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In that case, I would suggest that you try for one of the BoA pre-approval offers and if it is more satisfactory, decline the Alliant offer. It will require another hard pull though, for the BoA application.
But in all cases, I recommend that you do what is best for you and not be tethered to the FICO monster. The inquiries may cost you a few (very few) points but it appears that you can afford that and FICO will recover in a short time with the new credit line(s).
I didn't accept the card for all the same reasons you've given...low credit limit combined with the effect it would have on my AAofAs...and no, it does not appear on my credit report.
When I applied for the card the day after being accepted as a member they told me application for the credit card would be an additional EQ pull and it was. They kept trying to tell me though that the pull for membership was a soft inquiry although I already knew that it had been a hard pull. So, I ended up with 2 new inquiries on EQ. and no card.
This was the right decision for me as I had just opened 3 new credit card accounts and had 9 much older cards.. You might want to go ahead and accept the card as you have so few other cards. I have read here from one other poster of a CL with Alliant growing quickly from the original $500 limit to,I believe, over $5000 in a relatively short amount of time.
I agree with the previous advice.
Keep the account. Store cash in the savings account that you would charge on the Visa. When the charges hit, transfer the money over to the Visa. Your line will be fully replenished.
This takes you to a more cash/carry type of existence with them, but it does work.
I'm seeing a few recommendations to try the BofA preapproval. Anyone know who BofA pulls? How are they with score requirements? Are they bk friendly?
Thanks y'all.
@utah2009 wrote:I'm seeing a few recommendations to try the BofA preapproval. Anyone know who BofA pulls? How are they with score requirements? Are they bk friendly?
Thanks y'all.
I don't know if BK friendly, but definitely they blacklist if you've ever had a CO on either a BofA account or MBNA.
@Anonymous wrote:
Well I applied to Bank of America through their preaproval offers. I applied for the Visa Rewards. Now the preapproval says its a $4,000 limit, though thats not a guarantee. It says though I should hear back from them in 7-10 days. So if I get a better offer from BOA I will go with them. If not I will get the Alliant Visa and try to grow the card over time.
Congratulations on your new BofA account!
Take the card !!
I was denied last June by Alliant for a $500 CC but was approved with a recon phone call.
Within two months I called back in and after talking with a loan officer had it increased to 5000 with scores lower than yours and a limited credit history.
They will work with you and they are one of the better CU's out there.
@jaxstraw wrote:Take the card !!
I was denied last June by Alliant for a $500 CC but was approved with a recon phone call.
Within two months I called back in and after talking with a loan officer had it increased to 5000 with scores lower than yours and a limited credit history.
They will work with you and they are one of the better CU's out there.
Thanks Jax....You were the poster I was referring to above...just could not remember your name!
Nice. Good memory.
They have been great to both DW and myself.
After NFCU , they were one of the few lenders to give her a decent CL with a BK. 5K also with EQ score in the high mid 600's.