topic Re: Amazon Visa approved! Lesson learned.. in Credit Card Approvals

Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:30:08 GMT

Just applied for Amazon Visa and as expected, got 30-day message. Called to recon immediatelly, after a three minute hold, was told that they can't approve it due to my 30+ inquires on each CR, about 10 within one month, and too many newly opened accounts.(Six new CC within one month,Jesus..). Not surprised at all..

So I hang up the phone, called another Recon number, talked with a different gentleman, gave him my income info, then holding the phone for a long time.. fifteen minutes for Chase is really long, pretty short if you call Paypal Mastercard. Then he came back and told me I was approved with a CL of $1.5K.

Lesson learnt today: alwasy Recon for a 2nd time if you think you got a chance. If I DO think I deserve the card and want it desperatelly ,I will Recon for a 3rd time and I will mail the EO. Though most times, this only happens if you have a baddie or some serious errors on your CR and you want to argue it. In this case however, I will just admit my failure if they deny me the 2nd Recon because I lack the confidence, totally. And I would deny my own app if I were the Chase credit analyst. Keep harassing them will only make myself look(sound) like a jerk.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:27:20 GMT

Grats on the approval! Stay in the garden now

Re: Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:31:31 GMT

@Anonymous wrote:
Grats on the approval! Stay in the garden now

Too hard to stay in Garden.. I plan to initiate a CLI spree of my six new cards in three months..

Re: Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:32:07 GMT

@Anonymous wrote:
@Anonymous wrote:
Grats on the approval! Stay in the garden now
Too hard to stay in Garden.. I plan to initiate a CLI spree of my six new cards in three months..

You can still stay in the garden with SPs.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:37:26 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Grats on the approval! Stay in the garden now
Too hard to stay in Garden.. I plan to initiate a CLI spree of my six new cards in three months..
You can still stay in the garden with SPs.

Well.. I will let them HP me if I don't see automatic CLI after the 3rd statement. I plant to do this with my Chase Freedom, US Bank, Amex Fide, Citi Forward. And will apply for Ink. This will happen in 90 days.

Hope they will just disregard these inquiries since I use most cards with 2-3X the CL each month.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Mon, 20 May 2013 23:38:26 GMT

+1 to what flying ace said.

Chase will SP you a lot, especially during the first 3 months of approval. You don't want to be flagged by them. Same goes for other lenders that you recently opened accounts with.

Most lenders will do AA against you if they deem its necessary. It's better to stay in the garden, build up relationship with them, before anything bad happens.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 00:00:42 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Grats on the approval! Stay in the garden now
Too hard to stay in Garden.. I plan to initiate a CLI spree of my six new cards in three months..
You can still stay in the garden with SPs.
Well.. I will let them HP me if I don't see automatic CLI after the 3rd statement. I plant to do this with my Chase Freedom, US Bank, Amex Fide, Citi Forward. And will apply for Ink. This will happen in 90 days.

Hope they will just disregard these inquiries since I use most cards with 2-3X the CL each month.

I hope you are expecting denials on those CLI requests. Many banks prefer waiting until the 4 or 6 month mark to begin with for auto-CLIs so don't expect to see them. Second, you seem like your were barely approved for at least a couple cards. You keep applying like that, and you may get AA instead of the CLI you want. Third, you better watch that Barclays or you will lose it.

Re: Amazon Visa approved! Lesson learned..

LS2982 — Tue, 21 May 2013 00:03:08 GMT

@Anonymous wrote:
@Anonymous wrote:
Grats on the approval! Stay in the garden now
Too hard to stay in Garden.. I plan to initiate a CLI spree of my six new cards in three months..

These INQ's and new ones will further delay you getting better CL's. You really need to focus on gardening for a year.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 00:07:37 GMT

If u keep racking up inquiries at this rate, you will be flagged as high risk and AA is almost guaranteed to happen.

Barclays for one will not leave you alone as it is and AA you if you do continue. You will also run into issues with chase, citi and discover most likely.

Re: Amazon Visa approved! Lesson learned..

oscar_actuary — Tue, 21 May 2013 00:07:26 GMT

Not to single you out, I dont know much about you, obviously. And, you are like many on this board with relationship to my question.

It's just that your opening post sets it up so well.

What is your goal with regards to CC accumulation ?

I'll leave it open like that rather than making presumptions or leading questions.

cheers.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 01:04:49 GMT

Congrats on your successful recon but like the others mentioned your inq's will kill chances of nice CLI's or even cc's with initially higher CL's. I know it's great to be approved but how many cc's do you really want with $1-2k CL's ?

