December 2015 Garden Club

For just about anything you want to get off your chest about credit cards.
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kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Tue Dec 08, 2015 10:36 am

CarefulBuilder14 wrote:As far as the Cap One adverse action, it sounds like regular cash advances (with the fees somehow waived, though I don't know about interest) were the cause.


And yet OP seems shocked/pissed/upset...I mean, I get being upset, but it's pretty much common sense that constant cash advances raise red flags. Capital One is not some magical lender who will never take AA on you. Bottom line is any lender sees excessive risk they will take AA. Some may be more known for it than others, but acting like Capital One provides "safety" from AA is just ridiculous. So while I feel bad for OP in a way, I'm also glad to see it because it shows nobody/no lender provides immunity from AA. It's time for people to wake up and realize what credit cards are and are not. Relying on them as a crutch for every financial pinch can lead to AA, no matter which lender you're dealing with. I just can't stand the over generalizations in both directions: "Never carry a balance on amex! Capital one will never do AA to your account!". Both are falsehoods.


yfan
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Re: December 2015 Garden Club

Postby yfan » Tue Dec 08, 2015 10:55 am

kdm31091 wrote:Bottom line is any lender sees excessive risk they will take AA. Some may be more known for it than others, but acting like Capital One provides "safety" from AA is just ridiculous. So while I feel bad for OP in a way, I'm also glad to see it because it shows nobody/no lender provides immunity from AA. It's time for people to wake up and realize what credit cards are and are not. Relying on them as a crutch for every financial pinch can lead to AA, no matter which lender you're dealing with. I just can't stand the over generalizations in both directions: "Never carry a balance on amex! Capital one will never do AA to your account!". Both are falsehoods.

In some ways, Capital One is actually even more likely to take AA for high risk activities. Because they are also a lender of second chances, they have built their risk models around recognizing what types of activities foretell a story of a personal financial crunch - even if the account is current and in good standing for the time being.

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Tue Dec 08, 2015 11:28 am

yfan wrote:
kdm31091 wrote:Bottom line is any lender sees excessive risk they will take AA. Some may be more known for it than others, but acting like Capital One provides "safety" from AA is just ridiculous. So while I feel bad for OP in a way, I'm also glad to see it because it shows nobody/no lender provides immunity from AA. It's time for people to wake up and realize what credit cards are and are not. Relying on them as a crutch for every financial pinch can lead to AA, no matter which lender you're dealing with. I just can't stand the over generalizations in both directions: "Never carry a balance on amex! Capital one will never do AA to your account!". Both are falsehoods.

In some ways, Capital One is actually even more likely to take AA for high risk activities. Because they are also a lender of second chances, they have built their risk models around recognizing what types of activities foretell a story of a personal financial crunch - even if the account is current and in good standing for the time being.


Exactly.

I just love the whole "call the EO and demand an explanation!" as if most of the time the reason is not painfully obvious why it happened. Does it suck? Sure it does. But all you can do is change your behavior and stop over-relying on credit (or over-applying if that's the issue) and it likely will not happen again.

JonE
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Re: December 2015 Garden Club

Postby JonE » Tue Dec 08, 2015 11:50 am

Part of me wants to apply for the Quicksilver instead of the Double Cash as my "maybe" card, but that's still a ways off. I had the beginner's Capital One when I was beginning to rebuild credit again, lost my job and fell behind, and got it charged off, although I did PIF on the collection down the road. I've got perceived better cards so I wouldn't apply for a straight up no rewards platinum again. It would have to be for something more useful. We'll see how their second chances work out.
Current Cards: Chase Freedom, Discover IT
Future: TBD

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Tue Dec 08, 2015 12:00 pm

JonE wrote:Part of me wants to apply for the Quicksilver instead of the Double Cash as my "maybe" card, but that's still a ways off. I had the beginner's Capital One when I was beginning to rebuild credit again, lost my job and fell behind, and got it charged off, although I did PIF on the collection down the road. I've got perceived better cards so I wouldn't apply for a straight up no rewards platinum again. It would have to be for something more useful. We'll see how their second chances work out.


