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Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Amex Unicorn with Chip SUCCESS!

Good news, everyone!  I received a phone call today from American Express apologizing for their failure to deliver the chipped Zync card, and a promise to deliver a new one before the end of October.

 

This call was completely unsolicited; I haven't contacted them since they told me no chipped unicorn was available.

 

Looks like Amex will be the first ones to give em a chipped card.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

New Member
Posts: 16
Registered: ‎10-14-2013
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Re: Amex Unicorn with Chip SUCCESS!

Hello p-. I have read through your log and thank you for doing this. You can find information all over, but to read such a thourough story is a great resource for people wanting to improve their credit.

 

When I got serious about my credit I got reports from the 3. I had 1 maxed out card, and 3 unpaid collections, my fakos were in the 550s. I did not read much about what to do at the time and just paid the 3 collections. I also paid my $4700 balance on my cc down to zero. After that all reported my fakos raised to low 600s. I then did a one day mini AOR and got approved for 5 new credit cards. After the new accounts started reporting my fakos jumped to about the 650s. After 6 months I then asked for CLIs, and now I am in the low 700s.

 

After paying the 3 collections accounts for the full amount, 2 of them completely fell off of my credit report, and the 3rd came up as a "closed account" that doesn't affect my score (according to Experian). Like I said previously, paying down my cc and paying off the collections made my score jump 50+ points, and allowed me to get 5 new cards.

 

I'm mentioning my story to add a bit of a different way to get results for other people who may be in a similar position. It appears that your sitiation was more severe, and being aggressive was the way to go. You took the bull by the horns and it's amazing what you accomplished. But some people may not need to go so far. If you don't have many debts and are able to pay them off, it may be less work to just pay them. A year or two of perfect payments, low credit utilization, and zero delinquant accounts appears to be more important than old paid off debts (if you don't have too many).

 

Again, I figured I'd add my 2 cents. I feel like I know you now after reading your log. It looks like you used to live in WA, I'm in Seattle. Kudos to you for doing this and keep up the good work :smileyhappy:

 

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Amex Unicorn with Chip SUCCESS!

[ Edited ]
matrim33 wrote:  I have read through your log and thank you for doing this. You can find information all over, but to read such a thorough story is a great resource for people wanting to improve their credit....

 

A year or two of perfect payments, low credit utilization, and zero delinquent accounts appears to be more important than old paid off debts (if you don't have too many).

 

Again, I figured I'd add my 2 cents. I feel like I know you now after reading your log. It looks like you used to live in WA, I'm in Seattle. Kudos to you for doing this and keep up the good work

Thanks for the Kudos.  You're right about utilization;  This chart by bobwang shows the effect of utilization on a number of score profiles and the results are astounding:

 

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Amex Unicorn with Chip SUCCESS!


p- wrote:

Good news, everyone!  I received a phone call today from American Express apologizing for their failure to deliver the chipped Zync card, and a promise to deliver a new one before the end of October.

 

This call was completely unsolicited; I haven't contacted them since they told me no chipped unicorn was available.

 

Looks like Amex will be the first ones to give em a chipped card.


CONFIRMED.  I have my chipped unicorn in hand.  The chip is smaller than I expected, but Amex is the first to deliver EMV.  

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
0

Orchard card Upgrade success!

Today is a red letter day.  Since the Capital One buyout of the Orchard brand started, I have held tightly onto that crappy little card with the vision of turning it into a prime card.  Today that dream became reality as a chat rep granted me a Product Change to a World MasterCard.

 

My first real unsecured card that started with a measly little 300 dollar limit is now a World MasterCard.  I can't believe it...  I know it's not that big of a deal as I have other prime cards, but that little piece of crap has become a symbol of my credit struggle.  And now my oldest piece of unsecured credit credit history is a card worth keeping open.  

 

Now all I need is a nice fat CLI to complete the picture, but unfortunately I got a ten day letter.  Ah well, all in good time I guess.  An excerpt from the chat is pasted below. 

 

Ian: Glad to have you on chat! How may I assist you today?
you: I'd like to upgrade or product change my card ending in **** to another product, perhaps something with rewards.
Ian: I appreciate you taking the time and contacting us to check on this.
Ian: Let me quickly access your account and check if there is any offer on the account to upgrade your existing card to better rewards card.
Ian: To better assist you, I will need to verify a few pieces of information so that I may access your account to check on that for you. Is that ok?
you: sure
Ian: Great!
Ian: In order to access your account, please provide your name (exactly as it appears on your credit card), zip code, date of birth and last four digits of your Social Security number.
you: p
you: ****
Ian: Thank you. Please bear with me a moment while I review your account information.
you: ok
Ian: It’s great that you want to see if there are any options available to upgrade your account and make your credit card work for you.
Ian: Thank you for your patience.
Ian: p, after reviewing your account I see that you have an offer on the account to upgrade your existing card to Quicksilver card.
Ian: Upon upgrading you will receive 1.5% Cash Back on all net purchases with No Annual Membership Fee.
you: Great. Please go ahead and do that. Is it possible to raise the limit while you are at it?
Ian: Let me explain you the other terms of the Quicksilver card then I'll be happy to check the available options to submit the request for credit limit increase.
Ian: Your account will be upgraded to a Capital One Quicksilver World MasterCard.
Ian: You will receive 1.5% cash back on all net purchases...

