January 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
109 posts
User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3750
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: January 2016 Garden Club

Postby CarefulBuilder14 » Thu Jan 21, 2016 10:31 am

gregshelley@scrtc.com wrote:Just closed out one of my first and oldest cards, Chase Slate. I had no use for it, had a CL of $700 after I moved $1500 of original Cl between two other cards. I am not seeking any new credit or CLI's and I have two other cards that are the same age as the Slate was, so this won't hurt me too much will it? on down the line, after my inquiries drop off I may try for the Chase Sapphire Preferred card. Chase has been good to me.

Keep in mind that CSP approval is more contingent on new accounts than inquiries.
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


gregshelley@scrtc.com
Centurion Member
Centurion Member
 
Posts: 163
Joined: Fri Sep 11, 2015 1:05 pm
Location: Kentucky

Re: January 2016 Garden Club

Postby gregshelley@scrtc.com » Thu Jan 21, 2016 10:43 am

CarefulBuilder14 wrote:
gregshelley@scrtc.com wrote:Just closed out one of my first and oldest cards, Chase Slate. I had no use for it, had a CL of $700 after I moved $1500 of original Cl between two other cards. I am not seeking any new credit or CLI's and I have two other cards that are the same age as the Slate was, so this won't hurt me too much will it? on down the line, after my inquiries drop off I may try for the Chase Sapphire Preferred card. Chase has been good to me.

Keep in mind that CSP approval is more contingent on new accounts than inquiries.


Yes, I have heard on here about the 5/24 rule. it will be after some of my accounts fall out of that rule
Thanks
Discover it $3k
BOA CR Visa Sig. $18K
Chase Freedom Visa $2K
Chase MRP Visa Sig. $5K
Cap 1 Vent Visa Sig. $13K
Citi HH Visa Sig. $8.5K
AMEX Plat NPSL
AMEX BCP $20K
AMEX Gold Delta SM $8K
BC AR + WEMC $3.5K
Cap 1 Spark Busin Visa $2K
Chase Ink Cash Busin Visa Sig. $5K

4ktvs
Centurion Member
Centurion Member
 
Posts: 146
Joined: Thu Nov 05, 2015 8:00 pm

Re: January 2016 Garden Club

Postby 4ktvs » Fri Jan 22, 2016 11:14 pm

What is a realistic expectation for getting a mortgage in two to three years with one open sky card and a sub 500 Fico score?

On a side note why is it so hard for a person to get a secured card when if such person defaults the bank has the deposit that matches the limit? What risk are they worried about, it seems like a win-win for them but I am likely missing something here.

P.S Asking about someone other than me.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3750
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: January 2016 Garden Club

Postby CarefulBuilder14 » Sat Jan 23, 2016 12:09 am

4ktvs wrote:What is a realistic expectation for getting a mortgage in two to three years with one open sky card and a sub 500 Fico score?

On a side note why is it so hard for a person to get a secured card when if such person defaults the bank has the deposit that matches the limit? What risk are they worried about, it seems like a win-win for them but I am likely missing something here.

P.S Asking about someone other than me.

1. Some lenders are taking on high-risk borrowers again, letting them take out junk mortgages. The terms might be bad, but I wouldn't be shocked if someone with a currently sub-500 FICO could get a mortgage in 2018. Time will tell.

2. Generally, it isn't hard to get a secured card. People who have a lot of problems in their financial lives can still take up a lot of employee time, 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

Nixon
Centurion Member
Centurion Member
 
Posts: 1076
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: January 2016 Garden Club

Postby Nixon » Sat Jan 23, 2016 6:27 am

Sub 600 I see, but not sub 500.
Image

User avatar
Dcyphrz
Platinum Member
Platinum Member
 
Posts: 75
Joined: Sun Jan 03, 2016 2:57 pm

Re: January 2016 Garden Club

Postby Dcyphrz » Sat Jan 23, 2016 9:33 am

CarefulBuilder14 wrote:People ... can still take up a lot of employee time, though.

I wasn't able to get a savings account with Ally years ago, presumably for similar reasons.
Image

EX 756 - TU 776 - EQ 749

4ktvs
Centurion Member
Centurion Member
 
Posts: 146
Joined: Thu Nov 05, 2015 8:00 pm

Re: January 2016 Garden Club

Postby 4ktvs » Sat Jan 23, 2016 11:44 am

CarefulBuilder14 wrote:
4ktvs wrote:What is a realistic expectation for getting a mortgage in two to three years with one open sky card and a sub 500 Fico score?

On a side note why is it so hard for a person to get a secured card when if such person defaults the bank has the deposit that matches the limit? What risk are they worried about, it seems like a win-win for them but I am likely missing something here.

P.S Asking about someone other than me.

1. Some lenders are taking on high-risk borrowers again, letting them take out junk mortgages. The terms might be bad, but I wouldn't be shocked if someone with a currently sub-500 FICO could get a mortgage in 2018. Time will tell.

2. Generally, it isn't hard to get a secured card. People who have a lot of problems in their financial lives can still take up a lot of employee time, though.


Does it help that the report only has late payments and charge offs on it? No BK or anything else just credit card related baddies.

I didn't really think of how it could take up a lot of employee time but that makes sense.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3750
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: January 2016 Garden Club

Postby CarefulBuilder14 » Sat Jan 23, 2016 11:50 am

4ktvs wrote:Does it help that the report only has late payments and charge offs on it? No BK or anything else just credit card related baddies.

I didn't really think of how it could take up a lot of employee time but that makes sense.

I think PFD of legitimate baddies is unethical, but it happens...and many baddies other than BK or a court judgement can be removed that way. A 500 FICO can become a 650-675 pretty quickly.

*And the cost of employee time is very real. I recall a thread where someone spent $600 on a PRG one year (from which Amex's 3% fee was about $20), then called and tried to get the AF waived. The CSR's time on the call probably cost Amex more than $20.

To top it off, that person then complained that the quality of Amex's customer service had fallen!
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
Centurion Member
Centurion Member
 
Posts: 1009
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: January 2016 Garden Club

Postby kdm31091 » Sat Jan 23, 2016 12:15 pm

I just really can't stand how everyone in that Comenity shutdown thread is not allowed to say anything except "so sorry! You were so courageous to post this! etc".

Why is no constructive criticism allowed? Why can't someone say "hey, maybe you should stop and take this as an overall warning"? Instead, most of the advice is "just avoid Comenity" which is not the answer.

4ktvs
Centurion Member
Centurion Member
 
Posts: 146
Joined: Thu Nov 05, 2015 8:00 pm

Re: January 2016 Garden Club

Postby 4ktvs » Sat Jan 23, 2016 12:59 pm

CarefulBuilder14 wrote:
4ktvs wrote:Does it help that the report only has late payments and charge offs on it? No BK or anything else just credit card related baddies.

I didn't really think of how it could take up a lot of employee time but that makes sense.

I think PFD of legitimate baddies is unethical, but it happens...and many baddies other than BK or a court judgement can be removed that way. A 500 FICO can become a 650-675 pretty quickly.

*And the cost of employee time is very real. I recall a thread where someone spent $600 on a PRG one year (from which Amex's 3% fee was about $20), then called and tried to get the AF waived. The CSR's time on the call probably cost Amex more than $20.

To top it off, that person then complained that the quality of Amex's customer service had fallen!


Now I am going to ask what is likely a very stupid question, but what does PFD mean?

I know the cost of employee time is very real. I just didn't think of it as a factor for a person with poor credit, I thought it was more for a person with low income. But when you brought it up it made sense.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests