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Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Recon???

I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: Recon???


youngandcreditwrthy wrote:
I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol

Even recons do not provide the desired results - of course depending on the original intention for applying (i.e. decent limits / APR).  Correct me if I'm wrong, all of your above reconned efforts resulted in approvals but not in the best favorable APR terms?  20%+

 

Seems to me, a successful recon (if warranted) results in achieving a decent limit and above average APR.  For folks who PIF and maybe want their foot in the door then maybe a non-issue.  But why carry a product that doesn't offer great financing flexibility in addition to a good rewards structure?  Just my .02 cents.

 

Established Contributor
scenery_guy
Posts: 952
Registered: ‎07-24-2012

Re: Recon???


FinStar wrote:

youngandcreditwrthy wrote:
I got Travelocity Amex, Chase Freedom, and Citi Diam Preferred on recon...

It was NOT easy at all. It was extremely tedious. They typically want to verify a lot of info and will deny you a few times lol

Even recons do not provide the desired results - of course depending on the original intention for applying (i.e. decent limits / APR).  Correct me if I'm wrong, all of your above reconned efforts resulted in approvals but not in the best favorable APR terms?  20%+

 

Seems to me, a successful recon (if warranted) results in achieving a decent limit and above average APR.  For folks who PIF and maybe want their foot in the door then maybe a non-issue.  But why carry a product that doesn't offer great financing flexibility in addition to a good rewards structure?  Just my .02 cents.

 


Almost all of my recons hinge on rewards cards (airline and hotel). I don't really care about APR as I have not paid interest in a few years courtesy of PIF. Limit does not really matter either as I have cards for spending as needed. I just want the approval to get the bonus points for signup and spend. I keep the card for about a year (if AF card) then decide if it's worth the benefits. If yes (SPG) I keep it and use it. If not (Hilton HHonors or Delta Platinum card) it's hello shredder and close the account. Sometimes you can get a retention bonus to keep the card but YMMV. 

Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013

Re: Recon???

[ Edited ]

Let me explain how I plan on handling recon calls and maybe what I am thinking will help you:

 

My plan is to listen to what they say in the event of denial and write down each item so I can deal with them one at a time.

I can anticipate that my AAoA will be the biggest deal for them as depending upon which bureau they pull, its between 1 year and 2 years 6 months.

I have no baddies and my util is at like 3%.

 

When they ask why I want their card, I am going with in the case of Chase; I have been banking with them for about a decade because of their great service.  I have asked around of my friends with high power credit cards and everyone has said get the Chase cards because the stellar service carries over there as well.  They have also told me that the Ultimate rewards program is really great and since I do a LOT of travelling (am a pilot) UR points for me will build in a hurry.  So having my primary credit cards where I bank, plus the UR program and the great service of Chase is a win win win for me and for Chase.

 

When going after Discover:

I want to get rid of the likes of my Credit One card and only have "big league cards" such as Discover.  I have been an AU on my wife's for close to 2 years and I absolutely love it.  I would love to make Discover my primary card for the awesome cash back categories and awesome customer service that I have come to know through my wife's account. 

 

When dealing with Amex:

I really love the benefits of membership but I must have the ability to pay over time.  I have been an AU on my wife's account and its been a blessing in my work when I travel out of the country.  As a pilot, I need a card that is accepted world wide, which offers the myriad of services only offered at Amex and which returns rewards in the form of points.  I also want to make the Amex my primary card for daily purchases such as gas and groceries because I really do not want a wallet chock full of cards for this or cards for that.  If I can make Amex my primary for everything, I am a happy happy fella.

 

How to deal with my thin file on AAoA:

I realize my AAoA is not 7 years or even close but that is because I am exceedingly picky with what credit I obtain.  I only obtained cards necessary to establish a history and no more.  I don't want multiples of cards in my wallet because I like only having a couple monthly bills to pay.  I prefer to build quality relationships with my financial service providers rather than have numerous ones.  INSERT CARD NAME HERE is widely known to be one of the absolute best cards, which is an important reason of why I would like very much to be included in the INSERT CARD NAME HERE, family.

 

I think its pretty solid actually.  Hopefully something in there makes sense to you and is something you can benefit from. 

:smileyhappy:


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Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Recon???

Actually FinStar, you are partially incorrect.
My personal recon efforts have resulted in:
Travelocity American Express @$6500 initial (got an auto cli to $7700 @7th month) apr was 0% for 9 months-these were the terms I app'ed for. 24.99% after. I pif $5600 before 0% expired. They began flooding my mailbox with 3.99% bt offers.
Chase Freedom Recon resulted in a $5000 line with the standard 0% apr on bts/prchs for 15 months plus all those cashback opps. Will be 22.99% after. Terms I apped for. Planning to pif before promo expires as always
Last, but certainly the hardest...
Citi Diamond Preferred with a $5k line. 0% for 18 months, then 21.99%. I haven't even found a use for the 18 months 0% yet, but I certainly will. I've used this account to the tune of about $700. Same terms I apped for.
So while my APRs after promo are not the best...
I always pif before the promos expire, which is a smart move on my part. I keep my finances extremely liquid. All of the cc debt I have is made up for with a nice cushion of savings. If a bank decides to F with me, I have an arsenal of cash waiting to blow them away.

And if the rate isn't 0% or close to it, def'ly less than 10%, I pif. Only ONE of my $85k+ in lines of gecrb have a balance I pay interest on. And it's $730@23.99%(Paypal MC- wasn't a recon though)
So you're like...we will say.. 80-90% INCORRECT.
That's all.


:-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: Recon???


youngandcreditwrthy wrote:
Actually FinStar, you are partially incorrect.
My personal recon efforts have resulted in:
Travelocity American Express @$6500 initial (got an auto cli to $7700 @7th month) apr was 0% for 9 months-these were the terms I app'ed for. 24.99% after. I pif $5600 before 0% expired. They began flooding my mailbox with 3.99% bt offers.
Chase Freedom Recon resulted in a $5000 line with the standard 0% apr on bts/prchs for 15 months plus all those cashback opps. Will be 22.99% after. Terms I apped for. Planning to pif before promo expires as always
Last, but certainly the hardest...
Citi Diamond Preferred with a $5k line. 0% for 18 months, then 21.99%. I haven't even found a use for the 18 months 0% yet, but I certainly will. I've used this account to the tune of about $700. Same terms I apped for.
So while my APRs after promo are not the best...
I always pif before the promos expire, which is a smart move on my part. I keep my finances extremely liquid. All of the cc debt I have is made up for with a nice cushion of savings. If a bank decides to F with me, I have an arsenal of cash waiting to blow them away.

And if the rate isn't 0% or close to it, def'ly less than 10%, I pif. Only ONE of my $85k+ in lines of gecrb have a balance I pay interest on. And it's $730@23.99%(Paypal MC- wasn't a recon though)
So you're like...we will say.. 80-90% INCORRECT.
That's all.


:-)

Actually, I believe the message is on point.  For some reason the math seems to be flawed on your inaccuracy statement - I'm sure it's just a technicality :-)

 

So for accuracy purposes, you stated that you PIF'd your Travelocity AMEX balance before it expired, yet another post claims you are in the process of shifting some of this debt to Citi DP?  So, if you have the cash savings "arsenal" why not just pay it off?   Lenders (namely those mentioned above) have given you the highest APRs (once the intro APR honeymoon is over) because you are considered a moderate risk... not to mention your overall mix of accounts and scores (internal and external) - that was the point being made.  You can only shift your debt so much before a lender catches up with such patterns. 

 

If you have decent investments with good returns (such as REITs) then there shouldn't be much dependence on individual credit given your age and credit profile, 11K+ long term revolving debt would seem sketchy for some lenders once they see you've carried it for so long without retiring a great majority of it.  You can "artificialy" inflate/pad your lines only so much to accommodate increased utilization :-)

 

http://ficoforums.myfico.com/t5/Credit-Cards/Timing-Citi-BT/td-p/1972653

Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Recon???

Lol I like to take advantage of low rates, what can I say? The only way to build credit is to use it :-)
Thanks for following my credit journey lol..
On that particular account(Trav Amex) I did pay the balance in full, but just as soon as I did that they flooded me with bt offers; I took advantage of it :-)
The point I was making is that if I were forced to pay 20+ percent, I would just pay 'em off and be done with it..
The other point is that I received what I app'ed for.. I didn't receive reduced reward structures or less duration for 0% offers.
I'm firmly in the garden fo sho!! Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
culture
Posts: 196
Registered: ‎02-27-2013

Re: Recon???

i just want to keep reading here...  good advice.. 

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: Recon???

As some have posted, it sometimes takes multiple recons to get the desired result.   Sometimes this is just because you need to get the "right" person (either someone who understands that the things preventing the auto-acceptance can be overlooked in your case or someone who can't be bothered to disagree, or somewhere in between).   Recently a number of posts saying "Try try again, nothing to lose".  

 

I don't think that is quite true in the long term.  Multiple calls might get you flagged as a nuisance.  This could be a problem later when there is a card that you really want, and you would otherwise have a successful recon, but now you don't get listened to.  Boy who cried wolf type of thing.     So, decide if getting this card NOW is worth potentially damaging a relationship with the lender.

New Visitor
ablessing4me
Posts: 1
Registered: ‎06-09-2013

Re: Recon???

Thanks to this forum I called Chase and GOT a Chase Freedom $500; not much but a start :-) I would have never have had the nerve to call for a recon. Thanks everyone!! I'm new to the forum with a Ex 680 and worked from a 530 4 years ago. Purchased my first house with a 620. I am a credit card fanatic but I am working on a goal of a 750 score by September 2014...hope that's realistic. Have a great day!!!

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