cancel
Showing results for 
Search instead for 
Did you mean: 

Why don't all credit card issuers backdate?

Super Contributor

Re: Why don't all credit card issuers backdate?


CreditMagic7 wrote:
If approved, yes, it's both reasonable and productive for those (Approved) Inquiries to populate consumer reports to the CRAs. I guess i just find it counterproductive why AS IS, that Denial Inquiries were even written into policy in the first place and made an issue with FICO scoring at all.

Or, on the flip side, the "making it more consumer friendly" in this case would have the unintended consequence of everyone applying constantly with recons every minute.  For instance, if you take away the consequences (where's there's no price), I'll keep applying every minute until I'm approved, and call recon every minute until they get sick of me, and just give me what I want.

 

The issue with not having a price (the all you can eat analogy) is that it will necessarily allow a small percentage to ovewhelm the system for the rest.  This is why a HP for CL request is reasonable, whereas an SP for a CL (a la AmEx) is incredibly consumer friendly.

Moderator Emeritus

Re: Why don't all credit card issuers backdate?

What did I learn from this?  longitmelurker needs to send Open a GW letter.  Smiley Wink  Good info on this guys, I appreciated the thread and it explained the backdating issue pretty well.  Kudos!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Valued Contributor

Re: Why don't all credit card issuers backdate?

@myjourney the button is there however poking it just makes it angrier. (Still doesn't quote though) on chrome for iPad 4

   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Super Contributor

Re: Why don't all credit card issuers backdate?


wHiTeSoL wrote:
@myjourney the button is there however poking it just makes it angrier. (Still doesn't quote though) on chrome for iPad 4

Lol Ok 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Contributor

Re: Why don't all credit card issuers backdate?

 

           Perhaps other companies don't want to backdate you? Take the scenario where I had a cc 20 years ago at PoDunk CU, I apply and get a new card that factors in 20 years to my AAOA. I have just made myself more appealing to other issuers that I am more interested in and will probably use more than my PoDunk card- thereby causing them lost earnings ?  Just a thought.

Member

Re: Why don't all credit card issuers backdate?

Thanks for asking this question! I had been wondering about it for awhile, ever since I learned what back dating was! Some interesting replies Smiley Happy

Valued Contributor

Re: Why don't all credit card issuers backdate?


ottergo4 wrote:

 

           Perhaps other companies don't want to backdate you? Take the scenario where I had a cc 20 years ago at PoDunk CU, I apply and get a new card that factors in 20 years to my AAOA. I have just made myself more appealing to other issuers that I am more interested in and will probably use more than my PoDunk card- thereby causing them lost earnings ?  Just a thought.


I like the way you think

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Contributor

Re: Why don't all credit card issuers backdate?


ibmrad7 wrote:

JeffM wrote:

Why do you feel entitled to a backdate?


Don't think anyone is claiming entitlement here, it's  a genuine question: if one lender can do it, why can't others???

 


Apologies in that case. I misread the tone of the thread. Really sorry OP/everyone!

Wells Fargo Cash Back - $2400 || Bank of America Cash Rewards - $5000 || Discover IT - $5000 || American Express BCE - $15000

FICO TU - 769
Valued Contributor

Re: Why don't all credit card issuers backdate?


Open123 wrote:

CreditMagic7 wrote:
If approved, yes, it's both reasonable and productive for those (Approved) Inquiries to populate consumer reports to the CRAs. I guess i just find it counterproductive why AS IS, that Denial Inquiries were even written into policy in the first place and made an issue with FICO scoring at all.

Or, on the flip side, the "making it more consumer friendly" in this case would have the unintended consequence of everyone applying constantly with recons every minute.  For instance, if you take away the consequences (where's there's no price), I'll keep applying every minute until I'm approved, and call recon every minute until they get sick of me, and just give me what I want.

 

The issue with not having a price (the all you can eat analogy) is that it will necessarily allow a small percentage to ovewhelm the system for the rest.  This is why a HP for CL request is reasonable, whereas an SP for a CL (a la AmEx) is incredibly consumer friendly.


+1. This is exactly it. I made a similar analogy last year regarding health insurance and co-payments, but the main idea is the same.

 

The system is setup for the lenders, always has been and probably always will be. The sooner people understand and accept this, the easier it will be to make the system work for you (as much as possible).

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL