topic Re: I said 'NO" to a Visa in Credit Card Approvals

I said 'NO" to a Visa

gamegrrl — Thu, 14 Aug 2014 19:19:27 GMT

So I'm on the phone with PNC, upgrading my plain old checking account to a Virtual Wallet. I only have this checking account because having it and making automatic payments on my PNC HELOC from it saves me a bit on my HELOC interest rate. A $7 monthly service charge started last month, and by switching to Virtual Wallet, I will be able to avoid any service fees at all (since everything I do with the account is electronic).

The guy is taking my info and such, and he says, "If you would like, you can provide your income to see if we have any credit card offers for you." I said, would this involve a hard pull? When he said no, I figured why not, and gave him my income figure.

Moments later, he offered me a PNC Visa with a $16K limit. No annual fee, but the post-introductory (0% for 12 billing cycles) rate was 11%. So I said "No thank you".

The reason this is noteworthy is that MyFICO has guided me from a point where I was LUCKY to have a $300 secured CapitalOne card to where I am now: Thinking nothing of turning down a major credit card with a nice credit line at an interest rate that I couldn't even hope for a few years ago.

Don't get me wrong: It sure as heck felt great to get that offer! But it felt even better to say, "No thank you. I don't need it."

Oh, and he was telling me that I could transfer all my other balances to this card to take advantage of the 0% while I pay them down. "Sorry" said I, "but I don't carry any balances on my cards." Go me :-D

My $25K NFCU Signature Visa at 9.65% is an awful hard act to follow.

Thank you, MyFICO, for helping me to improve my life.

Re: I said 'NO" to a Visa

Membersince2013 — Thu, 14 Aug 2014 19:22:05 GMT

I confused... Why exactly did you reject that offer again?

Re: I said 'NO" to a Visa

Closingracer99 — Thu, 14 Aug 2014 19:25:25 GMT

@Membersince2013 wrote:
I confused... Why exactly did you reject that offer again?

11.99% isn't bad and maybe the lowest they offer?

Re: I said 'NO" to a Visa

j_casteel — Thu, 14 Aug 2014 19:26:02 GMT

Because she's at a point where she can be exclusive with your cards.

Re: I said 'NO" to a Visa

Closingracer99 — Thu, 14 Aug 2014 19:27:03 GMT

@j_casteel wrote:
Because she's at a point where she can be exclusive with your cards.

Still 16k with 11.99% and no HP ... all that hurts is AAoA. can always ask to see for APR reduction

Re: I said 'NO" to a Visa

Anonymous — Thu, 14 Aug 2014 19:28:41 GMT

@Membersince2013 wrote:
I confused... Why exactly did you reject that offer again?

Because she doesn't need it and is content where she is at.

Re: I said 'NO" to a Visa

j_casteel — Thu, 14 Aug 2014 19:31:18 GMT

Don't get me wrong...that's a good offer. I just think she is stating a personal accomplishment of whether it's a good deal or not she can decline an offer because she doesn't need it rather than before when she would jump all over offers just because.

Re: I said 'NO" to a Visa

Anonymous — Thu, 14 Aug 2014 19:31:19 GMT

I would say that that is a pretty good deal. But, good for you being able to say "no", because you realized you didn't really need it.

ETA: My PNC credit card has an APR of 12.99% I'm not sure what the lowest APR they offer is.

Re: I said 'NO" to a Visa

DawgZ — Thu, 14 Aug 2014 19:31:33 GMT

NICE! Congratz on controlling your own life.

Re: I said 'NO" to a Visa

MissMoni223 — Thu, 14 Aug 2014 19:37:38 GMT

CONGRATS on being at a point where you can say no.

Re: I said 'NO" to a Visa

Anonymous — Thu, 14 Aug 2014 19:38:45 GMT

@j_casteel wrote:
Don't get me wrong...that's a good offer. I just think she is stating a personal accomplishment of whether it's a good deal or not she can decline an offer because she doesn't need it rather than before when she would jump all over offers just because.

Pretty much, this. The OP started out with a secured card. She just feels a sense of accomplishment by being at a point in her life where she can pick and choose which cards to get rather than just going with any creditor that's willing to extend a few hundred bucks her way at an astronomical rate.

Re: I said 'NO" to a Visa

wacdenney — Thu, 14 Aug 2014 19:40:32 GMT

With that kind of limit and rate with no hp needed I believe I would have taken it whether I needed it or not. I can't honestly say I really NEEDED any of my cards.

I guess I am not up to master jedi level yet.

Re: I said 'NO" to a Visa

gamegrrl — Thu, 14 Aug 2014 19:43:42 GMT

I guess the simple answer here is that, as one responder said, I can now be picky about my cards. I don't want to just accumulate cards, there has to be a compelling reason to get it.

The NFCU is fabulous, and I use it for everything. I specifically wanted a DiscoverIT, and was able to get a $7K CL (even though I wasn't thrilled about the interest rate). Adding a new card right now would certainly impact my AAOC, which is suffering right now due to the NFCU Visa (10/2013), DiscoverIT (7/2014), a car loan through NFCU (12/2013).

A card would have to be spectacular right now for me to push the button.

Re: I said 'NO" to a Visa

gamegrrl — Thu, 14 Aug 2014 19:50:08 GMT

While I was typing that lengthy reply, I see that a lot of folks who 'get it' have checked in.

It's EXACTLY about how far I've come, a lack of desperation, having good options available to me, and acting (or not acting) on those good options as I see fit. It's about being in charge of my finances and, very importantly, in a better relationship with money than ever before. Heck, four years ago I was a credit version of Ado Annie from the musical Oklahoma, spending my days singing "I'm just a girl who cain't say no! I'm in a terrible mess!"

I feel like I'm getting very close to being Master of this credit thing, and I can honestly say that I couldn't/wouldn't have done it without MyFICO and these forums.

Re: I said 'NO" to a Visa

gamegrrl — Thu, 14 Aug 2014 20:12:54 GMT

PS - I sure wouldn't say no to a CLI on my NFCU Signature Visa. I just don't want another hard pull right now, I understand that anything over $25K is a manual review anyway.

Re: I said 'NO" to a Visa

H14 — Thu, 14 Aug 2014 20:25:01 GMT

@wacdenney wrote:
With that kind of limit and rate with no hp needed I believe I would have taken it whether I needed it or not. I can't honestly say I really NEEDED any of my cards.

I guess I am not up to master jedi level yet.

I would guess the "no hp" part was just about checking if anything was available. Had she accepted it probably would have been a hard pull.

And Congrats op!

Re: I said 'NO" to a Visa

Closingracer99 — Thu, 14 Aug 2014 20:32:30 GMT

@gamegrrl wrote:
PS - I sure wouldn't say no to a CLI on my NFCU Signature Visa. I just don't want another hard pull right now, I understand that anything over $25K is a manual review anyway.

Thought you said it was going to be no HP for it though?

Re: I said 'NO" to a Visa

Glkslngr — Thu, 14 Aug 2014 20:34:34 GMT

@gamegrrl wrote:
So I'm on the phone with PNC, upgrading my plain old checking account to a Virtual Wallet. I only have this checking account because having it and making automatic payments on my PNC HELOC from it saves me a bit on my HELOC interest rate. A $7 monthly service charge started last month, and by switching to Virtual Wallet, I will be able to avoid any service fees at all (since everything I do with the account is electronic).

The guy is taking my info and such, and he says, "If you would like, you can provide your income to see if we have any credit card offers for you." I said, would this involve a hard pull? When he said no, I figured why not, and gave him my income figure.

Moments later, he offered me a PNC Visa with a $16K limit. No annual fee, but the post-introductory (0% for 12 billing cycles) rate was 11%. So I said "No thank you".

The reason this is noteworthy is that MyFICO has guided me from a point where I was LUCKY to have a $300 secured CapitalOne card to where I am now: Thinking nothing of turning down a major credit card with a nice credit line at an interest rate that I couldn't even hope for a few years ago.

Don't get me wrong: It sure as heck felt great to get that offer! But it felt even better to say, "No thank you. I don't need it."

Oh, and he was telling me that I could transfer all my other balances to this card to take advantage of the 0% while I pay them down. "Sorry" said I, "but I don't carry any balances on my cards." Go me :-D

My $25K NFCU Signature Visa at 9.65% is an awful hard act to follow.

Thank you, MyFICO, for helping me to improve my life.

Haaa! Love it. Congrats on your accomplishments!

Re: I said 'NO" to a Visa

d170 — Thu, 14 Aug 2014 20:36:27 GMT

Scratches head::: If you pif each month an 11% shouldn't matter (in my opinion). Also, there's a thread with lowest rates and it's almost seems as 10/11% is average now if he offered 15.99% I could see decking it.

Re: I said 'NO" to a Visa

Glkslngr — Thu, 14 Aug 2014 20:38:17 GMT

@Closingracer99 wrote:
@gamegrrl wrote:
PS - I sure wouldn't say no to a CLI on my NFCU Signature Visa. I just don't want another hard pull right now, I understand that anything over $25K is a manual review anyway.
Thought you said it was going to be no HP for it though?

The rep said it was no HP to see if she prequalified..