Re: Amazon Visa approved! Lesson learned..

armbenderc — Tue, 21 May 2013 01:24:26 GMT

@Anonymous wrote:
Just applied for Amazon Visa and as expected, got 30-day message. Called to recon immediatelly, after a three minute hold, was told that they can't approve it due to my 30+ inquires on each CR, about 10 within one month, and too many newly opened accounts.(Six new CC within one month,Jesus..). Not surprised at all..

So I hang up the phone, called another Recon number, talked with a different gentleman, gave him my income info, then holding the phone for a long time.. fifteen minutes for Chase is really long, pretty short if you call Paypal Mastercard. Then he came back and told me I was approved with a CL of $1.5K.

Lesson learnt today: alwasy Recon for a 2nd time if you think you got a chance. If I DO think I deserve the card and want it desperatelly ,I will Recon for a 3rd time and I will mail the EO. Though most times, this only happens if you have a baddie or some serious errors on your CR and you want to argue it. In this case however, I will just admit my failure if they deny me the 2nd Recon because I lack the confidence, totally. And I would deny my own app if I were the Chase credit analyst. Keep harassing them will only make myself look(sound) like a jerk.

Awesome on recon.

Re: Amazon Visa approved! Lesson learned..

boomhower — Tue, 21 May 2013 01:47:06 GMT

I concure, garden. Those INQ's are crazy high. Take a break and give your accounts some time to age.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 02:26:20 GMT

@Anonymous wrote:
+1 to what flying ace said.

Chase will SP you a lot, especially during the first 3 months of approval. You don't want to be flagged by them. Same goes for other lenders that you recently opened accounts with.

Most lenders will do AA against you if they deem its necessary. It's better to stay in the garden, build up relationship with them, before anything bad happens.

Thanks. I'll take your advice and garden* for a while and wait for auto CLI. About 10 inquiries will fall off by then.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 02:27:58 GMT

@oscar_actuary wrote:
Not to single you out, I dont know much about you, obviously. And, you are like many on this board with relationship to my question.
It's just that your opening post sets it up so well.

What is your goal with regards to CC accumulation ?

I'll leave it open like that rather than making presumptions or leading questions.

cheers.

The main reason is that different cards give you different perks. Second reason is that I need a big CL so I can charge my small business expenses through it.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 02:45:03 GMT

Have you thought about Amex Sm Business Charge? If your current lenders get wind that those are business expenses they could shut you down.

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 03:26:17 GMT

@Anonymous wrote:
Have you thought about Amex Sm Business Charge? If your current lenders get wind that those are business expenses they could shut you down.

Yeah, I may apply for Amex Biz later, not sure whether they allow inventory purchase or not though. AFAIK, other lenders do not care about biz expense like Amex do, officially or unofficially, nor is it prohibited in T&C, as long as you pay it back and keep the total charge within a reasonalbe range.(instead of charging 4plus times limit in any card in any month)

Thank being said, I will get an Ink card in six month though.

Re: Amazon Visa approved! Lesson learned..

indiolatino61 — Tue, 21 May 2013 04:27:42 GMT

Congrats on your perseverance!

Re: Amazon Visa approved! Lesson learned..

Anonymous — Tue, 21 May 2013 05:45:22 GMT

@Anonymous wrote:
@Anonymous wrote:
Have you thought about Amex Sm Business Charge? If your current lenders get wind that those are business expenses they could shut you down.
Yeah, I may apply for Amex Biz later, not sure whether they allow inventory purchase or not though. AFAIK, other lenders do not care about biz expense like Amex do, officially or unofficially, nor is it prohibited in T&C, as long as you pay it back and keep the total charge within a reasonalbe range.(instead of charging 4plus times limit in any card in any month)

Thank being said, I will get an Ink card in six month though.

Most lenders do not care what kind of expenses you're running through, unless it's illegal or manufactured spending.

The thing you have to take note is that business expenses can be very high. Regardless of whether its many charges of small amounts, or low number of charges in big amounts, it can spook lenders off sometimes. For instance, X individual's stated income is 150k, and is given a CL of 10k, and yet he somehow manages to rack up 10k worth of charges each week. From a math standpoint, it obviously does not make sense about how someone who makes 150k is somehow able to charge up 40k worth of charges monthly.

This will result in AA, even if it's a secured credit card. This has happened to a forums member about a week ago, and his bank of america secured credit card is closed.

So for your business charges its best to spilt them up across different lenders and keep them under reasonable amounts for your stated income, or to get a business account and avoid all the hassle altogether.

What you need right now is to garden though. You pretty much have squeezed out every penny Chase is willing to extend to you right now. Best of luck!

Re: Amazon Visa approved! Lesson learned..

myjourney — Tue, 21 May 2013 06:45:15 GMT

Congrats and please garden for at least a year