Approved for Menards big card, can't believe the CL

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forrestst
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Approved for Menards big card, can't believe the CL

Postby forrestst » Tue Feb 21, 2017 2:40 am

The back story: I buy alot of stuff from Menards for work, I get some reimbursed but I also buy some of my own tools and things. Also Menards here has food items and cleaning products. I don't seem to have much trouble finding stuff I can use in that store. I also have a home improvement project going, I found a rental that needs lots of work and I'm getting cheap rent in exchange for fixing it. I'm going to need paint and roofing materials to start with. I was going to apply for a Menards card but due to some recent problems that was put on hold.

This evening I got in a big argument with my mom that ended in a shouting match and her telling me that she runs my life and I need to listen to what she says because in her words, if I challenge her, I'll never win. She said she successfully blocked me from applying for more credit and there was nothing I could do about it. What people need to know is when my parents put their nose in my business, I get pissed, then I go dark and in commando mode. I get sent to Menards feeling 6' tall and bullet proof. The clerk asked if I had a Menards card, I said no, how do I get one. I was expecting to get denied or maybe a useless $300 limit -- are you ready for this? I was instantly approved for a $2,500 limit!

I just stood their with my mouth open because Cap1 gave me a Platinum card with a $300 limit and when I requested an increase after 3 months, they only gave me $100. They said when I was approved I was in the steps program and I would get a CLI after 5 months. I just paid my 5th statement, I used my card every month and paid before the due date each month. Last month I put about $400 on the card but paid several times to keep my utilization down. I really wasn't expecting more than a $100 CLI but with the Menards approval, who knows? FNBO has left me stuck at a $300 CL and won't budge. They declined me for even a $100 CLI. I just set up my Menards account online and I was told on another forum to hit the "request CLI" button but I'm kind of scared to do so.

Overstock $250 CL and Victoria's Secret $300 CL now look kind of sad. I seriously doubt if I'll ever buy anything from Victoria's Secret and I can't find much on Overstock. I also don't like buying online if I don't have to, I'd much rather buy from a local store.

My mom would tell me I need to cancel the Menards card because I used poor judgement when I opened the card and disregarded all advice, but the limit is far better than anything else I currently have. I know I took another inquiry and further hurt my AAOA, but when I applied it was like I just didn't care. I'm thinking It's time for me to leave this forum because I won't listen to advice anyhow. What do you do about a card with a $2,500 CL that was applied for against good judgement and professional advise?


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PhillyPhoto
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Re: Approved for Menards big card, can't believe the CL

Postby PhillyPhoto » Wed Feb 22, 2017 12:53 pm

Despite how/why you applied for the card, congrats on the high limit. Others might have some better advice, but I would say keep doing what you're doing and in 3-6 months maybe look at a "real" card (Citi, Amex, Discover etc). Don't apply for any premium cards, but you should probably be able to get at least a $1000 CL from one of them I would imagine. Don't close anything at this point, unless it's an AF card, and even then, try to PC to a non-AF card if possible. Having more cards reporting positive history just improves your score and will help you out. Keep in mind, Menards is just a store card it sounds like (the "Big" card?), so unless it has a Visa/Mastercard logo, it will be useless anywhere but there. But it looks like the Big card comes with 2% Menards rebates, so you're already saving money there.

Again, you have the card now, and it's your highest limit, so don't close it now.
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Sock drawer Cards:
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kcm7
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Re: Approved for Menards big card, can't believe the CL

Postby kcm7 » Wed Feb 22, 2017 5:34 pm

Congrats on the big limit.

... are you ready to hang out in the garden now?
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

forrestst
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Re: Approved for Menards big card, can't believe the CL

Postby forrestst » Wed Feb 22, 2017 11:52 pm

I asked FNBO for a $300 CLI and they denied it, so I asked for $100 CLI and they denied that as well. Their reasons: The balance to limit ratio across all of your accounts is too high; AAOA is too short; lack of installment loan information; too many inquiries. Cap1 started me off with a $300 CL and gave me a $100 CLI after 3 months. I'm supposed to be in the steps program and get another CLI after my 5th statement which I just paid. I've been trying to use the card instead of my debit card for things like gas and groceries. I try to stick to just buying what I normally buy each month. I'm going to have to pay off the card soon because it's close to maxed out. I guess we just have to wait and see what kind of CLI I'll be getting. I'm guessing it will be another $100.

I'd like to know how she did the Overstock card and the Victoria's Secret card. She got me approved for both, Overstock only gave me a $250 CL and Victoria's Secret gave me $350. Seriously, when I applied for the Menards Big Card I was expecting a denial or maybe $500 at the most if I got lucky. I about fell over when I saw my limit was $2,500!

The only thing FNBO has going for it is it's my first card, It's unsecured and there's no AF. I'm not too excited about applying for anything else from FNBO. Cap1 is the card that's likely to grow in time, $100 CLI isn't too exciting but it's less depressing then being turned down flat. I really didn't want the Overstock and Victoria's Secret cards, but since everything was sent to me and I have the cards, the police said there wasn't anything they could do unless she was opening accounts in my name and charging on them. Normally, I don't like store cards, most store cards wouldn't see much use. I've had friends apply at the register and not get a high enough CL to cover their purchase, so I've always just turned those offers down. What can I say this time around? Sorry, I was eating a Milkyway?

The worst part is, I was advised not to apply for anything at all when all this happened. I've had my Cap1 for 5 months now and according to CK, my AAOA is 9 months. Adding 3 more accounts this month, I'm thinking that would give me an AAOA of 3 months? By my calculations, I'm guessing I now have maybe 7 inquiries. Not all of my new accounts are showing up yet. The only new account showing up on CK is Overstock and my score went down 15 points. I seriously doubt Overstock will see much use and I don't plan to use Victoria's Secret at all. Menards, I just bought at little over $200 in supplies tonight. They have their 11% rebate going on (mail in) plus I get 2% on everything I buy with the card and 10% the first time I spend $100. I get a $22.21 rebate just off tonight's 11%.

All I really need now is a Mastercard or Visa with some rewards. I'll just use my Menards card at Menards until I get something with better than 2%.

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CarefulBuilder14
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Re: Approved for Menards big card, can't believe the CL

Postby CarefulBuilder14 » Thu Feb 23, 2017 8:08 am

Through insurance or any local programs, is there any way you can consult some sort of family therapist at affordable rates? It sounds like your whole family cooling off might be more important than making changes to your credit right now.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
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