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Senior Contributor
Open123
Posts: 4,220
Registered: ‎02-23-2011
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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.

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Why don't all credit card issuers backdate?

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


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wHiTeSoL
Posts: 1,063
Registered: ‎07-09-2013
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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

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myjourney
Posts: 26,659
Registered: ‎02-07-2013
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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 

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ottergo4
Posts: 88
Registered: ‎10-28-2008
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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.

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user9582673
Posts: 8
Registered: ‎12-30-2013
0

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 :smileyhappy:

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Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
0

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.


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JeffM
Posts: 107
Registered: ‎09-19-2013
0

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!

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

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).

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