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Got Freedom approved w/ toy limit

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Anonymous
Not applicable

Got Freedom approved w/ toy limit

So I received a snail mail offer for the Freedom. I actually tried to apply for it a few months back around the same time I got my CSP. I was denied back then. Well, I did the app via the PC and got the "under review" message. I called the backdoor number. The guy on the phone was pretty nice and genuinely seemed like he wanted to help me get the card. He said that the initial app was declined and the reason was because of some high balances I have. Unfortunately, BofA is still reporting high util on a card that I actually have at a zero balance due to a BT. So, basically, my CR says that I have high util on 1 more card than what I really do, which given the balance, is huge.

 

That being said, the guy just took some additional info and came back a couple of minutes later. He told me that he was sure he could get me an approval, but wasn't sure what type of CL I could get. Ultimately, ended up with a $500 due to BofA still reporting a high balance. I guess given the HP, a toy limit is better than no limit. I think it's time to garden for a while and perhaps I can get Chase to up the limit a few months down the line.

Message 1 of 18
17 REPLIES 17
alvon123
Super Contributor

Re: Got Freedom approved w/ toy limit

congrats on the approval


Message 2 of 18
coldnmn
Mega Contributor

Re: Got Freedom approved w/ toy limit

Congrats! Thanks for sharing.

 

 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 18
Imperfectfuture
Super Contributor

Re: Got Freedom approved w/ toy limit

Sometimes tis better to wait.  Or so I am learning. Congrats  on new card.

Signature needs updating
Message 4 of 18
ddemari
Super Contributor

Re: Got Freedom approved w/ toy limit

I used to app whenever i wanted. I now know the best time to app is at least 6 months after last app and have utilization low like 1-3%. In march i was approved for gap cc with a 200 limit, utilization was at 33%, got bumped up to 700 after 4 months. Apped for freedom a few weeks ago, 3500k approval!
Message 5 of 18
ddemari
Super Contributor

Re: Got Freedom approved w/ toy limit

My utilization is at 1%
Message 6 of 18
Anonymous
Not applicable

Re: Got Freedom approved w/ toy limit

Congrats!
Message 7 of 18
chalupaman
Super Contributor

Re: Got Freedom approved w/ toy limit

Congrats! I think that balance really weighed a lot on their decision there unfortunately but at least you still got the card.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 8 of 18
Anonymous
Not applicable

Re: Got Freedom approved w/ toy limit


@Imperfectfuture wrote:

Sometimes tis better to wait.  Or so I am learning. Congrats  on new card.


well I was a bit surprised that BofA was still reporting a balance. But when he mentioned something about the # of accounts with balances, I asked him how many he saw. He said 4 and I know it was supposed to be 3. When I explained, he understood, but said that he had to go by the cr which is why I got the limit I got. I probably could've gotten a couple of thousand more if it weren't for the BofA card.

Message 9 of 18
Anonymous
Not applicable

Re: Got Freedom approved w/ toy limit


@chalupaman wrote:

Congrats! I think that balance really weighed a lot on their decision there unfortunately but at least you still got the card.


Yeah, that's the way I see it. Worst case scenario, when the AF comes due on my CSP, I have the option of transferring the limit over to my Freedom at that point, so I see it as a positive. I'm not worried about the CL. I have serious limits on other cards in case I'm ever in a crunch.

Message 10 of 18
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