Done with myfico, apparently!

A place to discuss anything... except credit cards!
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Tubpbs
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Re: Done with myfico, apparently!

Postby Tubpbs » Fri Jan 22, 2016 5:58 am

CarefulBuilder14 wrote:Someone got AA from Comenity: http://ficoforums.myfico.com/t5/Credit-Cards/Sad-to-say-but-Comenity-Shut-Me-Completely-Down/td-p/4422727

Every card closed, to the tune of almost $150k across 20 accounts.


$150K with just Comenity or all their cards?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It


kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Fri Jan 22, 2016 6:51 am

CarefulBuilder14 wrote:Someone got AA from Comenity: http://ficoforums.myfico.com/t5/Credit-Cards/Sad-to-say-but-Comenity-Shut-Me-Completely-Down/td-p/4422727

Every card closed, to the tune of almost $150k across 20 accounts.


He definitely had it coming, but at least he does own up to it. It's kind of ironic because just a week or two ago he made a long thread with pictures boasting about all his Comenity accounts.

The thing that baffles me is the same thing over and over on MF when AA happens. Everyone chimes in to "support" the OP, but they almost always dance around the real issue. Most of the thread talks about "don't trust Comenity! Diversify!" etc, and while these things may be true, they skate around the real issue. Nobody should open 5, 10, 20 new accounts a month like this guy was doing. That is the bigger issue. Aggressive credit seeking. But it's glossed over and talked about like it's simply "Comenity bit off more than they can chew!".

I don't know what world MF lives in but it's not reality. It's sad that most posters there are afraid to speak the truth -- it's not normal to apply for so much credit. I know everyone wants a "util buffer" but if you PIF all the time, how much "buffer" is necessary? I don't care if it's Comenity, Chase, Citi, whoever. OP needs to stop the addiction. The problem is not Comenity. But why is this glossed over on that site?

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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Fri Jan 22, 2016 10:45 am

The $150k was just from Comenity. Weird, I know. That's more than twice the credit I have across all accounts.

When AA happens, people can respond in one of two ways:
A. Change their apping habits to try to regain good standing with the issuer that closed/CLD'ed the accounts - the issuer which, in the absence of AA, offered the cards they wanted most.
B. Get new cards with different lenders, and find numerous unrelated flaws in the old issuer.

It seems like 90%+ of the time, people choose B.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

4ktvs
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Re: Done with myfico, apparently!

Postby 4ktvs » Fri Jan 22, 2016 1:38 pm

So someone on MF applied for a Chase freedom with 10 accounts in the last 2 years was approved. I am thinking Chase is having 2nd thoughts on this rule they made or someone in UW screwed up big time.

The saddest part is they plan on buying a house next month and yet they applied for more new credit anyways.

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Fri Jan 22, 2016 2:37 pm

4ktvs wrote:So someone on MF applied for a Chase freedom with 10 accounts in the last 2 years was approved. I am thinking Chase is having 2nd thoughts on this rule they made or someone in UW screwed up big time.

The saddest part is they plan on buying a house next month and yet they applied for more new credit anyways.


We may see the rule relaxed at some point.

It's amazing how many people on there admit they "should be gardening" as they want a mortgage/car loan/etc but the need for 1-5% in rewards trumps everything.

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Re: Done with myfico, apparently!

Postby Nixon » Fri Jan 22, 2016 3:15 pm

kdm31091 wrote:
4ktvs wrote:So someone on MF applied for a Chase freedom with 10 accounts in the last 2 years was approved. I am thinking Chase is having 2nd thoughts on this rule they made or someone in UW screwed up big time.

The saddest part is they plan on buying a house next month and yet they applied for more new credit anyways.


We may see the rule relaxed at some point.

It's amazing how many people on there admit they "should be gardening" as they want a mortgage/car loan/etc but the need for 1-5% in rewards trumps everything.


Maybe they should save that 1-5% and buy a car cash...

LOL.
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Fri Jan 22, 2016 4:19 pm

It's getting kind of difficult to understand and reply on some threads, given how heavily they are being edited.

This sort of thing happens:
12:00 I read a thread that sounds perfectly FSR.
12:02 I start to write a detailed reply.
12:04 Someone makes a non-FSR post.
12:06 A flame war breaks out.
12:09 A moderator locks or deletes the whole thread.
12:10 I try to post, only to find the thread is no longer accessible.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

Nixon
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Re: Done with myfico, apparently!

Postby Nixon » Fri Jan 22, 2016 4:39 pm

Oh well. That kinda nonsense deserves no reply anyway.
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kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Fri Jan 22, 2016 5:00 pm

CarefulBuilder14 wrote:It's getting kind of difficult to understand and reply on some threads, given how heavily they are being edited.

This sort of thing happens:
12:00 I read a thread that sounds perfectly FSR.
12:02 I start to write a detailed reply.
12:04 Someone makes a non-FSR post.
12:06 A flame war breaks out.
12:09 A moderator locks or deletes the whole thread.
12:10 I try to post, only to find the thread is no longer accessible.


Yes they are very edit happy with the threads. They do not tolerate anything that isn't 100% PC, friendly, etc. So for an AA thread like the big comenity one the only acceptable replies are "omg I'm so sorry!" and "you did such a great job building all that credit, how DARE comenity take it away!?"...you get the gist.

I love how the guy who had comenity take AA is now asking Chase for a freedom signature upgrade. While such a request is no big deal in theory, why in the world are you asking for ANYTHING right now? It's like...does he not know when to just s-t-o-p? Stop applying, stop asking for CLIs, APR reductions...lay low, dude.

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Sat Jan 23, 2016 2:19 pm

Lol...people on MF calling the JP Morgan Executive line because they want their cards upgraded to Visa Signature. Apparently the hot thing to do this week is to try and get a Signature upgrade that one doesn't need.

Sometimes I wish people would realize what is and isn't worth their time. Of course, some people do actually use Signature benefits, but once you have one Signature, there's not much pressing need for another one. It's another phone number (JP Morgan Excecutive) that keeps being abused and will in all likelihood be cut off sooner than later.



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