Credit Cards

[OilFieldEngineer]

Bank of America - American Express     7500 CL

Application Date:

08/11/2012

Decision Date:

08/16/2012

Decision:

Congratulations, your credit card application has been approved! You will receive your credit card within 7 to 10 days and the Welcome Package within 10 to 14 days at the address you provided.

So I couldn't help myself I had to do one more app and now I AM DONE. Putting on credit lock and throwing away the key. This last month of apping has been outstanding. Most of the new cards were approved a little over 30 days ago.

AMEX Zync                                                   Declined

Bank of America Cash Rewards              5,000 (CLI from 800)

Barclay Apple Financing                           4,000 (declined at first approved on Recon)

Chase United Club - Visa Signature       9,600 (pending at first approved on Recon)

Citi Diamond Preferred                              2,600 (pending at first approved on Recon)

Discover More Card                                   1,500 (pending at first approved on Recon)

GEMB - Dillards                                           1,900 (CLI from 400)

GEMB - JCPenney                                      1,500 (CLI from 300)

Nationwide Bank Visa                                7,500 (instant approval)

USAA                                                             Declined

Orchard Bank                                               800 (no love but oldest account)

All are reporting on my CR except the Chase and the brand new BofA AMEX. No Baddies or lates in the last 6 years, 1 public record paid that is 6 years old but am in process of getting the vacate order signed by a judge and sent to the CRA.

Scores are:

666 EQ FICO, 639 EX FAKO, 709 TU FICO

This site has been a tremendous help in achieving my recent success. Now to just position myself to apply for a mortgage in the next 6 months to a year.

[Jlu]

Congrats :-) Very nice recon with the Chase United card!

[youngandcreditwrthy]

NICE! I'm starting to want that Chase United card... it has a LOT of perks! :-)

[LilNYC]

Congrats!

Amex wouldn't give you a Zync but Chase approved you for $9,600????!!!!! That's insane? I was thinking about apping for the United card, what was credit profile like when you applied?  Would you  mind sharing  the reasons they denied you nitially?

[youngandcreditwrthy]

I'm scared of real (not co-branded) Amex cards; they are so hard to get and seem like they'll cut you off too easily!

[OilFieldEngineer]

my credit profile was ok I had no prime cards only the orchard bank and a couple of capital one cards my EQ fico when approved was only 630. They just asked me a bunch of financial questions on the recon and asked that I fax in a copy of my pay stub. I faxed it as asked called back to the number of the analyst and almost fell over when he said they would do 9600. I used to have excelent credit in 01 but I go over exteneded had alot of cards closed but I did pay them all so he asked me alot of questions about my previous chase accounts.

Actually chase didnt deny me they said more review was nescessary. With AMEX I believe it is going to be because of my previous accounts with them that they were closed by the issuer. I have heard they hold stuff like that against you forever.

[emptypockets]

You got some great cards with good limits. I would probably close Orchard right before the AF hits.

[OilFieldEngineer]

I really dont think I want to close it because my AAoA will take a huge hit I already closed 5 subprime cards

[emptypockets]

Closing a CC (credit cards) does not lower your FICO scores in and of itself. When deciding to close a CC there are two important things to consider. In the short-term, closing a CC can have an adverse affect on your UTIL percentage calculations and this in itself can definitely lower your scores. In the long-term, a closed CC in good standing (nothing derogatory reporting) with a $0 balance will generally be deleted from your CRs (credit reports) after 10 years. Once this account is deleted, you lose the history and age and this might lower your scores.

 
Closing it will not affect you AAOA until it drops from your reports (10 years from now). AAOA is calculated on all accounts on your report, NOT JUST OPEN ACCOUNTS. Because you added so many accounts in such a short time, your AAOA will go down now (in the short term), but all your accounts will age together, so as time goes on, your scores will rise, and all the INQ's will fall off at the same time as well.

[OilFieldEngineer]

great information I definately see the orchard gettin the axe before the AF hits. I havent used it in almost 2 months anyway now that I have much better options.