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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: what CC should apply for?

[ Edited ]

cobaltnv wrote:

I don't want to thread jack, but I will make one comment. There have been a lot of posters on here falling all over themselves suggesting credit unions for everything. I understand that many of you think that credit unions can do no wrong and that they are somehow immune to the current financial crisis. For the most part I understand where you are coming from and agree that credit unions are generally in better shape than the big banks right now. However, credit unions are having problems (google credit union trouble). It is entirely possible that much of this financial crisis will hit credit unions soon--they are not infallible! 

Just my 2 cents.

Cheers 


 

I don't think that anybody has claimed CU's are infallible.  The credit given to CU's is that they are currently the institutions providing credit that meet the OP's criteria most notably.

 

1.  Good initial CL (apples to apples, certain CU's give higher CL's than major banks for same situation)

2.  Will Grow (many banks are CLD, closing, hiking rates, pinching credit)

3.  Won't AA for use or lack of use

 

I have BoA, and am very happy with them, but I all ready had the card and CL prior to current climate.  However many have experienced CLD and closure from BoA even when their history and credit are pristine.

 

Obviously any institution can experience financial issues depending on the default rates, etc. 

 

However, my recent experience, with excellent credit and having established TL's is that CU's far and above gave higher CL's, better terms/rates and more options than Chase, BoA, Citi, CapOne, Discover, etc.

 

This isn't an argument, this is my experience.  Other's experiences may differ.  For whatever this info is worth (treasure or trash) use or discard as seen fit.

 

In closing, while a google of CU's will find CU problem, these will not compare in proportion to the number of banks and other CCC's who have problems.

 

In addition, very few people have expressed any AA from CU's unless there were circumstances of credit or FICO that were associated with the action.

 

SUGGESTION:  Possibly if the OP were to indicate what a "good initial CL" is to them.  When somebody says good initial CL, that is subjective....I think of $10k as a minimum and $15k to $25k as better.  But that is "good" to me.

 

 

 

 

Message Edited by txjohn on 08-08-2009 08:44 AM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: what CC should apply for?

I think OP wants a placeholder account from a major bank with a large credit limit. 2006-2007 OP had a good chance but today I would say no. 740 FICO's while decent are not great scores. Not gonna happen IMO.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: what CC should apply for?

SUGGESTION:  When the author of an OP wants to change criteria, EDIT the OP post & subject in addition to adding subsequent posts.  Then the OP has edited/additional criteria.  Otherwise start a new thread. 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: what CC should apply for?


txjohn wrote:

SUGGESTION:  When the author of an OP wants to change criteria, EDIT the OP post & subject in addition to adding subsequent posts.  Then the OP has edited/additional criteria.  Otherwise start a new thread. 

 

 


 

Okey-dokey - thread is locked, since folks don't seem to want to remain on the 'big bank' topic OP (by which I meant and still mean "original poster", not "original post", BTW) did move on to partway through and instead decided to indulge in TJing to argue with the mods.

 

Lexa, if you feel your question about banks has not been fully answered on here, please do start a new thread specifically asking that question again.

 

Any Original Poster has the privilege and option to change the subject/direction of a thread within his/her own thread, with or without amending the subject line of the initial post.

 

SUGGESTION:  Read a  thread in its entirety before you chip in, to be sure you know where things stand in the discussion and that what you intend to post is responsive to that.

_____________________________________________________________________________
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02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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