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@Anonymous wrote:
Yes it's me -- I agree it's just very strange to see 4 threads in two days about Any ONE bank taking AA let alone Discover, whom you never hear of doing this.
I don't know all his stats, but I do know:
Scores 700-720 across board.
Income $80k
overall Util roughly 30%
About 10 new accounts (!!!)
Many INQs
So in my viewpoint, nothing Overly Alarming but I can see where they'd get a bit spooked. We're not talking sudden lates showing up, collections or COs though. And 30% Util isn't an OH MY GOD utilization by any means. Heck I've carried 70% back in the day with no AA for a few months at a time.
I really believe the credit game is like roulette. All depends where the ball stops
In your viewpoint, it might not be alarming but to the lender it is for them to take such an action. Remember, all credit profiles are not the same and if you carried 70% back in the day and nothing happen does not validate anything.
10 new accounts is alot for credit profile along with many many inquiries. The banks takes alot in consideration when calculating the risk of a profile and it is the algorithms that determine such things..
It is unfortunate but tell your friend to chill out a bit on the credit front and let his/her accounts age.
@Anonymous wrote:
@Anonymous wrote:Sorry to hear about your friend. Lets address his utilization... How high was his utilization? How many new accounts? Also, these things happen but lets not completely write off Discover.
These are account closures are in minority compared to other lenders and if someone is interested in applying, I'd advise them to go for it. Often times, there is more to closures than these banks let on.
+1. I would not want anyone on the board to be concerned unnecessarily. Discover has many more situations of being very good to people.
@Anonymous im sorry for your friend. But Discover has been the exact opposite for me. I have had a very large balance on my Discover the last year as a result of paying of my Taxes and taking my time on it. instead of shut me down with 70% usage they gave me a credit limit increase. Started @ $2500 and at 10k now. still have not paid the balance off. Just this week they sent me 2 BT checks for another 0% 12 month period and told me i could write the check to myself and pay off some of my other balances. which will not happen until i come back from vacation for a serious pay down plan. Then again ive not applied for another until this week for the last night months. 2 new credit cards. Ive only added 3 accounts in the last year. 4 if you count my car. Discover to me is the best.
@taxi818 wrote:
@Anonymous wrote:
@Anonymous wrote:Sorry to hear about your friend. Lets address his utilization... How high was his utilization? How many new accounts? Also, these things happen but lets not completely write off Discover.
These are account closures are in minority compared to other lenders and if someone is interested in applying, I'd advise them to go for it. Often times, there is more to closures than these banks let on.
+1. I would not want anyone on the board to be concerned unnecessarily. Discover has many more situations of being very good to people.
@Anonymous im sorry for your friend. But Discover has been the exact opposite for me. I have had a very large balance on my Discover the last year as a result of paying of my Taxes and taking my time on it. instead of shut me down with 70% usage they gave me a credit limit increase. Started @ $2500 and at 10k now. still have not paid the balance off. Just this week they sent me 2 BT checks for another 0% 12 month period and told me i could write the check to myself and pay off some of my other balances. which will not happen until i come back from vacation for a serious pay down plan. Then again ive not applied for another until this week for the last night months. 2 new credit cards. Ive only added 3 accounts in the last year. 4 if you count my car. Discover to me is the best.
+1
@Anonymous wrote:
As noted the Analyst told him that they're stepping up reviews this quarter and many accounts will be scrutinized. So something is changing it seems over there
@Anonymous,
Have you actually seen your friends credit report or are you just going by what he is telling you hence the creation of this thread? Because if that is so, then we are just basing a discussion on "he said he only had 30% utilization, he said he only had 10 new accounts" and so on and so forth....
I think there is more to the story and it is unfortunate this happen. But without knowing much and not having your friend to answer such questions how many inquiries and such, I wouldn't be so quick to jump to conclusion about their action being absurd if I were in your shoes.
Happy Friday to you.
Well... I hope this doesnt happen to me... I would hate to lose out on all that double cash back I have coming!