Fidelity Visa Disappointment w/ Data Points

Anonymous · ‎02-23-2017

I applied for the Fidelity Visa Signature card because I was interested in getting a 2% cash back card. Many hoops were jumped. I opened a Fidelity brokerage account and with $25K and a Cash Mgt account with $1k. I then applied for the Visa and got a 7-10 day message. They pulled TU. My CK TU FAKO score is 826, Discover TU (which seems to be pretty accurate) is 808. Annual income; 53K. Hard pulls TU = 1. New card in last year = 2.

I logged on today to discover they added my credit card to the dashboard. I excitedly clicked on it to find they gave me a $1k limit. My cards all have 10K or better limits and I can max the card out in a week, so needless to say – it’s getting canceled and I will chalk it up to stupidity. I feel dumb for wasting a TU pull, but so it goes.

This morning I got a new PenFed Power Cash Back (2% on everythign no limits APR 9.24) with a 12K limit, so in the end, I am VERY happy!

Aduke1122 · ‎02-23-2017

Sorry OP wow that's a bummer but maybe it will grow fast for you

gdale6 · ‎02-23-2017

Its US Bank and they are very conservative, I would first try and get the limit raised as the card is going to report whether or not you close it. Grats on the Pen Fed card nice SL

Anonymous · ‎02-23-2017

@gdale6 wrote:
Its US Bank and they are very conservative, I would first try and get the limit raised as the card is going to report whether or not you close it. Grats on the Pen Fed card nice SL

+1

Anonymous · ‎02-23-2017

+2 US Bank can be conservative but once they know you generally they will love you!

kdm31091 · ‎02-23-2017

As much as I get the viewpoint that the card will report anyway, I probably would have done the same thing. I get that US Bank is conservative but with that kind of score, etc, that limit is kind of an insult.

Anyway, you replaced it with a 2% card with a much higher limit, so not much point in keeping it around (IMO - but I'm one for a smaller lineup of cards).

precision · ‎02-23-2017

It makes no sense to close a card that one just opened. You are going to take the HP and the AAoA hit regardless.

Let it age and take your lumps. It is what it is at this point.

I really have never understood when people don't get the limit that they want they decide to immediately close the card. Do people think that by closing the card they are demonstrating something to the bank. They are cutting off their nose to spite their face.

Keep the card. Make it comfy with the socks. Live and learn.

Anonymous · ‎02-23-2017

I am super confused. They gave you a $1000 limit with an 808 score?? US Bank is a very conservative lender but that's absurd. I have 3 cards with them that were all opened with $5000 limits and my scores aren't anywhere near 808 lol
Very strange indeed.

Anonymous · ‎02-23-2017

Call the lending back door line. I'm sure you can recon the sl with ease based on your situation

Anonymous · ‎02-24-2017

I agree that is a crappy limit for your scores. That being said US Bank is great once you are a customer and gain history with them. I started with a 500 Cash+ card on recon. In one year it has 10X my limit, I've had preapprovals for a CC and a PLOC, and all since I opened my checking & 2 savings. Stick with them for a year. Then close if you want to.

Plus-USB is the one lender I know of that uses SageStream and ARS. Freeze them both and then ask for a CLI and you will be amazied. Doctor of Credit has a good article on this. I couldn't find it this early but search and read it. He was spot on-froze them both for free (even in the states that charge for the main 3) and my CLI was rockin' good.