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since
04-17-2008
06-30-2023
IrishPM
Frequent Contributor
254
Posts
33
Kudos
06-30-2023
12:05 PM
Like any good consumer, I went shopping for auto loan rates and had my credit pulled by Experian, Transunion, and Equifax within a 20-day period, a total of 9 times. GM financial, Capital One, and Wells Fargo all pulled 3 reports, one from each CRA. That's a total of nine hard pulls. That lowered my credit score by approximately 75 points. I went from 780 to 705 in a matter of days. I knew it would ding my credit, but not like this. Apparently American Express didn't like that I was searching for credit and likely saw that as an opportunity to lower my credit limit on only one of my AMEX cards, the one I just so happen to be using while on a business trip, that just so happens to be right at the threshold of being over the limit now that they've lowered my available credit by $13,000. I went to bed last night with the secure knowledge that my relationship with American Express is strong, a 27 year customer that never once was late, never over my limit, and never had one single derogatory mark during good and bad economic times. Last night, my American Express Hilton Surpass Card had an available credit limit of $15,500. I woke this morning, checked my email, with an urgent message from American Express that my credit limit had been lowered to $2,500. That's a $13,000 drop....because of credit inquiries? I also have a Blue Cash Preferred wth a $17,100 limit, Marriott Bonvoy at $12,000, and a Delta Platinum American Airlines card with a $6,000 limit. None of those cards has a balance. None of those cards limit was reduced. Just the Hilton card. I called the 800 number to talk to their "credit bureau specialists" and got a person likely sitting in a cube in Delhi that told me there's nothing they can do....the Almighty FICO Equifax Credit Inquiry Metric reared it's ugly head and they're the ones that penalized me for shopping for auto loans. Is this going to be the norm today? Are banks and lending institutions on that much of shaky ground that they would go out of their way to chop a person off at the knees for having a temporary dip in their credit score? I go shopping for a personal loan, auto loan, mortgage loan, to find the best interest rate, which lowers a FICO score temporarily, and find out that my credit card issuer is monitoring inquiries now as a "high priority"? I thought inquiries were low on the totem pole of factors in determining a person's FICO scores? The person in Delhi told me it was "Experian" that was used to make their "decision" to lower my credit limit and there's nothing they can do.
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05-26-2023
10:23 AM
2 Kudos
I just completed a $13k personal loan with a high interest rate to a Bank of America offer of 0% until July 2024. I did it for the interest savings. The personal loan was a wicked 15% so not only have I lowered my interest but my DTI ratio came down too...the debt still exists in my credit file but it's rebucketed from a "finance account" to a "revolving account". The personal loan shows as paid off and the "revolving account" only shows the minimum payment due each month in my credit file, which is a lot less than the monthly payment for the personal loan. It's a trade off. Sure, my scores took a hit for about 45 days but I no longer have the interest to pay and yes, my utilization went up to a whopping 5% (sarcasm aside) so I think I can live with that.
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05-23-2023
09:32 AM
2 Kudos
Sort of on topic....Citi Diamonds and Citi American Airlines BT offer of 0% APR.
Rather than doing a balance transfer online and waiting 7 days for the account to be paid off, I opted to fill out the BT checks and deposit them into my checking account. Big mistake.
Apparently, as a customer of 28 years at Wells Fargo, they suddenly suspected "fraud" or suspicious activity on my account and according to them, it's not their fault. Any deposit over $5,525.00 is now subject to "review" regardless of who you are. I was told by the "Wells Fargo Chief Verification Inspector" this morning that all of this is due to government regulations to cut down on suspected fraud.
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04-15-2023
08:19 AM
Yes, it's reporting as "Line of Credit" and bucketed in the "Revolving/Open Ended" category....however, when I add up all the revolving (credit cards) balances and the line of credit balances and divide that by the total credit limit, the utilization doesn't match what FICO is reporting. When I back out the line of credit balance from the revolving credit card balance, the utilization percentage matches what FICO is reporting.
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04-12-2023
06:56 AM
I noticed something when I pulled my 3 bureau credit report one week ago that I hadn't looked too hard at in the past. In the MyFICO scoring section under "Amount of Debt," it's showing a number that's inclusive of a line of credit + my credit card balances. However, when I calculate my utilization percentage, it's only based on the amount of "revolving" or credit card debt I have. Is there some reason why FICO shows a total amount that includes personal lines of credit comingled with credit card (revolving) debt? My utilization in MyFICO is showing <3% with a total revolving credit limit of $292,400 and that doesn't include the personal line of credit. I'm going to make the assumption that a line of credit is considered or bucketed under the "installment loan" category instead of revolving credit.