 

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Orchard to Cap1 luv button success


p- wrote:  Now all I need is a nice fat CLI to complete the picture, but unfortunately I got a ten day letter.  

You're going to love this;  my CLI denial letter said no CLI because "you have received an increase in the last 6 months." Wait, what?  Oh look.  They just raised me from 1170 to 1700 and I didn't even notice.  I know, pocket change compared to my other limits, but it's progress, right?

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Senior Contributor
Posts: 4,654
Registered: ‎06-21-2012
0

Re: Orchard to Cap1 luv button success

I've just re-read your whole journey for the 2nd time, thanks for the continuous update!  How do you like your new Zync w/ EMV?  Most that I've talked to says that they don't like theirs w/ the chip

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +13more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 9/12/14*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 as of 12-12-13)
Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
0

Re: Orchard to Cap1 luv button success


yudeology101 wrote:  I've just re-read your whole journey for the 2nd time, thanks for the continuous update!  How do you like your new Zync w/ EMV?  Most that I've talked to says that they don't like theirs w/ the chip

Thanks;  I think it looks alright.  The chip kind of adds to the effect of making the card seem exclusive, as there are still very few cards out there with a chip in it.  I think as the chips become more common we'll start to see designs that incorporate the chip, rather than a straight cutout.  In the meantime, I don't mind it.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Frequent Contributor
Posts: 272
Registered: ‎09-23-2013
0

Re: Orchard card Upgrade success!

[ Edited ]

p- wrote:

Today is a red letter day.  Since the Capital One buyout of the Orchard brand started, I have held tightly onto that crappy little card with the vision of turning it into a prime card.  Today that dream became reality as a chat rep granted me a Product Change to a World MasterCard.

 

My first real unsecured card that started with a measly little 300 dollar limit is now a World MasterCard.  I can't believe it...  I know it's not that big of a deal as I have other prime cards, but that little piece of crap has become a symbol of my credit struggle.  And now my oldest piece of unsecured credit credit history is a card worth keeping open.  

 

Now all I need is a nice fat CLI to complete the picture, but unfortunately I got a ten day letter.  Ah well, all in good time I guess.  An excerpt from the chat is pasted below. 

 

Ian: Glad to have you on chat! How may I assist you today?
you: I'd like to upgrade or product change my card ending in **** to another product, perhaps something with rewards.
Ian: I appreciate you taking the time and contacting us to check on this.
Ian: Let me quickly access your account and check if there is any offer on the account to upgrade your existing card to better rewards card.
Ian: To better assist you, I will need to verify a few pieces of information so that I may access your account to check on that for you. Is that ok?
you: sure
Ian: Great!
Ian: In order to access your account, please provide your name (exactly as it appears on your credit card), zip code, date of birth and last four digits of your Social Security number.
you: p
you: ****
Ian: Thank you. Please bear with me a moment while I review your account information.
you: ok
Ian: It’s great that you want to see if there are any options available to upgrade your account and make your credit card work for you.
Ian: Thank you for your patience.
Ian: p, after reviewing your account I see that you have an offer on the account to upgrade your existing card to Quicksilver card.
Ian: Upon upgrading you will receive 1.5% Cash Back on all net purchases with No Annual Membership Fee.
you: Great. Please go ahead and do that. Is it possible to raise the limit while you are at it?
Ian: Let me explain you the other terms of the Quicksilver card then I'll be happy to check the available options to submit the request for credit limit increase.
Ian: Your account will be upgraded to a Capital One Quicksilver World MasterCard.
Ian: You will receive 1.5% cash back on all net purchases...

 

 

 

 

Kind of funny to hear. I just inquired about converting my peice of crap Quicksilver MC to a Visa. But, this has given me a glimmer of hope for this crap in the shape of a credit card.



Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
0

Cap1 soft pull frequency

I learned something new...  Capital One does not soft pull you when you click the luv button or ask for a CLI.  In fact, they don't pull your credit at all.  Instead, they use the most recent score from their own periodic soft pull of your report.  As far as I can tell, it's something like quarterly.

 

I was discussing the free score provided when denied a CLI from cap1, and another poster pointed out that their score was two months old.  I looked at all of the rejection letters that I got from failed CLI requests, and several of them referenced old scores.  Looking at my report, it appears they were soft pulling me whether or not I had asked for a CLI, and did not pull a current report when I did.

 

This is important, because it makes utilization on the day of the request irrelevant.  Normally I would wait to hit the luv button until statements cut showing me with only one balance and low util, but if they used an old pull where I had multiple balances, or high balances, that was for nothing.

 

Furthermore, the tactic of requesting a CLI as soon as collections or lates are removed is pointless, if they are loking at month's old data that still has the derogs.

 

My strategy needs to be adjusted to compensate for this.  As my last CLI with them was 11-2013, then in 2-2014 I need to optimize my utilization, and keep it optimized until 5-2014 when I hit my six months and ask for another CLI.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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