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Regular Contributor
CHARGE_IT
Posts: 193
Registered: ‎07-13-2008

Re: Can we recon for USAA Card?

Concord,

You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.

 

The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.

 

If you want to improve your scores (which are not bad) , you will never go higher. You are stuck because of your inq history. It says a lot about you to people here and it says even more to lenders.

 

I hope you take this as a well intended expression of concern for the fact that what you say and your actions are not compatible. I hope you will think it over.

 

Good luck,

CI




concorduser wrote:

MojaveMoon wrote:
Off-topic question.

So when you're applying online for a USAA credit card, there's a step in the application process where you can view the credit cards designs (and select the design you want) ?

Yes, at least for me it showed  about 20-25 different designs of the card I could choose. I could not resist and applied for it. I am glad, I am not approved. Twelve months or until I reach 700 Club no more new accounts.

Message Edited by concorduser on 02-24-2009 04:17 PM

 

Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: Can we recon for USAA Card?

Thanks Valentine. I'll wait 12 more months and they try again. I need to reach the 700 club first before I app for any thing else. When I looked  designs are so impressive, I could not resist.
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: Can we recon for USAA Card?


CHARGE_IT wrote:

Concord,

You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.

 

The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.


Right after the app rejection, I pulled my EQ Fico scores and I see new inq from USAA, but there is no drop in my scores. My scores are still at 682 same as before I applied. By end of march 3 accounts would turn 1 year old. By end of Apr 2 more accounts would turn 1 year. I should start seeing boost in my scores. I am also trying to get some baddies out in the coming months, should also help boost my scores. Let us see what future will bring to my scores in the next 12 months.

 

Regular Contributor
CHARGE_IT
Posts: 193
Registered: ‎07-13-2008

Re: Can we recon for USAA Card?

I was not stressing scores to you, I was only mentioning them because of your "siggy".

 

You place a lot of importance on the one year anniversary. I will repeat that what inqs do to your score is not the only issue . There is also the issue of lenders looking at those inqs for two years. They are there and they matter. You think you are getting away with it because you have so many but if you didn't, you would probably be knocking on 800.

 

For every inq that falls off , you always have a new one to replace it. Therefore you cannot know what would happen if you had a cleaner report.

 

You should refocus your report objectivity. Think about the question that Hauling asked. Last week you said no apps and here you are again. I'm sure from what I have read from your postings that you really don't need another card. REFOCUS AWAY FROM CARDS AND FOCUS ON SCORES AND CLEAN REPORTS.

 

INQS are part of your problem whether you are willing to believe it or not.. Do your reports mention seeking new credit as a negative in your scores?

 

Again, just caring hoping you will get it under control.

 

Good luck,

CI




concorduser wrote:

CHARGE_IT wrote:

Concord,

You may be glad you were not approved , which you have said about other apps in the past, but you should feel the gladness before the apping and DON'T.

 

The important thing for you is that YOU WERE APPROVED for an INQ that will be on your report for two years for which you can do nothing. And don't be fooled by the fact that FICO doesn't regard it after a year. LENDERS DO look at the inqs for the full two years.


Right after the app rejection, I pulled my EQ Fico scores and I see new inq from USAA, but there is no drop in my scores. My scores are still at 682 same as before I applied. By end of march 3 accounts would turn 1 year old. By end of Apr 2 more accounts would turn 1 year. I should start seeing boost in my scores. I am also trying to get some baddies out in the coming months, should also help boost my scores. Let us see what future will bring to my scores in the next 12 months.

 


 

Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
0

Re: Can we recon for USAA Card?

While deep.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Creditaddict
Posts: 19,422
Registered: ‎10-23-2007
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Re: Can we recon for USAA Card?

I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.

 

now granted I would agree if you are only in a lower bucket because of inq, you won't ever see yourself move to that next bucket because you keep getting more inq. but i feel you can make those points up other ways which I think concord will see as he stated with aging of accounts and removal of baddies.

 

plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards. 

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
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Established Contributor
MojaveMoon
Posts: 536
Registered: ‎08-26-2008

Re: Can we recon for USAA Card?

[ Edited ]

Creditaddict wrote:

I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.



I disagree to some extent.

(1) Experian has a tool called FACS+ that creditors can subscribe to. This tool will enable the creditor to be alerted whenever a consumer's credit report inquiries exceed a certain threshold

"XPN FACS+ FRAUD DETECTION TOOL" : Indentify potential fraudulent activity with alerts when an applicant's data is cautious, high-risk or non-residential.

"FACS+ Indicator Definitions" :
MORE THAN 3 INQUIRIES IN LAST 30 DAYS

(2) There are a lot of different versions of credit scores out there that creditors use. One of them is called a bankruptcy risk score.


(link)

"too many" inquiries is six or more times in the past 12 months"


(3) There is an organization that goes by the names ICS (Issuers' Clearinghouse Service) and ARS (Advanced Resolution Services, Inc.). ARS is a subset of ICS.

Some people on other forums have had applications turned down because that creditor used a report from ICS and saw how many credit applications had been made within a certain amount of time.

Other people in the last year on another forum have shared experiences of suddenly having their credit card accounts with a particular creditor abruptly shut down because that creditor did not like, among other things, how many credit cards had been opened within a certain span of time.

https://www.visaicsdirect.com/faq.html#jump3

"These studies have shown that the most powerful predictor of such credit loss is application activity for a social security number (SSN). Accounts with SSN bankcard application activity greater than selected thresholds are significantly more likely to become bankrupt or charged off than accounts below those thresholds. The most telling SSN activity threshold is 6 or more applications within 90 days. As many as 75% of accounts that hit this threshold are likely to become bankrupt or charged off."


https://www.visaicsdirect.com/faq.html#jump2

"ICS is not a credit bureau. It was not designed to replace existing credit bureau information, but to add incremental value to it. ICS handles a subset of the data credit bureaus use, and handles it differently than credit bureaus do. Credit bureaus use relational databases, whereas ICS uses only critical data elements from an application (address, phone, social security number) and tracks information separately by those elements. This enables ICS to provide views of these elements that are not available from credit bureaus."

Message Edited by MojaveMoon on 02-24-2009 09:15 PM
Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008
0

Re: Can we recon for USAA Card?

Concord, you've had great success with your credit app'ing, but maybe it's time to slow down.  Honestly, you need to freeze all 3 credit bureaus to stop your red hot app finger.  Ok, this is actually a case of the pot calling the kettle black, but I froze mine this past week.  Come join me in the wonderful freedom of knowing you can now app all you want, but nothing will every come of it...which will allow you to slowly go cold turkey and kick the app'ing habit.   :smileyvery-happy:
Senior Contributor
score_building
Posts: 3,524
Registered: ‎01-10-2008
0

Re: Can we recon for USAA Card?


Creditaddict wrote:

I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.

 

now granted I would agree if you are only in a lower bucket because of inq, you won't ever see yourself move to that next bucket because you keep getting more inq. but i feel you can make those points up other ways which I think concord will see as he stated with aging of accounts and removal of baddies.

 

plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards. 


well go ahead then, name names!  lol.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Can we recon for USAA Card?

[ Edited ]

score_building wrote:


Creditaddict wrote:

I don't know, I kind of tend to not overly stress about inq, once you have so many they don't really do anything to you anymore and although some lenders are picky about inq, many are not! and even more can be talked around a few extra inq.



well go ahead then, name names!  lol.

There's "a lot of inqs", and then there is "a mind-numbing, almost incomprehensible number of inqs."

And while there are doubtless some lenders somewhere who don't much care, I'd say that as a rule of thumb, the more conservative and (to me) therefore more desirable a lender is, the fewer inqs you should have.

I think that concorduser is unique in that he's completely over the top with inqs, while being very self-disciplined about paying his bills and keeping his successful business going. So he's probably a pretty decent risk for not being delinquent.

But most consumers who are consistently app-crazy are also more likely to get behind on their bills. So lots of inqs = high risk for default in the minds of lenders, and that equals repeated denials.

(Sorry for speaking of you in the third person, concord!)


Creditaddict wrote:

...plus with rebuilding you kind of have to keep replacing your lesser cards as your scores improve so you take on more inq to better your cards. 

I did this to some extent last year. I wasn't replacing lesser cards, but I had relatively few open TL's, and I wanted to dilute my bad history (lotsa 30 days, one 60, and one 90.) So I did a lot of research and opened a half-dozen accounts pretty much all at once. I did get silly and get another one that I didn't need, which I have since closed, but essentially, after I got what I wanted I stopped dead for a year. My scores are now back or a little better than what they were when I started, and I am now out from under the "seeking credit" and "new accounts" cloud.

So sure, upgrade your credit, but be smart and disciplined about it.
Message Edited by haulingthescoreup on 02-25-2009 03:59 AM
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