February 2016 Garden Club

For just about anything you want to get off your chest about credit cards.
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4ktvs
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Re: February 2016 Garden Club

Postby 4ktvs » Mon Feb 22, 2016 9:55 pm

Well my dream of getting approved for futures trading this year is very much dead now. Lack of "experience" as they call it. Dang chicken and egg issue right there. Reminds me of trying to get my first credit card.

I guess only time is going to allow a fair shot at approval. I will try and make my weekly expiring options trading do something interesting until I have a few more years under my belt with a bigger account.

In other news I only have a few months left to go before I can try for a CLI from FNBO. Don't know what the odds are, but it won't hurt to make a go of it. I would be willing to take the HP at that point if needed as I hope to do it before the likely coming market correction.


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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Tue Feb 23, 2016 1:23 am

4ktvs wrote:Well my dream of getting approved for futures trading this year is very much dead now. Lack of "experience" as they call it. Dang chicken and egg issue right there. Reminds me of trying to get my first credit card.

I guess only time is going to allow a fair shot at approval. I will try and make my weekly expiring options trading do something interesting until I have a few more years under my belt with a bigger account.

In other news I only have a few months left to go before I can try for a CLI from FNBO. Don't know what the odds are, but it won't hurt to make a go of it. I would be willing to take the HP at that point if needed as I hope to do it before the likely coming market correction.

The approval process and criteria for options and futures trading can be very strange. For example, many brokerages will let someone with moderate experience write a covered call, but not sell a naked put. Mathematically, the two have nearly identical risk/reward profiles.

Of course, the "know your customer" rule also just considers someone's experience with a particular financial product. There's no consideration (that is, I've never been asked) for a person's actual expertise or track record. Someone who has steadily lost money on options for 20 years would be treated as a sophisticated investor and get brokerage approval to trade advanced strategies.
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

JonE
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Re: February 2016 Garden Club

Postby JonE » Wed Feb 24, 2016 1:27 pm

The entitlement mentality rearing its ugly head again at MF.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

JonE
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Re: February 2016 Garden Club

Postby JonE » Wed Feb 24, 2016 1:36 pm

At this point I'm trying to find justification for keeping my bank accounts open with Chase, when my Ally accounts give me better rates, terms, and no ATM fees across the board (they even refund what I do pay in fees!) .10% on checking is a lot better than .01, and 1.00% is a world apart from the .01 on the Chase Savings compared to Ally. I thought about the convenience of having a local branch, but seriously I'm barely there enough to worry about it. And the lengths I'll have to go on paying fees for an account with no direct deposit isn't worth it either.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

Nixon
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Re: February 2016 Garden Club

Postby Nixon » Wed Feb 24, 2016 5:48 pm

CarefulBuilder14 wrote:
4ktvs wrote:Well my dream of getting approved for futures trading this year is very much dead now. Lack of "experience" as they call it. Dang chicken and egg issue right there. Reminds me of trying to get my first credit card.

I guess only time is going to allow a fair shot at approval. I will try and make my weekly expiring options trading do something interesting until I have a few more years under my belt with a bigger account.

In other news I only have a few months left to go before I can try for a CLI from FNBO. Don't know what the odds are, but it won't hurt to make a go of it. I would be willing to take the HP at that point if needed as I hope to do it before the likely coming market correction.

The approval process and criteria for options and futures trading can be very strange. For example, many brokerages will let someone with moderate experience write a covered call, but not sell a naked put. Mathematically, the two have nearly identical risk/reward profiles.

Of course, the "know your customer" rule also just considers someone's experience with a particular financial product. There's no consideration (that is, I've never been asked) for a person's actual expertise or track record. Someone who has steadily lost money on options for 20 years would be treated as a sophisticated investor and get brokerage approval to trade advanced strategies.


Brokers get paid on trades, not results.
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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Wed Feb 24, 2016 6:07 pm

Nixon wrote:Brokers get paid on trades, not results.

Yes, but that doesn't explain the covered call/naked put discrepancy.
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

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Dcyphrz
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Re: February 2016 Garden Club

Postby Dcyphrz » Sat Feb 27, 2016 10:36 am

JonE wrote:...I'm trying to find justification for keeping my bank accounts open with Chase, when my Ally accounts give me better rates...

I'm considering closing an account for similar reasons. The needs I had for my old bank are starting to seem insignificant. I just never go in there any more and the staff is unfamiliar to me. Far as online banks go, I think Ally is excellent.
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EX 756 - TU 776 - EQ 749

JonE
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Re: February 2016 Garden Club

Postby JonE » Sat Feb 27, 2016 12:39 pm

I guess Discover doesn't update their FICO score that often since I still have mine from 1/17/16. That's one thing I did like about Walmart is they updated it once a month, usually without fail.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

JonE
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Re: February 2016 Garden Club

Postby JonE » Sat Feb 27, 2016 12:40 pm

Dcyphrz wrote:
JonE wrote:...I'm trying to find justification for keeping my bank accounts open with Chase, when my Ally accounts give me better rates...

I'm considering closing an account for similar reasons. The needs I had for my old bank are starting to seem insignificant. I just never go in there any more and the staff is unfamiliar to me. Far as online banks go, I think Ally is excellent.


The interest on some of their accounts is just bonkers, I've seen worse rates at credit unions. Not that I'm complaining. Now I just have to complete my direct deposit switchover.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

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CarefulBuilder14
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Re: February 2016 Garden Club

Postby CarefulBuilder14 » Sat Feb 27, 2016 4:12 pm

JonE wrote:I guess Discover doesn't update their FICO score that often since I still have mine from 1/17/16. That's one thing I did like about Walmart is they updated it once a month, usually without fail.

Have you changed your payment due date? Or stopped using the card?
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



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