Just wanted to post an update for those interested

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Just wanted to post an update for those interested

Postby MemberSince99 » Sat Oct 26, 2013 8:17 am

I haven't posted here in a while as I got tired of being an object of derision on here from people who don't agree with me (which is probably the vast majority here, though not all were vehement about it). I guess we'll have to agree to disagree. I'm just posting this for those can learn from what I've done, mostly mistakes I admit but you learn way more from those than successes (and I should know...).

I have closed Discover, to no one's surprise I'm sure. I just felt like why keep a card that will never grow. Just my feeling it's my credit, my life and if you don't like it, you don't HAVE to read thank you very much.

I went for my 61 day CLI with my Amex BSP - declined for "past delinquencies". I was not at all surprised by that. To be honest, the only reason I still have these cards is the backdating, otherwise I'd just keep the Gold and BCP and for sure close the BSP. Again, my personal feelings, and if the revolvers will never grow, BSP will eventually be closed as a 2k travel card is just useless to me personally. I'm willing to give it some time and see though. But I'm not terribly optimistic about that happening.

Read with interest the stories of the "Duck" and "Beaver" cards on FICO, app'd for the Duck card, approved (not instant) for 15k starting limit.

Made yet another mistake you can hopefully learn from last night. Called Chase to verify my closing date so I could pay rent and pay it before it hit the CRAs, and was foolish enough to take the suggestion to try for a CLI. I was going to wait until December, but though well maybe with the Duck approval Chase will want to come up a bit to stay in the game even if Amex doesn't care to. It was of course denied when the CSR tried so asked to be transferred to an analyst who informed me of my past delinquency being the key reason for the decline.
To add further injury I see they pulled not one but TWO bureaus (TU and EX) and both hits are for absolutely nothing but an education.

Last but not least I checked my "will my charges be approved" on the Gold card and tried 10k and it came back approved.

So to sum up what I've learned, if you've burned a lender it might be better to just move on and do better with another company, because even if they let you back in, they sure as hell aren't going to just forgive and forget. You will always be a scumbag to them, maybe a scumbag they will do business with, but a scumbag nevertheless. Not saying I disagree, though personally I just wouldn't take back anyone who burned me, but I'm telling what I'm seeing here.

So I have resolved to NEVER request another Chase CLI again - it's simply not worth two hard pulls to get zilch. If they EVER increase the card, great, if not, well I have a couple (Associated and now the Duck) that are pretty nice limits that WILL grow with me, so to hell with them, basically. Those will get the spend, and I'm not going to worry about pleasing Chase or Amex, I'm going to worry about pleasing ME.

I'm just posting so those who care to can learn from it. If you wanna rip on me, hey I don't give a rat's behind, I may or may not even read it. Not sure when or if I'll be back, but if this helps someone, great. I've learned a lot, starting with I really don't care as much about credit as I used to though I want to keep good credit. It's for sure not the meaning of life, and if it is for yours, I feel for ya, though it's your life.

Take care guys.

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Postby thom02099 » Sat Oct 26, 2013 9:16 am

Learning from one's mistakes, whether big or small, is a great teaching experience. Thanks for sharing your story.
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Postby Gamma » Sat Oct 26, 2013 5:55 pm

Thanks for sharing your experience. Luckily, I haven't burned anyone so I don't have to worry about that if I ever request a cli. I highly recommend you stay with the bcp not just because of the 6% grocery cashback, but because of the great offers they give card members (recent one I'd spend 75 get 25 statement credit at Staples). Anyways, you should be back posting actively seeing how this forum is going kind of dead.

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Postby catsartcox » Sat Oct 26, 2013 7:32 pm

Yeah, thank for posting. Its good to hear from you again man. I do feel for you, I am in the same boat with Barclay (if anyone remembers my past posts). They still don't really want to try to keep my business. Given they did do an auto CLI this past weekend. Just the CS, rewards and interest rate are the worst of all my options.

But again, I am glad your back. I really like reading your posts. They are long well thought out posts. How I got to where I was is for reading how other people did, screw ups and all. I am a big Dave Ramsey fan. haha

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Postby MemberSince99 » Sun Oct 27, 2013 9:50 am

Thanks guys. I'm not sure how much I really have to contribute these days. But it is good to see friendly faces again and I hope life has been treating you well and you are finding success in whatever it is that is important to you.

I'm not so much of a fanatic about credit anymore, but old habits (like PIF multiple times a month) die hard and I simply can't bear to let balances post. I'd almost say it's OCD but it's better than being non-chalant about it.

I would like to say that if your credit is decent and utilization is low OCCU seems to give out pretty high limits (which is the main reason I applied for the Duck card). You guys should check it out, maybe it fits with what you want. One is rewards and the other doesn't have rewards but has a lower APR. I took the rewards one because it fit my profile in that I don't carry a balance (and thus don't care about APR) but would like the rewards. The APR on my Duck card is 11.99 I did not get the best rate but it's still my lowest, not that it's important to me.

I guess for me, the next possible card (last one) I would consider at this point is the BofA travel rewards card. The reasoning is that I should be able to get a decent limit on it where I already know that in the near term, BSP will not grow at all nor will CSP, though certainly over many years they could (but by then I could be dead too). 5k is a reasonable limit for a travel card in my view, 2k is not (for me personally). CSP also has an annual fee and I got he annual fee version of the Blue Sky card, and at this point the ONLY good the BSP is doing me is backdating - it's simply not a viable travel card if the limit will never grow. And with the annual fee, I will evaluate next year whether I feel it will ever grow with me, or I need to downgrade it to remove the annual fee but keep backdating or if it's just not worth bothering with. Since I already paid the fee and it's backdating, I'll keep it but, it will be subject to re-evaluation before the fee is due. Same with the CSP - it has an annual fee unlike the BofA card, so I will re-evaluate that card next year before the fee is due.

But the main reason for the BofA card would be the fact that BofA was generous with limits for me and I've never burned them, so I should be able to get at least 5k to start and build to 10 or 15k within a year or so. I likely will never see that on the CSP or Amex revolvers.

Anyway that's the thought. And yeah, I closed a BofA travel card this year that right about this time I'd be able to ask for a CLI on and probably get 10 to 15k. In my defense, admitting it was idiotic, I had just gotten CSP and back in with Amex and I didn't know those cards were not going to grow with me (at least anytime soon). I only want so many cards to deal with, as I found having 8 to 10 of them was just too much for me to handle. So, in hindsight I should have kept that card, but I didn't know I wouldn't be able to get CLIs from Amex and Chase. (Which is why I posted it here).

I did read on FICO that over time like 6 months to a year and VERY heavy spend, one guy on FICO in my boat was able to get a CLI from Amex, but it's always YMMV so just because one guy gets it doesn't mean I will - there are people who can't get back in with Amex 20 years after burning them it's always YMMV.

So my plan is to wait until the Duck card is on my reports, then app for the BofA card. Assuming I get that, that's all I want open for now, and it's frankly one more card than I want optimally to deal with in the long term (I want no more than 6 total cards).

That's the plan guys. Hopefully I can grow the Duck card up to say 20k or so over time, not planning to ask for any CLIs on the Associated that's already honestly more than I need.

Hope you folks are having a good weekend. By the way I did notice some people were stepping up answering questions that's cool, that's the only way this will grow. It's can't be all the Member show :) That would be pretty crazy. One thing I am starting to find a little bit annoying on FICO as well as here is people asking others to judge their chances of getting a card. All we can do is point out the obvious (like DON'T app for an Amex with a recent BK on your report) - beyond that it's just a WAG seriously we can say we think you should be good but how would we know? All you can do is app and find out - that's the only conclusive answer. And besides I've seen on FICO where some dude would scream "stay in the garden don't app you'll screw up your whole life and then have to crank the Metallica while you hang yourself in your closet man!" and the guy applies and gets 10 or 15k. I mean don't listen to that if you want it, go for it - life is too short to live in fear, too afraid to go for what you want because some jack wagon thinks you should garden or live in fear. Be smart about it (in other words don't be like me) but go for what you really want in life. That applies to everything not just credit cards. Don't let some garden fanatic talk you into living for tomorrow until the day you die. You'll notice THEY have what 20 cards in their signature so they didn't get those cards from living to garden. Just saying....

As for more posts, we'll see I may not have much to say :) But thanks guys good to see you again.

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Postby djrez4 » Sun Oct 27, 2013 12:39 pm

Its a good thing you brought this information over here. I, for one, had relegated the Fico forums to the bottom of my internet heap and had no idea the Duck card existed. The humor in the fact that you, of all people, were reading Fico and posting about it here is not lost on me.