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03-31-2023
08:52 AM
I didn't have a problem with Citi but I got the same message with my SOFI credit card. Told me that they had a problem with the vendor that makes the cards and it would be delayed up to 4 weeks. Not sure if it's the same vendor but I find the similarity curious.
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03-22-2023
03:55 PM
Just to be clear, I was referring to revolving lines of credit are definitely counted in the utilization. However, my Upgrade Triple Cash Rewards "credit card" only reports a balance, much like a personal loan, it doesn't report a "monthly minimum payment" and according to FICO, based on calculating my utilization against overall credit line, it doesn't factor in.
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03-21-2023
11:34 AM
1 Kudo
Somewhat of a no-brainer for me. I've got a personal loan with a monthly payment of $591 per month and it's killing my debt-to-income ratio when I factor in all my other loans and mortgage. My current DTI is 36%. I have a 794 FICO 8 score and my current utilization is less than 5%. I have a balance transfer offer from Bank of America where I can pay off the personal loan and keep my total utilization on my CCs under 9%. Sure my credit score will take a little hit temporarily but it's worth it to lower my debt-to-income. The personal loan is at 14.95% interest and of course, the CC BT offer is 0% for 14 months. In order to make this all work, I'll have to pay off the CC BT in 14 months which should be manageable.
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03-10-2023
09:22 AM
I have a similar question too. Looking at the utilization shown in my FICO credit report, the total amount of "revolving" accounts also includes personal lines of credit. However, when I do the math, and compare that total amount against my total revolving account credit limit, I get a different utilization percentage than what is shown in FICO. When I back out the personal line of credit accounts, it matches perfectly with the FICO utilization percentage. This tells me one thing. The only accounts used to calculate your utilization are revolving or credit card accounts. Personal lines of credit are bucketed as "other" or under the installment loan category. That's what my FICO 3 bureau report is showing.
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02-25-2023
02:21 PM
And you always have the option to pay a little extra each month applied to the principal which cuts down on interest and the life of the loan. Congratulations on the loan.
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02-25-2023
02:07 PM
On all of my personal loan accounts (Prosper, Discover, SoFi, Upgrade) all are categorized as "Other". My Wells Fargo line of credit ($0.00 balance) is showing "Line of Credit" but is lumped in with all the "Other" loans whether they're carrying a balance or paid in full and closed. FICO keeps reminding me that my scores take a "hit" for having Consumer Finance Accounts in my file and suggest paying them down yet none of my accounts are referred to as CFAs. The irony isn't lost on me for some reason because I got the personal loan in the first place to pay off some credit card debt that pushed my scores over 800 yet they tell me the CFAs are what's keeping my scores "down". I've given up trying to figure out their logic.
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02-04-2023
10:29 PM
1 Kudo
Congratulations on the CLI. I've got the same CL with Paypal and a few years ago they upgraded me to the same PayPal World Mastercard. They didn't budge an inch though on the APR which is a bummer. I paid off the balance I had on the card and haven't used it in over a year. Too bad they don't offer any balance transfers or other products that can allow a person to access their credit line.
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01-13-2023
07:47 AM
3 Kudos
Yes, I applied last night after getting a "pre-approval" through the mail. Simple process. Accessed their website, used the link they provided in the letter, entered my approval QR code, and a screen popped up and gave me 7 different options ranging from the amount to APR, to the duration of the loan I was looking for. I selected the one I wanted and filled out the usual questionnaire regarding name, address, birth date, employment status, and annual salary, and they asked my permission to do a soft pull. The results came back with the amount approved, but need more information to get started. I uploaded my last pay stub, provided my SSAN, and they sent me a link to upload my driver's license (front and back), and asked me to do a "selfie" which I thought was kind of funny the way they asked. Completed all of that in about less than 10 minutes and got an email that told me everything was checked out and I was fully approved and to look out for an email to digitally sign the loan forms. That took about 20 minutes, I signed the forms, and was told my funding would be available in 2 to 3 business days (Monday, January 16, 2023 would be the earliest). Now, for the details. The APR for the loan is 9.75% for 48 months. Monthly payment is $1,815. FICO mid-score is 750. CC utilization is 8.8%. Total CC credit line is $272,900. The APR isn't the best but compared to what I had been paying for the last month and a half it'll do. Reason for borrowing: Consolidated high interest personal loans. My total payments on personal loans prior to this loan is $4,208 per month, and this was due to the high interest rate on those loans. Yes, I know...how could a person be that stupid to get loans at 21.5%. I had a budgeted plan and this is how I implemented it. I took those loans with high interest and paid off $75k worth of credit card debt. My FICO mid-credit score within 1-1/2 months went from 668 to 750. By improving my score, I was able to search for a personal loan that would qualify me to consolidate all my personal loans into one loan for a lower APR. Using that logic (and taking a big risk), I now have an additional $2,393 to my monthly cashflow and my debt-to-income ration will decrease from 51% to just a little over 32% (after the loan arrives and I pay off the other loans). Risk reward. My take on the SoFi process. Easy to understand, follow, and they back it up with results. Had I not wiped out all that credit card debt and raised my FICO score the way I did, I wouldn't have qualified for their loan. I realize that's just one thing they look at too. Annual income is $135k, I have 30 years of a perfect credit history, no lates, no derogs, no bankruptcy, a decent mix of credit, 8 auto loans shown as paid in full as agreed, 5 previous personal loans shown as paid in full as agreed, and no statement from any creditor in my file, and 5 inquiries, all within the last 3 months. Next goal? Split the extra cashflow between making extra payments on the loan principal and the other half in savings. I'll pay off the loan sooner and my savings account will grow.
