Discover Account Review -.-

[fedxboy]

I could of sworn that Young has said before the he uses household income on credit apps to qualify for much higher credit limits, so then obviously that isn't going to match his own personal income when it comes time to prove income.  (*If I'm incorrect in my statement or assumptions, then forgive me and please disregard)  The way I see it --   your debt is continually rising, regardless of your rising credit limits to offset your utility.  Furthermore, throw in student loans and you're in way over your head. Now, a Bimmer is added to the mix................................................................. Good luck with your predicament!

[keithB]

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@youngandcreditwrthy wrote:
Oh goodness...
Got an email this morning requesting that I contact them in a week and to be prepared to discuss employment and income.

While Ive been truthful and never defaulted in anyway... I am scared. I remember how stressed and annoyed GECRB's audit made me.
I read that they typically like to discuss usage, etc with you.
So... My cl is $10k. Currently have a balance of $8k due to 0% offer. Ive been paying $300-700 a month for at least twelve months. They reduced my purchase APR to 1.9%, so admittedlly Ive been using it. Every time I call, have a hammer me to use it more. I tell them I like Amex and that their credit line is too low.
The kicker is I think I caused this myself... I called them the other night for a cli (last one was about a year ago) I figured it was time. Then, I got an APR reduction to 18.24%. Obviously, I did something to flag my account.
Also, I opened a West Elm account in July and just bought a brand new M235i (only one inq from BMWFS) my Tu is like 690 with only 5 or so inqs. The new auto loan account is not reporting yet though. I think it will report with about $30,000 as the bal.
I honestly have about $26-30k in cc debt (prob pay 1500-3000 towards any given month)
Util overall is about 20%.
Ill be honest here. I am petty and DO NOT WANT ANY THING REPORTED AS "closed by credit grantor"
That is my number one concern here. I dont care about this card. I've held up my end of the bargain, and I dont feel like being treated like a criminal as GE did me (in the end the only thing that happed was I closed some accounts on my own!!!)
I'm smarter than this. Should I just close this piddly $10k line and be done with? That'd leave me with still $175k or so of avail credit.

What does everyone think? And if nothing else.. I pay it off after closed and open a new one with a new 0% period to use 😇💁😂

Please advise. Unless they are going to cli me to $15k with this account review, daddy is closing her. 👌

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LOL 

[burberryboy007]

So nobody's going to ask why he bought an M235 instead of an M3?

[joltdude]

What the OP is doing is technically pyramiding debt.. Id love to see what Penfed would say when he'd be rejected

[keithB]

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@youngandcreditwrthy wrote:
Providing the information itself isnt the prob....The problem is the HASSLE. 

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It sure wasn't a "hassle" for you to whip out the card and charge $8,000+ dollars on it.  But now all of the sudden it's a "HASSLE"... LOL, Amazing 

[Anonymous]

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@joltdude wrote:
What the OP is doing is technically pyramiding debt.. Id love to see what Penfed would say when he'd be rejected

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What'd i say?

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@keithB wrote:

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@youngandcreditwrthy wrote:
Providing the information itself isnt the prob....The problem is the HASSLE. 

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It sure wasn't a "hassle" for you to whip out the card and charge $8,000+ dollars on it.  But now all of the sudden it's a "HASSLE"... LOL, Amazing 

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LOL!

Kudos on both posts, yall.

[sccredit]

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@longtimelurker wrote:

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@Anonymous wrote:

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@JSS3 wrote:

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@thelethargicage wrote:

FWIW, I have 2 accounts "closed by grantor" and they've never been brought up on recon. Creditors don't seem to care about it or even notice it (at least in my experience). 

If anything, pyramiding debt would be a bigger issue. 

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What exactly is this?

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Debt that keeps getting shuffled around on 0% cards, Possibly with no means of repayment.

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I think, for Penfed, it just tends to mean too many new inquiries and accounts, so they suspect you are up to no good, and call it pyramiding debt (why else would you have those inqs)

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I don't think so.  I had a few new accounts and a number of inquiries when I joined PenFed and applied for the CC and PLOC.  They never said anything about the inquiries or new accounts.  I don't know how they come up with that but IMO it has to be more complex than just the 2 items, though I am sure they are oart of the equation.  Maybe those 2 plus large (large as in $$ large, not util) balances?  Obviously I am speculating.  

[baller4life]

[Revelate]

Locking this thread as it's lost it's original point.