Happy April 1st

A place to discuss anything... except credit cards!
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popamode72
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Postby popamode72 » Mon Apr 13, 2015 11:05 am

MemberSince99 wrote:I've never had an Amex FR (knock on wood) but from eveyrthing I've read if you have one and close the cards, ok, but if you apply in the future you are flagged for FR immediately. So you might get approved, but you will still have to comply with FR or face having the card closed.


I see a lot of lack of love for Amex here where they seem to be idolized on the other forum. If they have eliminated backdating on new cards, that would really suck. I think that's a big negative. I was rather hard on them myself when I'd call and get someone I could barely understand who would screw up what I asked them to do - if I wanted that I could have chosen Cap One. To me Amex is kind of a mixed bag - backdating used to be huge, but if it's gone, given the lousy customer service on the low end cards (a lot of which still have annual fees) then it's kind of gone downhill, no doubt. They still have a pretty generous CLI system in place, IF they give you luv. And the perks are good - the rewards are generally nothing special it's the perks if you can use them that give you the value. It's just is it enough value for what you are paying and only you know that.


I've debated whether the Platinum makes sense for me - I haven't travelled since last summer and the fee is coming up. Gold or PRG would make sense for me, but Platinum only does if I travel. I keep hearing I'm going to travel but it hasn't happened. I'm on the fence especially since I have other cards and I don't spend time in lounges even when I travel. Not sure on that. I may do it one more year and then re-evaluate next year.


CSP I'll be honest here - I got it only because it's a metal card. (And Chase is an odd duck when it comes to limits - they seem to be happy give you a new card with a lot more than they'd give you as a CLI on an existing card. Then you just combine limits).


Papa I'm sorry to hear about your Amex experience as I was sorry to read about your Citi experience.


Thanks Member.

I think CSP is an excellent card though. I've personally gotten much more out of it than having a PRG. UR points have a lot of value when it comes to transferring to other partners. Can't wait until that increased $200 bonus for the Freedom comes out so I can get my offer upgraded to that and I'll have even more UR points racked up. Combined with Freedom, they have both become my main workhorse go to cards to use besides using Discover It of course.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)


MemberSince99
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Postby MemberSince99 » Mon Apr 13, 2015 2:35 pm

I forgot to mention it too but it really is YMMV. I mean if just inquiries and new accounts alone was a hard and fast rule for AA, I would have been subjected to it non-stop the last few years. I have 14 cards open now, and I don't even recall how many I've closed over the last few years. Plus the dealership lit my inquiries up a couple of times in that period.


I should by that right be a prime candidate for AA but I haven't seen any yet. I think they look at overall history and a thick file helps - I have positive history going back many years not just for my backdated Amex cards, but for my student loans - I've never been late on payments for them for a long time. Plus even despite all of this, my FICOs all range from 782 to 784. I think if someone had a score 100 points lower, they might tend to be more likely to take AA.

popamode72
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Postby popamode72 » Mon Apr 13, 2015 2:44 pm

My file is just much thinner than yours so its much easier to run into these problems if I add too much credit in a short time period. I'm sure the longer my file gets, the less of an issue it will become if I play my cards rufht.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
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Postby MemberSince99 » Mon Apr 13, 2015 4:59 pm

You are in the 700s now which is good. So you will get there. It just takes time.


My revolving history isn't that long - as of 2010 I didn't even have a credit card, and after dealing with Cap One and thinking that's as good as it gets I was ready to just say forget it, it's not worth the hassle. The backdating makes it look better than it really is in terms of longest account open and AAoA for revolving credit. For installments it is accurate though.


But you will get there. I think you are doing fine. One thing I've found is there will always be banks that love you, that don't care about you, and that are just kind of indifferent, and over time they can totally change their view. Discover never seemed to really take to me until I figured out they like a lot of swipes. Amex seemed like they would NEVER approve a CLI for me. (And I was even blacklisted just a couple of years ago, though hell if I know why, after they'd let me in...I'm guessing I spooked them with the apps). So it can and will change.

popamode72
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Postby popamode72 » Mon Apr 13, 2015 5:07 pm

Very true. I thought for a while Amex was the most generous lender I came across but then Chase started to really blow them away. I still have my cards with them with the limits intact and hope to keep it that way for a long time. I even thought Chase hated me for a while until I got in with them. Right now, I was really hating Barclays but I've been using their card again so I'm hoping to get somewhere with them. Out of all the lenders I thought I'd get AA from, I really thought Barclays would have been the first but they've kept my account intact this entire time.

