Navy CC in "Offers" and results.....

[Creditaddict]

A friend of mine mentioned he was showing an offer for CashRewards a couple weeks ago and wasn't sure about going for it.... HIT THE APPLY BUTTON was my response!

Finally tonight it appeared again and Click, couple questions, and agree, apply... about a full 30 seconds and BOOM

CONGRADULATIONS... Based on the information provided in your app (something rather) We can Instantly approve you for.... $25000.00 with APR Prime Plus 4.6% I think it was, which I think is the best right now.

[IOBA]

+1 Congratulations!!  

[RyVision]

Creditaddict, now you just have to ask him his credit info stats and get back to us because you knowww we're all wondering LOL

But tell him big congrats from the MyFico people and he owes you lunch for bringing  him your wisdom of:  "HIT THE REPLY BUTTON!"  learned from here  

[Creditaddict]

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@RyVision wrote:

Creditaddict, now you just have to ask him his credit info stats and get back to us because you knowww we're all wondering LOL

But tell him big congrats from the MyFico people and he owes you lunch for bringing  him your wisdom of:  "HIT THE REPLY BUTTON!"  learned from here  

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805 TU & EQ within a few points on each FICO!

Highest previous CL $10k with Wells Fargo

$2700 balance on $7500 limit Cap1, all others $0 currently.

2 car loans: $3500 Chase probably trade in tomorrow, $4k equity and 10k Navy refi last month on 36 months.

Student loan of about 40-60k on 10 year, like $700/month

Lets see Inq... 3 Navy including the CC, think all EQ, 2 EX for amex and citi and 0 TU unless the CC with Navy yesterday was TU.

[crosbyk1]

NFCU is great! They are very generous with credit lines. 

[RyVision]

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@Creditaddict wrote:

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@RyVision wrote:

Creditaddict, now you just have to ask him his credit info stats and get back to us because you knowww we're all wondering LOL

But tell him big congrats from the MyFico people and he owes you lunch for bringing  him your wisdom of:  "HIT THE REPLY BUTTON!"  learned from here  

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805 TU & EQ within a few points on each FICO!

Highest previous CL $10k with Wells Fargo

$2700 balance on $7500 limit Cap1, all others $0 currently.

2 car loans: $3500 Chase probably trade in tomorrow, $4k equity and 10k Navy refi last month on 36 months.

Student loan of about 40-60k on 10 year, like $700/month

Lets see Inq... 3 Navy including the CC, think all EQ, 2 EX for amex and citi and 0 TU unless the CC with Navy yesterday was TU.

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Dang CA, you're good!  I was actually joking (you probably knew that), so now I'm stunned lol.  That was great of him to let us in on all that, thanks! He should still buy you lunch though

So what was his reaction to the CL and instant approval?  Just "eh, ok" or "YEEEHAAAAA!!!" ?   lol

Again, tell him congrats for us here. That's really awesome.

[crosbyk1]

I think only us credit junkies are impressed with such things. LOL.. People that have always had high scores and don't understand not everyone has 30k CL don't get it! 

[Creditaddict]

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@crosbyk1 wrote:

I think only us credit junkies are impressed with such things. LOL.. People that have always had high scores and don't understand not everyone has 30k CL don't get it! 

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I have actually had this conversation with multiple people around me lately and I was thinking about starting a thread about it but I don't want it moved out of credit cards because I feel it will be lost then... but the actual conversation the other day was (them to me)... "I think you may be putting to much time and energy into talking with these companies and it gets you mad, I have never seen someone do all this over 1 thing and have it draw out day after day")

Now although I agree that it is VERY time consuming sometimes to talk with companies or collection agencies what I was saying to this person is if other people loved there job, or cared to stay on top of company policies (this is 2 fold, because if your manager or your company is feeding you bad information then maybe you are on top of things but it still is wrong) or knew the difference of PIF, PFS, all the different options with taking care of bad history, medical, bk, new accounts, etc.... It's all about getting the one person that understands whats going on and is willing to work with you and sometimes that takes many letters, many calls, etc. etc.

Now the other side of this and I have posted before, been a while but I had a friend... over time I started talking to him about credit, he said he has excellent (I said I want him to pull a Fico and I will believe him!) Anyway he did pull and he did have excellent Credit I believe 786-801 range between the 2.... However he had:

1. Student loan (50ish range I believe)

1. Bloomingdales (not reporting CL)

1. Capital One $500 limit, he is 26 and has had the capital one since 18.

I was appauled, this is a person that makes over 100k and he does not know that he should apply for a new card or that the Cap1 was a bad deal, he literally would charge very small things, like $50 lunch on Capital One and then he used his non rewards Debit for EVERYTHING.

I finally convinced him to apply for Citi Forward (He spends about $25-$50 for lunch daily and anywhere from $25-$200 a day on dinner) BOOM Instant $6k!

Okay so 3-4 months go buy he has been setting this Citi Card on Fire... I'm like now you need to ask for CLI (Why he says, I don't need it, I won't get it, etc etc.) get him to click on it and boom instant $2400 or $3200 I forget now)

Then the new Amex Plus whateve blue for 6% came out and I was like you should get this, all your money spent fits in these categories (Instant 4k) we are still working on the CLI again for Citi and for the first time with Amex!!)

Butt he point is he had fantastic credit but was not rewarding himself with that fantastic credit and how can someone that knows how to get such a fantastic credit score be so in the dark on what that can actually do for them.

Mind you last time I checked in with him on the reward balance of his Citi because I was having some discussion with someone else rather the points maxed out each year and he was at I believe 86k in points and mind you this was at month 5 or 6!!!

So of course this brings me over to this Navy thing, excellent credit and not horrible cards prior but not getting the cards that actually work for him besides charging on them.

Now of course the last part of this discussion with people is debit vs. credit. I have a friend has about 4 credit cards all over 5k but has not touched any of them in over a year... I was thinking you have to use them, I don't see why your score would stay so high if you are not ever using them (I was wrong) he traded in his Corolla and bought a Prius (810) score pulled by them and of course he drove out of the lot shortly after with fantastic rate, great terms, etc. etc.

But why not use a reward card if you are going to pay cash only... and they say I track it better this way and some that know me in past is, how did that work out for you in the past, you went way in debt because you were not spending cash!.  It's a fine line!

Sorry this got long and we are off to buy a new car! (the person for this thread, not me!) Tell me what you think if we should start a new thread about this, I'm really interested in seeing others on the very bottom of this thinking process (Very low scores, very low credit card limits, lots of issues and how you got there and then very high scores, very high credit limits, Cash vs Credit, etc.)

[RyVision]

Creditaddict;  THAT was a VERY awesome post!

I think you're doing your friend\s a great favor by being so informative. It was also informative for us here.

I said you were good up above lol.  And forget lunch, I think he owes you dinner, twice

[LS2982]

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@Creditaddict wrote:

A friend of mine mentioned he was showing an offer for CashRewards a couple weeks ago and wasn't sure about going for it.... HIT THE APPLY BUTTON was my response!

Finally tonight it appeared again and Click, couple questions, and agree, apply... about a full 30 seconds and BOOM

CONGRADULATIONS... Based on the information provided in your app (something rather) We can Instantly approve you for.... $25000.00 with APR Prime Plus 4.6% I think it was, which I think is the best right now.

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Very nice CL!!! Tell him Congrats!!