I have both (QS and DC) and kind of undecided on which one I like better. If you are a true reward purist, you get more out of the Double Cash, but you have to wait 1-2 statements for it (2 statements unless you PIF before the statement comes). Not a huge big deal, but if you have a specific purpose you want to use the cash for in say, December, you'd have to kind of plan ahead if you wanted to redeem all of it. You do get 2% on every purchase which is good, but you don't get it without jumping through some hoops. Whether the hoops are no big deal or are a big deal is simply a matter of opinion. Again, if maximum possible rewards on the purchases are your only concern, you want the Double Cash.

I am not overly thrilled with Capital One as a whole, simply because of the difficulty in getting most requests answered without using the EO. You can't just call and speak to an underwriter. You can't just call and get an APR reduction. You can't just call and have a CLI manually reviewed. These things won't impact many people and maybe they aren't a big deal anyway, but it's just kind of a PITA. On the plus side, the rewards post instantly, can be redeemed whenever you want, and I think it's cute that you can customize the card's image.

Pros and cons to everything, I suppose. Either way, choose whichever you prefer. An 0.5% difference is not a big deal in the grand scheme. The debate on both sides can go on forever, but I'm just laying out my perception of each card. I'm still on the fence about which one I will keep long term as I eventually want to pare down my cards, and it's kind of superfluous for me to have two "general spending" cards.

jcarte29
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Re: December 2015 Garden Club

Postby jcarte29 » Tue Dec 08, 2015 12:12 pm

Vattené wrote:Are you entering the raffle (assuming employees are eligible)?

Ah, the time of no car payments was nice. I took on my first car payment a year and a half ago with my wife's car, but we're on track get it paid off over a year early so here's hoping that stays according to plan. As soon as it does I would like to keep setting that amount aside monthly until I have to get another car. As for MY car...you know those annoying Buick commercials? Mine is the Buick they're all talking about.



HAHA, that commercial is pretty clever but cheesy. I work for GM (Chevy Dealership), and those are just as clever/cheesy IMHO.
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Tue Dec 08, 2015 12:16 pm

I drive a Subaru...occasionally on dirt roads...and the car often ends up with that "fashionably dirty" image they go for in ads.

Rain doesn't clean the sides of the car as effectively as it does in ads, though.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Wed Dec 09, 2015 8:29 am

So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.

Nixon
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Re: December 2015 Garden Club

Postby Nixon » Wed Dec 09, 2015 8:40 am

kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.


Slowly bump the rest of my TU inquiries and see if that gets me to 780.
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Vattené
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Re: December 2015 Garden Club

Postby Vattené » Wed Dec 09, 2015 9:25 am

kdm31091 wrote:So what are everyone's goals for 2016 in credit? I am hoping to pretty much garden and let my inquiries age/fall off, unless something really amazing comes out but I kind of doubt it considering most recent "new cards" have not been all that exciting (to me anyway). I also plan to close a few cards to try and pare down. I have too many for my spend level.


I have financial goals for 2016, but for the first time in a while I really don't have any credit goals. I'd like to get my score into the 800s, but I realize that's an arbitrary benchmark that won't benefit me in any real way. I suspect some store accounts will be closed for inactivity, but I'm leaving all that up to the lenders. It'll happen when it happens.

I'm not actively trying to garden, but I don't see myself applying for any credit whatsoever in 2016. That could always change, but nothing's exciting me right now. HPs from Discover and my car loan will fall off in February and May, then the HP from Amex will fall off in October. By the end of the year the only HPs on my file will be from my mortgage, so if something comes along I want I won't hesitate to go for it. If Amex sends me a targeted offer for a charge card I'll be inclined to apply for the MR, but I'm not expecting that will happen.

Part of it is I'm really happy with the cards I have now. Discover's seeing a lot more spend than I originally planned because I'll be getting at least 2% on everything until the middle of the year (at which point I'll go back to building up MRs more aggressively). I'm not too invested in the travel points game, so a base 2% cash is about as good as it gets. I'm also making the SM work as hard as it can while it lasts. I'm such an infrequent traveler I try not to pay too much attention to cobranded airline and hotel card offerings.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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