topic Re: Fidelity Visa Disappointment w/ Data Points in Credit Card Approvals

Fidelity Visa Disappointment w/ Data Points

Anonymous — Thu, 23 Feb 2017 18:33:07 GMT

I applied for the Fidelity Visa Signature card because I was interested in getting a 2% cash back card. