HiLine Tracker

Re: Comparing FAKOs to FICOs

HiLine — Wed, 24 Apr 2013 01:39:57 GMT

CK Vantage: 771; CK TU: 743; myFICO TU: 725

Re: cardmatch creditcard.com

HiLine — Wed, 24 Apr 2013 01:31:03 GMT

As the old saying goes, pre-selected doesn't mean approved ... Sorry to hear.

Re: First Premier Bank did a naughty thing

HiLine — Wed, 24 Apr 2013 01:29:17 GMT

So what are you going to sue them for? Inaccurate reporting of trade line information?

Re: First Premier Bank did a naughty thing

HiLine — Wed, 24 Apr 2013 01:27:39 GMT

ktm214 wrote:
How in the world do you do a screen snapshot like that? I have been trying to figure it out.

There's a Print Screen button on your keyboard if you're using a standard keyboard. Not sure about Apple keyboards. :)

Re: my first few weeks on the job

HiLine — Wed, 24 Apr 2013 01:23:24 GMT

What Rhaeny said! :robotvery-happy:

Re: cardmatch creditcard.com

HiLine — Wed, 24 Apr 2013 01:17:38 GMT

Have you tried deleting cookies and temporary files from your browser or try a different browser? Doing that may result in more offers. :)

Re: my first few weeks on the job

HiLine — Wed, 24 Apr 2013 01:16:45 GMT

Thanks for the helpful information, jcstarkey8826! It's nice to have [Bank] insider's information on this board! :smileylol:

Oh, and congratulations on the job!!! :robotvery-happy:

Re: Amex BCP!

HiLine — Wed, 24 Apr 2013 01:10:29 GMT

That's what you get for having had a trade line by the age of 16 :smileyindifferent: Congratulations!!!! :smileylol:

Re: Discover Price Protection

HiLine — Wed, 24 Apr 2013 01:08:55 GMT

Nice story, Webbie! I'd be cautious to proceed with disputing charges though. Too many of them may raise a red flag. :)

Re: FICO is doing better - a couple questions.

HiLine — Wed, 24 Apr 2013 01:01:39 GMT

Or spend 10k and pay off 9.9k before the statement cuts, assuming $10k credit limit. ;)

Re: Equifax score plummeted 31 point in a week!

HiLine — Wed, 24 Apr 2013 00:57:55 GMT

Computer codes are not as simple and elegant as Pythagorean Theorem. :) They can involve hundreds of variables with thousands of if statements. Missing one if statement, or mistake a minus sign, and you walk on a completely different path. :)

Not saying this was a system glitch/error fix, but I think we should still keep this possibility as a contender.

Re: FICO is doing better - a couple questions.

HiLine — Wed, 24 Apr 2013 00:50:36 GMT

Why is it 9% or below and not 1%?

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

HiLine — Wed, 24 Apr 2013 00:48:54 GMT

FICO is popular because their models are good measures of risk based on past experience. There are millions of FICO and FAKO scores out there I doubt there is a comprehensive comparison chart.

Re: WOW.... Transunion (MyFico) score 598 to 700 in almost 2 months!

HiLine — Wed, 24 Apr 2013 00:43:35 GMT

Wow that's a HUGE jump! Amazing how fast you went from bad credit to excellent credit!!! Congratulations!!! :)

Re: Maybe starters should open 10+ account?

HiLine — Wed, 24 Apr 2013 00:32:59 GMT

Revelate wrote:
BOFA secued is a subprime card, just because they added rewards doesn't mean it's not. I admit it's a fantastic subprime option, but it can't be characterized as a prime card.

I agree it's a better option than the FP's/Credit One's of the world, but there are folks out there who:

1) Can't provide a deposit
2) No chance in hell of getting an AU (me, at least above-board)

Well, you may have noticed this or not, but I not only mentioned but also stressed the "no other option" part in my statement, multiple times. This is what I said in my first post in this thread:

"First of all, subprime cards are a bad idea. Avoid them like the plague unless you have no other options."

When you have other options available, going for a subprime card is a bad idea. The discussion will go nowhere if the premises are not understood.

But I'm tired of bringing up this fact so I am just going to let it slide the next time. :catindifferent:

Sure, you can be approved for prime cards even with a less than stellar credit report, but does it mean everyone with multiple negative items on their report will get approved for these cards? No. Is the majority of people with bad credit likely to be approved for these cards? No. Would Donald Trump be approved for an Amex Black Card even if he had a crappy credit report? Likely yes. Does that make the Black Card a subprime card? No. You can't make a generalization based on an outlier. :manhappy:

You've frequented this board long enough, I know you're very knowledgeable and experienced, and I'm sure you have significant assets to back up your credit application, but you can't assume everyone is in such a fortunate position. You can be proud to have the BCP with what you consider an "ugly" credit profile, and we congratulate you on that. Doesn't that make you feel better than saying "Oh, the BCP is a subprime card because I was able to get it?" ;)

Re: Discover Price Protection

HiLine — Wed, 24 Apr 2013 00:06:07 GMT

Rhaeny wrote:
HiLine wrote:
Another piece of info for you, Rhaeny: all Visa Signature and World Mastercard cards, as well as all Amex-issued and Discover-issued cards, provide some price protection program. :catwink:
Oh :smileysurprised:!

Learn something new everyday....LOL! Thanks for the info because I seriously didn't know that. Looks like I need to look back and see if I have some money to get back!

Actually I just double checked - the information I posted was outdated. As of now, only Discover and Citi still offer price protection. Sorry for being over-optimistic. :)

OP: good luck!!! Let us know how it goes!

Re: BOFA Secured card rocks!!

HiLine — Tue, 23 Apr 2013 15:41:29 GMT

You're off to a good start! Good luck with your credit journey!!! :smileylol:

Re: Maybe starters should open 10+ account?

HiLine — Tue, 23 Apr 2013 15:05:05 GMT

Oh, and a 660 fico score would put you in a "good credit" category. Try getting approved for a Chase or Amex card while having "bad credit" ;)

Re: Maybe starters should open 10+ account?

HiLine — Tue, 23 Apr 2013 15:39:56 GMT

Revelate wrote:
HiLine wrote:
Revelate wrote:
HiLine wrote:
First of all, subprime cards are a bad idea. Avoid them like the plague unless you have no other options.
Second of all, closing trade lines soon after opening raises a tall red flag.
Thirdly, for consumers with a thin file, only open accounts make a positive impact in a manual review.

On the other hand, opening 10+ accounts that do not charge an annual fee is the ideal way to start building credit. After 2 years you can apply for whatever credit cards you want without being concerned about the impact on AAoA.
As compared to what? There's different classes of subprime, and I'd suggest if I looked in your wallet I'd find a card which based on approval criteria would be considered subprime by every major lender on the planet.

By definition, a subprime credit card is one that is issued to people with substandard credit scores or limited credit histories. It is widely understood that subprime cards include cards that charge maintenance fees, have high APR's, and have low credit limits (in the hundreds), and that get issued to people who have no credit history or major negative items on their credit reports, such as those offered by First Premier, Credit One, the former Orchard Bank, and the likes. Secured credit cards can also be considered subprime, but once they graduate they become prime cards. You want to avoid subprime cards because future lenders will see their records on your credit profile, and that may raise a red flag.

I wasn't aware of classes of subprime. Please enlighten me. :)

I assume you did not mean to convey a literal meaning in your second phrase? I suggest that subprime cards be avoided like the plague unless there are no other options, and I follow that principle myself.
Deep subprime: FP, Credit One, OpenSky, SDFCU secured or any other which doesn't do a credit check
Subprime: Capital One, Fingerhut, vast majority of store cards, most secured cards
Subprime approval criteria, call em near prime if you want to split hairs (even though I think that's 660? I forget my mortgage tiers offhand which is classic prime vs subprime definition): Freedom, all Amex charge cards, old Citi Forward, Discover More/It, etc. If you can be approved at 640 FICO /shrug.

I don't accept the argument that maintenance fees, or high APR's, or low CL's equates to subprime. By that definition, my BCP is subprime, and admittedly the fact that they approved me suggests it's getting near that category the same way Chase's Freedom has. We tend to make up monikers on this forum that aren't necessarily accurate, though I'll admit my own are just as much opinion.

Secured cards still have their purposes regardless of credit strata as well.

A label of prime means less than zero rationally. A card that works for me, whatever the reason, and that I can establish payment history on, is really all that matters when it comes to building credit.

I'll just ask, what other options do adult non-college student thin, mixed, or negative files have? You're stuck taking a "subprime" (stupid label in my estimation, again see Chase Freedom with subprime approval criteria and it's a good card for almost anyone) somewhere along the lines, and there's no negative moniker to it. The whole "oh lenders may think badly of me in the future" has been long since debunked, plenty of people are in with Chase and Amex with FP tradelines on record, even on this forum. Banks don't chase away profitable customers in general.

Revelate, I hope you were not being serious. Chase Freedom is not a subprime card, and neither is any regular Amex charge card. Unless somebody files for bankruptcy and gets approved for these cards within a couple of years or just started building credit and get approved for these, I uphold my statement.

Do you have an official source for the term "deep subprime credit card"? This is the first time I've heard of it, and a google search did not yield meaningful results.

I provided a more specific definition of subprime cards - I wouldn't stop at the 3rd comma... :smileywink:

Alternatives to subprime cards include authorized user status and secured cards that are from a reputational lender such as Bank of America or Capital One or graduate at some point. Again, try your best to avoid notorious lenders like First Premier.

I think I've made it clear that you should avoid subprime cards unless there are no other options. If you are building or rebuilding credit and don't have access to the other options, obtaining a subprime card is the only way to to (tautology, isn't it? :smileyfrustrated: )

The fact that people still get approved for prime cards with just subprime cards in their portfolio speaks nothing of the reputation of subprime credit cards. Subprime cards are designed to help people build credit - so what good does it do people if it does not? Why would it even exist? That, however, doesn't give them the same status as prime cards. Have a lender look at two credit profiles that are identical except that one has a recently obtained First Premier and the other doesn't, and which do you think he/she would favor? Credit cards have much loose underwriting standards than mortgages.

Re: Easiest Chase card to get?

HiLine — Tue, 23 Apr 2013 06:54:47 GMT

dodgerslv wrote:
HiLine wrote:
CREDITSURFER wrote:
ive had a BoA partially secured card for 2 months, to early to apply for chase freedom??? myfico 733, EQ 679, TU 655, EX 650.

or any reccomendations for what i should do next. i have an auto loan ive had 100% on time payments for 1.5 years also.
Chase looks down upon secured credit cards. I would get a non-secured card from another creditor before trying out your luck with Chase. :)
wow...really? didnt know that at all? im assuming they see it as you are rebuilding or new to credit.

Let me be more specific. When I applied for Chase Freedom, the Chase credit analyst said the reason for denial was that my only card was a secured card. This exchange left a deep impression in me - why not? They rejected my application, and worse, they looked down upon the card I had proudly been owning and using.

I really hope what the Chase person said to me did not reflect Chase's policy, but to be on the safe side, I would suggest that you obtain a non-secured card before applying for a Chase card. Or having multiple secured cards may help you like it did Revelate. :)