Credit Cards

[MrShush]

The only hidden trade I know of now is the Newegg Preferred card. I have it and use it. I don't care about the balances I've carried because I know it will not have adverse socre implications and the balances were promo interest free. Does it matter that the limit or history not reporting bother me? Nope. If you have an established history and plenty of available credit, one or two hidden accounts does not matter in the least.

[drkaje]

There used to be a few cards that didn't report. At the time, I was very early in rebuilding, so there wouldn't have been any point in applying.

[Jake0215]

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android01 wrote:

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Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

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It can't hurt anything if it doesn't report.  The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not.  My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences.  It is a "flexible spending" card where I can charge over my limit.  I think it's a brilliant idea.  It certainly got my attention!  

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They should market it as such then... Maybe it would be more popular... :-) I guess it's an added bonus. As I was just approved tonight I am of course eagerly awaiting it's arrival.

[android01]

Another benefit I thought of is that I don't have to pay it off by the statement date as to not report a balance.  

[Revelate]

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android01 wrote:

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Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

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It can't hurt anything if it doesn't report.  The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not.  My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences.  It is a "flexible spending" card where I can charge over my limit.  I think it's a brilliant idea.  It certainly got my attention!  

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We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.   

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals.  If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

[android01]

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MrShush wrote:

The only hidden trade I know of now is the Newegg Preferred card. I have it and use it. I don't care about the balances I've carried because I know it will not have adverse socre implications and the balances were promo interest free. Does it matter that the limit or history not reporting bother me? Nope. If you have an established history and plenty of available credit, one or two hidden accounts does not matter in the least.

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+1.  I wish I had more hidden accounts. 

[mokong]

im really interested on this card.but my problem i had to wait at least 5 more months to apply ,since i had a new chase disneys premier last feb which starting limit is 4k. since chase dont PC because i had 2 chase account southwest and Disneys,do i have a chance to approve for this card then if approve can i close this 2 account then transfer the limit to the new card?

al

[drkaje]

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Revelate wrote:

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android01 wrote:

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Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

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It can't hurt anything if it doesn't report.  The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not.  My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences.  It is a "flexible spending" card where I can charge over my limit.  I think it's a brilliant idea.  It certainly got my attention!  

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We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.   

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals.  If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

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Considering the extent to which people can pretty up their reports, it's doubtful a CC tradeline's non-dislosure will cause our economy to spiral further downward.

[android01]

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Revelate wrote:

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android01 wrote:

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Jake0215 wrote:
I'm not sure what to think about this? Helps with AAoA but possibly hurts util? Is there a specific known reason for this?

---

It can't hurt anything if it doesn't report.  The only possible way that it can hurt utilization is if I was planning on the CL reporting to intentionally lower my utilization, which I was not.  My guess is that their reasoning for not reporting it is to give you the freedom and incentive to use the card more, for larger purchases, and carry balances (which Chase collects interest on) without suffering any credit report consequences.  It is a "flexible spending" card where I can charge over my limit.  I think it's a brilliant idea.  It certainly got my attention!  

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We got into this God-awful economic mess because lenders were misleading consumers to some extent (everyone has a different opinion as to how much); not reporting this tradeline is absolutely misleading other lenders.   

I had thought there was a contractual requirement to report to the CRA's if the lender polled their bureau for scores / approvals.  If that's even accurate, I suppose that can be negotiated away for the right amount of money (as it hurts the reliabilty of the CRA's) but JP Morgan Chase is legitimately one of the elephants in the living room.

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The only requirement in the FCRA or whatever the governing document is, is that IF the lender decides to report a TL, it MUST be accurate.  There is NO requirement by law that the lender has to report anything if they choose not to.  It's probably something like what AMEX does, which is not to report my Business card on my personal reports.    

[Revelate]

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android01 wrote:

The only requirement in the FCRA or whatever the governing document is, is that IF the lender decides to report a TL, it MUST be accurate.  There is NO requirement by law that the lender has to report anything if they choose not to.  It's probably something like what AMEX does, which is not to report my Business card on my personal reports.    

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Which is why I specifically stated contractual requirement .  I'm nearly 100% confident it was there from Experian at a lender that I once worked for, but you're correct in stating that there's no FCRA / federal mandated requirement to do so.