What Card in Your Wallet?

#101
#101
Obsessed said:
I'd call them. They may not have been able to verify your info.
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Might do that or I might wait to see what they write. In a way, I can't blame them - they will make no money off of me via interest and I do use my cc a fair amount (1-2k balance per statement) so they probably be losing money.
 
#102
#102
OldandStillaVol said:
Interesting that this got bumped. Earlier this month, I just got denied a Chase Cash Back Visa Card (Internet application - they said something in writing will be sent). I have a good FICO score in the mid-high 700's, pay off my CC card every month, and have paid off my mortgage. I guess their computer program tells them that I pay off every month so that I would cost them money, hence I am denied. Still looking for another card but not with Chase.
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Sub-prime lenders want you to pay fees and interest. That's how they make money. Prime lenders make money from the vendor fees they charge on your purchases.

Chase is a prime lender. You're looking at it wrong. Chase likes to see people who pay on time. They still make money if you don't carry a balance.
 
#103
#103
OldandStillaVol said:
Might do that or I might wait to see what they write. In a way, I can't blame them - they will make no money off of me via interest and I do use my cc a fair amount (1-2k balance per statement) so they probably be losing money.
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Agreed. Pay in full and credit card companies label you a dead beat.

Try Barclay card. I like my ll bean for the rewards. They only pull transunion and the inquiry can vanish quickly by other methods. Not have to wait the full 2 years.
 
#104
#104
Obsessed said:
Anything but cap one. They pull a hard on all 3
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I completely agree on this! Capital One blows, and that's an understatement.
I have excellent credit and at one point had multiple offers from lenders and the worst offer was from Capital One. I wrote them a letter once telling them I had 5 other lenders offering me better interest rates and benefits and they were the worst of them all. Their reply was a slightly better deal but still weak at best.

OldandStillaVol said:
Interesting that this got bumped. Earlier this month, I just got denied a Chase Cash Back Visa Card (Internet application - they said something in writing will be sent). I have a good FICO score in the mid-high 700's, pay off my CC card every month, and have paid off my mortgage. I guess their computer program tells them that I pay off every month so that I would cost them money, hence I am denied. Still looking for another card but not with Chase.
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I wouldn't recommend Chase or BOA to anyone looking for a decent credit card. You should auto delete them from your possibilities.
 
#105
#105
I have had no issues with my Chase visa. Somehow someone duplicated my card and went crazy just before Christmas. Chase only approved 1 purchase(almost 600 at Target but denied 3 other purchases for another 1500 total. Everything was handled swiftly and I was cleared of the Target charge. I didn't have to fight or argue.
 
#108
#108
AMEX - my wife and I used it as a replacement for our BofA debit card a few years ago and have accrued enough Membership Rewards points to fly to St. John.

AMEX has charge cards as well as more traditional cards.
 
#109
#109
OldandStillaVol said:
Interesting that this got bumped. Earlier this month, I just got denied a Chase Cash Back Visa Card (Internet application - they said something in writing will be sent). I have a good FICO score in the mid-high 700's, pay off my CC card every month, and have paid off my mortgage. I guess their computer program tells them that I pay off every month so that I would cost them money, hence I am denied. Still looking for another card but not with Chase.
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Do you check your credit reports regularly? I would make sure no funny business is going on.
 
#110
#110
dukes_of_maggard said:
Do you check your credit reports regularly? I would make sure no funny business is going on.
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Good advice. No funny business, but my Transunion score has gone down from mid 700's to 670 from the last time I checked about 2 yrs ago. Apparently, having only a single cc for the past year and having my mortgage paid off has had an adverse effect.
 
#111
#111
OldandStillaVol said:
Good advice. No funny business, but my Transunion score has gone down from mid 700's to 670 from the last time I checked about 2 yrs ago. Apparently, having only a single cc for the past year and having my mortgage paid off has had an adverse effect.
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Yep. Fico likes a diverse portfolio
 
#112
#112
OldandStillaVol said:
Good advice. No funny business, but my Transunion score has gone down from mid 700's to 670 from the last time I checked about 2 yrs ago. Apparently, having only a single cc for the past year and having my mortgage paid off has had an adverse effect.
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Something about that seems off imo.

Unless you missed payments or you've got something in collections that you are unaware of.
 
#113
#113
coug said:
Something about that seems off imo.

Unless you missed payments or you've got something in collections that you are unaware of.
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No missed payments. Credit report looked fine except it was red flagged for number of open accounts (only 1). If someone can explain how the score is calculated, perhaps they can shed some light on how much weight is given to that. Its interesting that the score doesn't appear to give any weight to the fact that I paid on time on a mortgage for over 25 years until it was paid off.

Anyway, its not that big deal for me. I'll get another card from someone eventually. Meanwhile, I am doing ok with just 1 cc.
 
#115
#115
I try not to use my debit card. They are not protected as much as a credeit card. If someone get a hold of it, you'r pretty much screwed.
 
#116
#116
OldandStillaVol said:
No missed payments. Credit report looked fine except it was red flagged for number of open accounts (only 1). If someone can explain how the score is calculated, perhaps they can shed some light on how much weight is given to that. Its interesting that the score doesn't appear to give any weight to the fact that I paid on time on a mortgage for over 25 years until it was paid off.

Anyway, its not that big deal for me. I'll get another card from someone eventually. Meanwhile, I am doing ok with just 1 cc.
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No one knows how it is calculated exactly.

Ideally this is what tests have shown.

You need a healthy file.
Mortgage. Credit cards. (Store and major banks) a installment loan.

7% shows to be the amount of balance on credit cards to reach highest score with fico.
Not 0%. Not 30%

A lot of tests and studying has went in to this. I've tried it myself just to see. Results were positive.

Btw. If you paid all your accts off. And had no activity on your files for 6 months you probably wouldn't even generate a score.


Apply for a different card. And watch. Your score will improve.
 
#119
#119
I have 3 Debit Cards with 3 banks. Have one Chase credit card only big buys that I will pay off when bill comes...
It is bad to say but you got to have a nice Credit Score to buy anything big.
Bought a Condo at Orange Beach 2 years ago. Had to get my Credit Score up to get it.
That is pittyfull
 
#122
#122
OldandStillaVol said:
No missed payments. Credit report looked fine except it was red flagged for number of open accounts (only 1). If someone can explain how the score is calculated, perhaps they can shed some light on how much weight is given to that. Its interesting that the score doesn't appear to give any weight to the fact that I paid on time on a mortgage for over 25 years until it was paid off.

Anyway, its not that big deal for me. I'll get another card from someone eventually. Meanwhile, I am doing ok with just 1 cc.
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My first thought would be credit to debt ratio. They dock you if you're charging basically more than half your total credit limit. So if you've got a $5000 limit, you never really want to maintain more than $2500 on that card.

How long the account has been open - The longer you have the CC account and keep it in good standing the better. If you ever get another card, never close your oldest account.
 
#123
#123
coug said:
My first thought would be credit to debt ratio. They dock you if you're charging basically more than half your total credit limit. So if you've got a $5000 limit, you never really want to maintain more than $2500 on that card.

How long the account has been open - The longer you have the CC account and keep it in good standing the better. If you ever get another card, never close your oldest account.
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First part is incorrect.

Allow no more than 30% of total credit line to report. Will adversely affect you.

Second part is correct. Keep your oldest accounts open. Unless you have multiple older accounts. Then thinning the heard wont that big of a issue.
 
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