers at the right time. Get your mailers ready, because the new year means a new list of potential prospects!
New Year’s Resolutions
The New Year is the ideal time to market “Financial Health” to consumers. Consumers love to make changes in January. Changes in physical activity, diet, and finances are going to be top of mind for most target audiences. This makes January the perfect time to hit your audience with an offer they can’t refuse. They will have likely noticed a drop in their FICO over the holidays, and they will want to fix it fast. Maybe they are the perfect candidate to refinance their mortgage? Maybe it’s time for them to consolidate their credit card debt? Either way, with the right tri-bureau data and applicable attributes, you will be in front of them precisely when you need to be.
Cards Work (Even After the Holidays)
As always, Altair is here to help and guide you through the targeting process. Whether you are looking for ITA (Invitation-to-Apply) data, or Firm Offer Credit data, we have you covered throughout the holiday season and beyond!
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