US Bank I really thought they were going to come out with something decent but they just keep nerfing their cards. Hoping for a SP CLI offer there too. Crossing my fingers Discover loosens up and I can get something from their newly fixed CLI button in the next few months as well.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Apr 13, 2015 7:20 pm

popamode72 wrote:My ex score is always constant and never changes much at all
...
I think new accounts popping up matter more than the pulls themselves which don't factor into my score completely after a year. There are always other reasons for getting denied credit. I'm not looking to buy a house or spend time trying to get an auto loan any time soon so I have plenty of time to get those aged.


I agree that the new accounts probably matter more than the inquiries for scoring, especially with Experian. My EX FICO with 6 inquiries is about the same as my TU with 3 inquiries (although my TU ones are, on average, more recent).

When I mentioned that your credit report might look more attractive to Amex in two years, I meant more that your AAoA would be up and you wouldn't have as much in the way of new credit. The inquiries falling off would be a smaller factor.

What I said about inquiries I should have perhaps said about new accounts. The basic point is the same, though.

Edit: Inquiries alone can be a concern for some issuers. Also, one downside of having a lot of cards (in addition to the number statements you have to look over) is the "crowding out" effect you may encounter when you do look for new credit. If you really want a high CL on a card you'd use a lot, but an issuer is uneasy with your total CLs already, then you may get declined or approved with a tiny CL.

I know high credit limits can often a person get higher limits early on, but at some point it is best to try to get the high CLs on cards where it's useful. If I could, I would happily move some of my BCE or Sallie Mae limits to Freedom or Discover which I use to make larger transactions.
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

popamode72
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Postby popamode72 » Mon Apr 13, 2015 9:23 pm

Perhaps I'll do another pruning of my profile and getting rid of things I don't need or that I got for the wrong reasons at the time, though I'd rather just wait a while and then decide which TLs haven't performed as well as I thought they would in terms of growth and get rid of those. I'll see. Someone on MF had great success leaving their high limit Lowes card sitting there and they were able to get an increase on their BoA to $10k so I hope I can see similar results with leaving my CSP like that for a few months.

That's what I did a lot more of last year and it really did work out better for me. I remember even getting rid of Wal-Mart and those types of lower limit cards I had no use for anymore and it worked out pretty well in the end. I'd ideally like a much higher limit on my Discover It for example since I've been using that card probably the third most, behind Freedom and CSP.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Apr 13, 2015 11:53 pm

popamode72 wrote:I'd rather just wait a while and then decide which TLs haven't performed as well as I thought they would in terms of growth and get rid of those.


Well, I have a different approach there. I have tried to apply for the cards I'll want to keep in the long run (for non-CL factors like rewards/benefits). I'd probably only replace a card in the lineup if my spending changed or the card was seriously nerfed.

If I need to have an occasional HP to give a CL a boost, I am happy to do that.
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

popamode72
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Postby popamode72 » Tue Apr 14, 2015 12:48 am

CarefulBuilder14 wrote:Well, I have a different approach there. I have tried to apply for the cards I'll want to keep in the long run (for non-CL factors like rewards/benefits). I'd probably only replace a card in the lineup if my spending changed or the card was seriously nerfed.

If I need to have an occasional HP to give a CL a boost, I am happy to do that.


I don't mind HP CLIs at all. BoA is practically great when it comes to it IMO.

Discover however, those usually just result in $500 CLIs, so I'm hoping for a SP for that one.

You have your own approach which has worked quite well for you. I admit what I've done a lot of the time has been dependent on trial and error. Hasn't always worked but for the purpose of getting cards with all the major prime lenders that I wanted at the very beginning, I was able to achieve just that.

Just checked my EX report and it's now saying my AAoA is 8 months now.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Apr 14, 2015 1:10 am

popamode72 wrote:Just checked my EX report and it's now saying my AAoA is 8 months now.


Is that for open accounts? Or closed ones, too? I'm around 9 months, with no closed accounts.
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



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