Card/issuer-specific myths

For just about anything you want to get off your chest about credit cards.
31 posts
User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4194
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Card/issuer-specific myths

Postby CarefulBuilder14 » Sun Oct 18, 2015 1:52 pm

A broad class of myths, with variants for several issuers...

If you apply for a card with issuer X, and get a message that the application needs further review and they'll give you an answer within Y days, a lot of people claim that a particular (X,Y) pair is "almost certainly" an approval/denial/identity theft concern/something else.

I can't categorically say that every variant is false, but for most of these variants I've heard, I've found multiple counter-examples.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red


kdm31091
Centurion Member
Centurion Member
 
Posts: 1070
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: Card/issuer-specific myths

Postby kdm31091 » Sun Oct 18, 2015 5:53 pm

CarefulBuilder14 wrote:A broad class of myths, with variants for several issuers...

If you apply for a card with issuer X, and get a message that the application needs further review and they'll give you an answer within Y days, a lot of people claim that a particular (X,Y) pair is "almost certainly" an approval/denial/identity theft concern/something else.

I can't categorically say that every variant is false, but for most of these variants I've heard, I've found multiple counter-examples.


People read 3 anecdotes on credit forums and turn it into Bible thereafter. It's ridiculous. "Apply! You'll get it! x got in with y credit score! They're generous with SLs!"...ugh

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: Card/issuer-specific myths

Postby Vermonster » Sun Oct 18, 2015 7:21 pm

(Not really a myth) "You can just PC to a ..."

This assumption is 100% issuer dependent, and often changes. For instance Amex might let you PC a Green to a Plat, but could deny you going the other way. We sort of take it for granted that we can always PC a card when the AF outweighs it's usefulness. There also might not be a card to easily PC to without completely changing rewards, like you could do with the CS and CSP.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

JonE
Centurion Member
Centurion Member
 
Posts: 336
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: Card/issuer-specific myths

Postby JonE » Mon Oct 19, 2015 2:08 am

X credit card company, hates me.

No, your credit situation is not good enough to be accepted by X credit card company and their underwriting department. Most people figure if they're in with a company like Chase, that automatically means they'll be in with someone else (pick one!) and that's not the case. Chase gave me Freedom after getting pre-qualified, but Barclays (the "easier" company to get in with according to common knowledge on places like MF) won't give me anything until I've had some history. In fact, I've pretty much given up on Barclays and moved on.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

kdm31091
Centurion Member
Centurion Member
 
Posts: 1070
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: Card/issuer-specific myths

Postby kdm31091 » Mon Oct 19, 2015 11:27 am

JonE wrote:X credit card company, hates me.

No, your credit situation is not good enough to be accepted by X credit card company and their underwriting department. Most people figure if they're in with a company like Chase, that automatically means they'll be in with someone else (pick one!) and that's not the case. Chase gave me Freedom after getting pre-qualified, but Barclays (the "easier" company to get in with according to common knowledge on places like MF) won't give me anything until I've had some history. In fact, I've pretty much given up on Barclays and moved on.


I hate that too, and I hate the reverse of it ("Barclays loves me! Chase loves me!").... no. They are lenders. They do not have feelings. This is business. Based on your credit file, some are going to be more generous (i.e. "love") and others may give you nothing (i.e. "don't like me!") but it has nothing to do with like or dislike.

yfan
Centurion Member
Centurion Member
 
Posts: 437
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Card/issuer-specific myths

Postby yfan » Mon Oct 19, 2015 10:56 pm

There's this persistent myth on certain credit boards that if you are willing to spend enough time being a pest on the phone, anything is possible. "620 FICO and Amex won't approve you for the Platinum? Don't give up! Call recon! Keep calling until they get tired of you and say F it and just give it to you. Then keep calling until they agree to give you a quantillion MR points for $100 spend."

kdm31091
Centurion Member
Centurion Member
 
Posts: 1070
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: Card/issuer-specific myths

Postby kdm31091 » Tue Oct 20, 2015 8:31 am

yfan wrote:There's this persistent myth on certain credit boards that if you are willing to spend enough time being a pest on the phone, anything is possible. "620 FICO and Amex won't approve you for the Platinum? Don't give up! Call recon! Keep calling until they get tired of you and say F it and just give it to you. Then keep calling until they agree to give you a quantillion MR points for $100 spend."