That said, I think calling our reaction to your last thread "derision" is disingenuous. You asked for a response and you got one. It just wasn't the one you wanted. It was your choice to take a sabbatical and that's fine. But there wasn't any ridicule. The forum simply thought you overreacted. I shared that opinion.

You're a reactive guy, Member. That's not a criticism; it's an observation. And I don't think anyone here would suggest you change. But perhaps a moment of introspection is in order. After all, you did cancel Discover (again).
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Postby Snowman » Sun Oct 27, 2013 1:21 pm

Member! I for one am glad to see you post (even though it is after a little while.) I've also been away from the forums for a little while but I'm glad to see you post. In addition to what I used to mention about getting the BCE, I've been considering the BCP since I drive quite a bit these days (but don't know if this is good or not.) And have been looking at the SPG as well, maybe sometime in the future since Idk if I'd qualify for it or not, and I think I have too many cards already. But it is good to hear from you and hopefully things are going better/looking up for you.
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Postby TheLethargicAge » Sun Oct 27, 2013 7:23 pm

Hey, Member, good to see you.
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Postby Robrus1 » Mon Oct 28, 2013 8:12 am

Hi Member, glad to see you back on the forum. You really should stick around, things have gotten a bit stale lately.
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Postby MemberSince99 » Mon Oct 28, 2013 8:47 am

Hey guys good to see you too.

All that aside, I have no regrets about closing FNBO. I still maintain if I gave the CSR enough info to convince her it was me, then there should have been no issue, and if I hadn't, why was she telling me anything? Oh well water over the dam now, but I don't regret closing that one, high limit or no, if that's what I would have dealt with. And I did not "abuse" her - nor did she "abuse" me, that whole thing was ridiculous. Might as well say I flew airplanes into the WTC too. I was half expecting that next.

Anyway, time away can be a good thing. You can focus on things other than credit, which when taken to an extreme, gets kinda crazy. I'd like to loosen up on it, but not to the point I would EVER carry a balance. I have that too deeply ingrained to change now, and that's in my opinion a good thing because I am personal proof of what can happen if you don't have that philosophy (the creditors I burned). It's not like you mean to burn them, it just builds up and snowballs, and you lose your job and BAM you are screwed. It's a hard lesson in life.

One thing I learned too is that I have personally confirmed that Elan is basically US Bank. I've seen questions about that, and I called customer service for the Associated card this weekend to see how they report to the CRAs (it was the same with my US Bank Cash + card when I had it). Basically the statement ends on a certain date, BUT, the balance that gets reported to the CRAs is whatever balance you have on the last day of the month. Got that? I wasn't sure I did, but that's how they do it. I had seen that before but I wanted confrimation and the CSR confirmed it for me. By the way she sounded very cute on the phone but that's another story. She also confirmed that Elan is US Bank as I flat out asked (just to confirm). They handle Associated's cards as well as other institutions.

So hopefully that tidbit of trivia is useful to someone. The reason I asked is I'm thinking of making them my main go-to card again since Chase isn't going to grow with me and the rewards on it are overall the best of any of my cards (1.25% on everything, rewards given monthly) though in some categories other cards beat it (Like the BCP with 6% on groceries vs 3% of the Associated card). The problem is it will be hard to pay rent with it and not carry a balance the way I do it now. I just called to confirm how they report to the CRAs.

But I expect the Duck and Associated cards to get more use (gotta hit the Duck spend for the bonus) and Chase less at this point. I mean Chase is only giving me 1% on most of what I buy anyway so what the hell, I'll be money ahead to shift spending from the CSP. And it's not like they are going to CLI me, so I can't see a reason to worry much about it.

Same with Amex, there is no CLI in my near future (maybe long term, you never know for sure with them) but why worry about a maybe, I'd rather look after a have than a maybe, and Associated has given me a nice limit and so has OCCU so I think it's time I start considering that. I still will give Chase and Amex swipes, but I am not going to worry about keeping them happy at this point. They get what they get just like I get from them (or don't) what I get. It's business not love.

And at this point if Amex demanded an F/R, I would just close the cards and move on. If they are that worried about me running up the puny limits I have on their revolvers, just close the damn things and move on. They have annual fees and subpar customer service and mediocre rewards to boot, all they bring to the table is backdating and that's terrific but honestly in terms of overall card, others are better in my view.

Ok now that I've offended some folks, time for me to get to work! :)

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