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01-06-2023
02:38 PM
Upgrade Triple Cash rewards approved for $18.5k and 16.2%...that was in October 2022. I've since borrowed and paid off on this card and their website is really very easy to navigate and pay your bill.
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03-10-2022
06:37 PM
1 Kudo
If you have a card with FNBO, they offer the FICO 9 score as part of their "customer service". I have had a card with them for over 13 years and they've been great to deal with. However, the FICO 9 score is, in my opinion, just another scoring matrix by which lenders evaluate your ability to pay them back. In my case, I've got over 27 years of credit history, 100% on-time payment history, no derogatory items, zero inquiries, and utilization at about 28% (I took advantage of a few balance transfer offers). My FICO 9 on FNBO is 669 and my FICO 8 is 743. That's a 74 point difference. I'm done "worrying" about my credit score. I know I pay my bills each month and live within my means. None of us has any control over which FICO scoring model a lender is going to use which is kind of frustrating.
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01-20-2021
11:09 AM
That's why it doesn't jive with me. I've gone through every line item in all 3 credit bureau reports and the information is virtually the same, yet my Experian score, FICO 9, is much lower than the FICO 8 model.
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01-20-2021
10:44 AM
I don't understand the logic between FICO 9 and 8. My score for FICO 8 with Experian is 736 and my FICO 9 Experian score is 673. That's a 63 point difference, in the wrong direction. Why is there such a huge difference? My Transunion and Equifax FICO 9 scores are 749 and 746 respectively. What gives?
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12-27-2020
11:51 AM
1 Kudo
Looks like banks are starting to loosen up a bit after the election and a break in the COVID vaccine news. Bank of America is now offering a BT on my Alaska Airlines Visa for 0.0% through Sept 2021 or 1.99% through July 2022. Barclaycard offered me 0.0% on my JetBlue card through Dec 2021. Chase is still shut down but I expect to see them loosen up perhaps after January 2021. They're addicted to those BT fees but are being cautious right now. FNBO is the only card I have that didn't stop the BT offers throughout this entire year. Makes me think they're probably on a much better financial footing than their competitors.
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11-09-2020
08:21 AM
I should have been more clear. I was referring ONLY to my experience in balance transfers I've been offered. FNBO is the only bonafide CC issuer that I've had a BT offer from. All others, Chase, AMEX, Citi, Synchrony, Barclaycard, etc. have removed all offers of BT on their websites on all of my CC accounts. That's just my experience. I cannot speak for others.
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11-06-2020
06:42 AM
FNBO is the only bank/credit card issuer right now that is offering its existing customers a BT offer. I got an email offer and BT checks in the mail with a 0.00% offer through November 2021 or I could choose the 6.99% fixed for life. The only other card I have that is offering any BT offer right now is Bank of America but it's a 20.99% APR so it might as well be a cash advance. I think it's going to be a while before we start seeing regular BT offers coming through the mail again.
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09-03-2020
07:06 AM
All of my card issuers have removed the BT offers for now except for First Bankcard (FNBO). They've also sent me BT checks for 6.99% interest rate fixed for life. My guess is the COVID 19 shutdown has every bank and card issuer pulling back on BT's for fear of massive defaults from folks using the cash to simply survive if they've lost their jobs. Makes sense but for those of us that like to use that option for consolidating to save on interest, it sucks.
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09-03-2020
07:01 AM
Interesting. I've been with Discover for over 10 years and have never budged past a $1,300 credit line. The balance transfer offers they send to me aren't worth it when it's that low of a credit line. Interestingly I've never been late or over the limit and my utilization on all cards never exceeds the magical 10%. I have a perfect 35-year payment history on all accounts and no negatives. I was denied a CLI for some odd reason when I did ask a few years back.
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09-03-2020
06:55 AM
The only BT offers I've received in the last 6 months are from FNBO. They're offering a 6.99% balance transfer "fixed for life" if used by October 31, 2020. All other offers have dried up completely. Bank of America used to send me an offer once a week, same for Barclaycard (Jetblue) and Citi (American Airlines Advantage and Shop Your Way MC). My guess is that CC issuers are waiting for the economy to rebound a little more before they get back to business as usual.
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08-17-2020
08:47 AM
I had a Sears Mastercard issued by Citi and a few years back it was converted to a Shop Your Way Mastercard. CL is $6,750.00 which is okay. MOD CUT- UNACCEPTABLE. SEE TERMS OF SERVICE FOR CLARIFICATION, I was getting BTO's from them about once a week but since the shutdown, not one offer. Great special financing deals like 0% for 12 months if you purchase from Sears or Kmart. Well worth looking at if you shop at those stores on a regular basis. @Rudy1 wrote: I happened to be in a Kmart the other day because they had a nice minifridge and it was cheaper than Target. While I was checking out the guy asks the normal things for a Kmart are you a ShopYourWay member my response was no. Do you want to join my response no thanks. Then he asks do you want to apply for a ShopYourMastercard 5% off your purchase No thanks. I then asked him how many people sign up for those and he said people often sign up for the Sears Card or ShopYourMastercard or they come here to use there cards. So how many myfico members have a Sears card.
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08-17-2020
08:42 AM
1 Kudo
Yep. Got the same message. I had a $4,500 credit line with them and only used the card sparingly so I'm not going to lose any sleep over it. It was definitely not a card you would want to carry a balance on with an APR around 23.99%. They'll probably offer another card in the future simply because of the popularity of their online shopping experience and bargains offered to consumers. That's just my opinion though.
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08-05-2020
06:13 AM
My experience with the card is it takes about 6 to 9 months before the CLI's start happening. I had my Walmart card when the issuer was Synchrony and had a $2,500 CL. I paid the bill off each month, just like you're doing and after 6 months, they raised my CL to $5,000. In less than 4 months later, they raised my CL to $7,500. I use the card about twice a month to order groceries for pickup and pay the bill off before it's due each month.
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06-23-2020
07:19 AM
1 Kudo
I have been pondering the same thing. I've seen all BT offers dry up in the last 6 months or so with the exception of First Bankcard. I receive a BT offer from them every few weeks but Chase, Barclays, Citi and Comenity have all dried up. Before all of this COVID 19 stuff happening, I was planning on consolidating down to 2 cards but for now I'll just have to be content with being spread over 11 cards. They're not high balances and utilization is low but I just wanted to consolidate for convenience. Wait and see what if any BT offers start happening again.
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06-20-2020
07:25 AM
My experience has been Citi, Bank of American and Barclays offer the "deposit to checking account" feature for balance transfers. However, I've noticed in the past 4 to 5 months that the feature has been removed from my online accounts. Back in the good old days, I was able to transfer cash into my checking account (no balance transfer fee), pay off all of my monthly bills on a single day (online bill payment to other creditors) and pay off the balance transfer at the end of the month. This allowed me to budget a month ahead of time and never worry about being late. I used to get balance transfer checks in the mail several times per month but that's all dried up.
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05-13-2020
09:51 AM
1 Kudo
Credit.com uses the Vantage 3.0 scoring model and shows my credit score as "poor" at 643. Credit Karma shows my score as "fair" at 647. FICO averages of Experian, Transunion and Equifax is "good" at 735. There are so many types of credit scoring models that one could be convinced that at the end of the day none of the others really matter, other than FICO.
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04-18-2020
06:00 AM
My personal experience with Discover probably won't help you much but here goes. I've had a Discover card for over 12 years and have never had a CLI. I've been at $1,300 CL since I opened the account. Never late on payment, never left a balance and I have over 27 years of excellent payment history on all lines of credit, mortgage, auto loans and credit cards. My utilization is low on open accounts and my scores hover in the mid-700's to high 700's depending on the time of the year. I can't explain why they've never auto CLI'd my account. I mainly use the card for the cash back for groceries, gas and my Netflix bill each month.
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