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Contributor
Posts: 99
Registered: ‎08-20-2008
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Alliant only aproved me for $500 with an 802 EQ Fico

I have a pretty thin credit file, but my EQ Fico is 802. Only approved for a $500 CL with Alliant. Not sure if I am going to accept the offer or not.
Valued Member
Posts: 33
Registered: ‎05-10-2009
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

Was this a preapproved offer that you received when you joined Alliant?

Or were you a member for a while and just now applied for the card?

 

Since you have a thin file but EQ FICO of 802, is that because you are an Authorized User on any cards, or is it all your own long but thin credit history?

 

 

Contributor
Posts: 99
Registered: ‎08-20-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

A closed credit card account, which is my oldest of 11 and a half years, autrhorized user on another card, a car loan that was started 8 years ago and paid off 3 years ago, and a current open Macys card that is 10 months old.

 

Loan officer told me it is because I only have one active trade line that is less than a year old. I asked him if I could overpay my visa bill in order to be able spend more on it. I mostly wanted this because I am taking a trip to Ireland this summer. The LO said he would get back to me on the question of being able to overpay my bill.

 

Does anyone know how often you can get a CLI with Alliant? Its just that with a $500 CL, if I want the best FICO's I cant really utilize more than $50 of that CL.

Contributor
Posts: 99
Registered: ‎08-20-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

Oh, and it was not preapproved.
Established Contributor
Posts: 832
Registered: ‎01-16-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

I would recommend that you keep the card.  It will help your thin credit file.  You have already suffered the hard pull and to close it now would be a waste.  Plus; Alliant will grow with you and after about 6 mo. of on-time payments, you can request a CLI.  If you use the card, try to PIF before the statement cuts.  I believe this is on the 11th or 24th.  I'm not sure when yours will be but a quick call to them and you can find out.

 

Good luck . . . that's an awsome credit score.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Contributor
Posts: 99
Registered: ‎08-20-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

Well the hard pull was for joining the credit union. There was no additional pull for the card. But if I only have a $500 card, which means I can hardly use it...I think the effect of opening the TL will negatively affect me too much compared to any plusses I get. I will drop my average age of accounts to 5 years, plus have the new credit account. 

 

The Bank of America Preapproval tool gives me 3 good offers on cards....anyone know if that tool is accurate or not?

Valued Member
Posts: 33
Registered: ‎05-10-2009
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

[ Edited ]

You should be able to PIF multiple times a month and be able to spend more than your credit limit even if they tell you not to overpay.

But $500 is a low, low CL from a CU. I don't know if Alliant will consider CLI at activation but you could try to ask.

 

 

***

 

Does anyone believe that PenFed would be more generous in this case?

Message Edited by refskuska on 06-19-2009 06:19 AM
Established Contributor
Posts: 832
Registered: ‎01-16-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico


dfgdfgdfgadfg wrote:

I think the effect of opening the TL will negatively affect me too much compared to any plusses I get. I will drop my average age of accounts to 5 years, plus have the new credit account. 

 

The Bank of America Preapproval tool gives me 3 good offers on cards....anyone know if that tool is accurate or not?


  • Since the account has already been opened, it will appear on your credit report for up to 10 years.  Closing the account will not remove it.  So, your AAoA will be affected regardless of whether you keep the card or not.
  • BoA pre-approval worked like a charm for me.  I chose the Platinum Plus Visa and got a $7,500 CL.  But this was in January . . . YMMV.

Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

I agree with the others. You've already taken the inq, and the account is going to report, you might as well keep it open.

 

Who knows, maybe if you spend a lot and PIF frequently they might surprise you with a nice CLI. 

Here we go again...
Contributor
Posts: 99
Registered: ‎08-20-2008
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Re: Alliant only aproved me for $500 with an 802 EQ Fico

The account is open yet though, Ive not yet accepted their offer...so there is no account to report as of yet.
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