@Skye12329 wrote:
Sad dayI guess that is a lot of accounts in 2 years time. However at the same time i dont see that as too many accounts. As for too much revolving credit i guess i can see their POV but as long as your a responsible customer is there really a risk?
I brought this up many times to Chase.
To them, the credit extended to me is unsecured, which means if I default on them, they pretty much lose every single cent. They didn't care about how much I have in the bank account with them or with any other bank, nor do they care about the fact that I have several properties that are already paid off and free.
I can understand from their standpoint, but at the same time, I am also pretty frustrated about it.
@Laddi,
7k CL on the BMW card.
Doesn't matter even if they gave me a higher CL. That card is about as horrible as WF rewards program.
And they are pretty stingy when it comes to limits so this card won't even "grow" much over time.
@enharu wrote:
@Skye12329 wrote:
Sad dayI brought this up many times to Chase.
To them, the credit extended to me is unsecured, which means if I default on them, they pretty much lose every single cent. They didn't care about how much I have in the bank account with them or with any other bank, nor do they care about the fact that I have several properties that are already paid off and free.
I can understand from their standpoint, but at the same time, I am also pretty frustrated about it.
Im a little confused about the unsecured credit part. Cant everyone technically default on a loan or CC, but the company would just send it to collections how would they lose money besides the fact of not paying the collection. I guess the term unsecured is new to me so thats what im wondering about.
@Anonymous wrote:
@enharu wrote:
I went for it, and requested the dealership pull Experian ONLY.
The manager agreed, but I eventually ended up with 1 inquiry on each bureau by the dealership. Was a little unhappy, but not a big deal since it's not out of the ordinary.
Eventually, BMW did their own inquiry, but they pulled EX only, which is good.
I was approved for the lease, and took posession of the vehicle. Lease account showed up earlier than I expected on my CR, but everything was fine.
Now for the stupid part.
Apparently when I was signing the lease documents, the dealership had signed me up for some BMW credit card as well.
I didn't even know about it until BMW pulled an additional inquiry at a later date, under BMW Bank (address: PO BOX 9210, OLD BETHPAGE NY 11804. tel: (801) 461-6528) and reported the new account about a week after my lease account reported.
Chase, Amex and several other lenders all did soft inquiries during each of these inquiries and new accounts reporting.
This is just ANOTHER story that convinces me, even more, than frezen credit reports is a legitimate defensive tactic to protect your credit profile. I know FICO Moderators don't want to hear this, because they apparently are immune to the problems of regular credit seekers, but this is not a question of taking advantage of the system. There are way too many instances of potential lenders who promise certain things HP wise, then they do the opposite and you are the one that ends up with a mess. And sometimes the mess is more difficult to clean than in this instance or the victim of the mess suffers a bigger blow if their credit profile is weak, as opposed to the OP.
If the OP had frozen his accounts, then unfrozen EX for the lease, then froze it again, none of this would have happened. Why should we surrender control of our credit profile to the good faith or competence of lenders that only care about their own interest? I think there is a clear difference between using freezing to manipulate applications vs to prevent abuse by lenders that don't honor their word, that many times doen't even know what they are doing and/or don't care. Well, i care, dammit!.
Obviously, you did not understand the comments I posted previously about freezing CRs. To be clear, freezing CRs for your protection, to stop you from app'ing, to stop unwarranted or fraudulent pulls is not against myFICO's TOS. Although, in this case, apparently the app was not based on fraud but was a sales agent pushing through paperwork and the OP didn't read or didn't ask about the documents he signed.
I have said it before and perhaps you missed it because you are either new to the board or clearly have an axe to grind with the Moderators but my own CRs have a FA due to identity theft from years ago.
In the future, you might want to ensure that when you state something that you 'know' that it is actually based on factual evidence.
edit: typo/clarity
@Anonymous wrote:
Well, since this breeze and unfreezing has been a "forbidden topic" here, I know little about the fees involved and how much flexibility and speed you have to freeze and unfreeze reports. That's why it should be part of an well educated credit forum. I just think we need to know the credit tools available, to prevent abuse, which in my case this freezing thing would have totally worked, and which tools don't work or shlouldn't be used, but the answer shouldn't be "we can't talk about that." Is this a Credit forum or the Medieval Times Church forum?
Again, the topic of freezing your credit reports is not off limits. Almost every thread on gardening or the General Credit board frequently talks about freezing your credit reports to prevent yourself from apping. Since you are new maybe you have not read the different threads or may not have understood the difference between enharu's application and those who have several derogs onEX and EQ and freeze them so a lender must pull TU.
@09Lexie wrote:Obviously, you did not understand the comments I posted previously about freezing CRs. To be clear, freezing CRs for your protection, to stop you from app'ing, to stop unwarranted or fraudulent pulls is not against myFICO's TOS. Although, in this case, apparently the app was not based on fraud but was a sales agent pushing through paperwork and the OP didn't read or didn't ask about the documents he signed.
I have said it before and perhaps you missed it because you are either new to the board or clearly have an axe to grind with the Moderators but my own CRs have a FA due to identity theft from years ago.
In in the future,you might want to ensure that when state something that you 'know' that it is based on factual evidence.
Sorry to get in between, but like Lexie said, this situation is mostly my fault. I should have read the whole thing. Was a little to excited to be able to find a M4 with the options I wanted for the most part AND to get it at a discount.
I just went through all the docs that I signed again and didn't see any credit app. The F&I manager didn't make a copy of that. I'm pretty sure he signed me up for this 'combo' deal because he gets commissions off it. Got to make money somehow I suppose, especially since I turned down all the 'addons' that he tried to push (tire protection, excess wear and tear, etc).
The only app I filled up was for the lease, so BMW most likely used the info on my lease app for the credit card decision.
Anyways, I learned my lesson now. Luckily, BMW is being nice about it and they are willing to remove both the inquiry and new account. My brother's waiting for the Lexus RC to be released. I've warned him about the whole fiasco since it may also be a problem for him too as Lexus also has their own credit cards. Hopefully this can help others as well.
And sorry for having to read my rant 
Quick question... Why does Chase keep closing all of your accounts? That's really not a common practice of theirs.. Or is it?