It's absolutely ridiculous. Issuers do not "give in" after x amount of phone calls. Yes, one or two recon calls can be reasonable, especially if on the first call you get a nasty rep or someone who isn't really listening. But people who recon 10 times? I just don't get it. If you have to beg that much for a card they probably really do not want to approve you and will be watching your account like a hawk.

Also the people abusing the JP Morgan executive line (or any EO line) for the silliest request really annoys me too. "Oh, well *I* have the JP morgan priority number and I call it every time I want something" even if it's something ridiculously simple. It makes me laugh.

I don't understand the big deal with waiting a few months and applying when your credit improves...I mean, by and large, the cards aren't going anywhere!

JonE
Centurion Member
Centurion Member
 
Posts: 336
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: Card/issuer-specific myths

Postby JonE » Tue Oct 20, 2015 9:42 pm

yfan wrote:There's this persistent myth on certain credit boards that if you are willing to spend enough time being a pest on the phone, anything is possible. "620 FICO and Amex won't approve you for the Platinum? Don't give up! Call recon! Keep calling until they get tired of you and say F it and just give it to you. Then keep calling until they agree to give you a quantillion MR points for $100 spend."


A to the MEN!!!!!

Persistently bugging a credit company isn't going to get you anywhere if you're credit profile can't hold up to their standards.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

jfriend33
Green Member
Green Member
 
Posts: 4
Joined: Thu Oct 29, 2015 1:40 pm

Re: Card/issuer-specific myths

Postby jfriend33 » Thu Oct 29, 2015 1:44 pm

kdm31091 wrote:
yfan wrote:There's this persistent myth on certain credit boards that if you are willing to spend enough time being a pest on the phone, anything is possible. "620 FICO and Amex won't approve you for the Platinum? Don't give up! Call recon! Keep calling until they get tired of you and say F it and just give it to you. Then keep calling until they agree to give you a quantillion MR points for $100 spend."


It's absolutely ridiculous. Issuers do not "give in" after x amount of phone calls. Yes, one or two recon calls can be reasonable, especially if on the first call you get a nasty rep or someone who isn't really listening. But people who recon 10 times? I just don't get it. If you have to beg that much for a card they probably really do not want to approve you and will be watching your account like a hawk.

Also the people abusing the JP Morgan executive line (or any EO line) for the silliest request really annoys me too. "Oh, well *I* have the JP morgan priority number and I call it every time I want something" even if it's something ridiculously simple. It makes me laugh.

I don't understand the big deal with waiting a few months and applying when your credit improves...I mean, by and large, the cards aren't going anywhere!


I applied for the Hyatt and IHG back in July. I should have just let them both process and I probably would have been approved as many many many others have done (even though this was called a myth above...)

Anywho, I called recon, denied x2. Woman was super rude, said both of these cards have 5k starting limits, and I dont have enough experience with a limit that high, and it was crazy of me to apply for two cards at once. Umm ok whatever woman, chase can and will 2nd HP plus the combine inquiries, so why would I not offset the potential 2nd HP by double apping???

Day later, got the same lady. 2 days later I saw a 2nd HP show up. Called in, denied. Called in again that night, IHG approved $5k, hyatt denied. Called 2x more for hyatt, denied denied lol.

So there are always YMMV situations and I agree that nothing is every 100% absolute/universal. There are always exceptions. Guess I am one of them.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4194
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Card/issuer-specific myths

Postby CarefulBuilder14 » Thu Oct 29, 2015 5:12 pm

My point was that there are many counterexamples and no "pending" message should be taken to "almost certainly" mean anything in particular.

Some people who "wait it out" and don't call Chase do still get declined.

Yes, applicants' odds of approval from "waiting it out" do at first glance seem to be better than their odds if they call to try to speed things up with recon. Maybe they genuinely are better, but one problem with trying to draw conclusions from that is that applications can go pending for a number of reasons.

I don't even think every application can be instantly reconned. When I called lending on a Monday to ask about my pending Hyatt application from Friday, there was no clear opportunity to discuss the merits of my application. The CSR just sai it was pending and told me to wait, and I wasn't inclined to push and irritate her.

IHG doesn't require a $5k SL, or at least it didn't in June. My SL was $4k then.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests