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730 EQ Fico = Freedom @ $500 ????

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Anonymous
Not applicable

Re: 730 EQ Fico = Freedom @ $500 ????

Once they found out what my occupation would be in 6 months when I graduate they were quick to up my CL from 1k to 5k despite my SL's Smiley Happy ... I think the problem is that their computers automatically see SL's as bad since there are so many worthless degrees out there that when people graduate they cannot afford the payments for.

Message 21 of 24
distantarray
Established Contributor

Re: 730 EQ Fico = Freedom @ $500 ????

lol what are you going to be something like a pharmacist? cause they have STABLE income, if you were a doctor i would say they would be iffy now, since residency doesn't pay well.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 22 of 24
jsucool76
Super Contributor

Re: 730 EQ Fico = Freedom @ $500 ????


@Anonymous wrote:

Once they found out what my occupation would be in 6 months when I graduate they were quick to up my CL from 1k to 5k despite my SL's Smiley Happy ... I think the problem is that their computers automatically see SL's as bad since there are so many worthless degrees out there that when people graduate they cannot afford the payments for.


Congrats on the CLI...and WHAT? 

 

My degree in underwater basket weaving is going to make me BILLIONS! That is what my school told me when I paid my $900,000 tuition 

 

Smiley Tongue 

Message 23 of 24
trumpet-205
Valued Contributor

Re: 730 EQ Fico = Freedom @ $500 ????


@distantarray wrote:

I don't care that much about the Fico score, but regardless he's had 4 credit cards in the past, only 1 he left open. 3 years of AAOA, and NEVER late or missed payments, and perfectly clean report. I'm sorry but considering most people's first credit cards have a higher limit than $500 this is really unjustified. It should atleast be $2,000 and that'd still be the lowest limit in his wallet.


My guess is that Chase sees him having too much credit at this time. Chase and many other lender do look at how many credit you already have with other lenders. BofA even wrote this down on my statement.

 

"Because lenders issue credit in different ways, it may be helpful to reduce the number of credit card accounts you have open. Lenders see your total available credit lines and know you could run up charges quickly on any open account. Your available credit may impact their lending decision."

 

Another impacting factor is that he had only one card opened at that time. With zero balance that means inactivity in the eyes of lender.

* Side note, there are a lot of worthless degrees out there. Which is why some college degree aren't worth the student loan to begin with.

Message 24 of 24
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