Free Credit Report using Adverse Action

For just about anything you want to get off your chest about credit cards.
4 posts
moxie
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Free Credit Report using Adverse Action

Postby moxie » Fri Feb 08, 2013 8:30 pm

I was just approved for Amex BCE and they just sent me the approval letter. In it, it says the FICO score they used from Experian (775).

It also seems to state I will probably have a high APR, but I am fine with that because I always pay my balance in full each month.

Since "the APR offered may be less favorable than terms offered to consumers with better credit histories", I am able to obtain my credit report for free within 60 days due to it being classified as an adverse action. I didn't see the harm in taking advantage of this "adverse action" (last time I had pulled my Experian for free was around June 2012) since I wouldn't be able to get it free again until June 2013, so I went ahead and did it.

Just wanted to make sure though...was there any harm in doing this? Did I just screw myself over in a way I didn't know I did?


Sevenfeet
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Postby Sevenfeet » Fri Feb 08, 2013 9:02 pm

How long have you had credit (i.e., how old are you)? This could just be a case in which that you're young and while you qualify for the BCE card, because you may have a skimpy or short credit history that you would not be extended the most favorable interest rate.

I've learned that the best rates usually go to the customers with the long histories who pay their bills on time. It just makes sense for them.
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MemberSince99
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Postby MemberSince99 » Sat Feb 09, 2013 7:31 am

It will not hurt you a bit. 775 is quite a score, funny they didn't give you the best APR, but it's not always about score. Anyway, it hurts nothing whatsoever to do that, except the profits of the CRAs.

moxie
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Joined: Sat Feb 02, 2013 8:06 pm
Location: Texas

Postby moxie » Sat Feb 09, 2013 9:40 am

Thanks you guys! I am 22, still a student (low income), and my credit history is still pretty young (first account 2008 - 5 years ago) so I understand why they would give me a high APR with a thin history. I don't mind that at all since I always make sure I PIF every month. Just wanted to make sure pulling the actual credit report for free wasn't going to hurt me somehow!



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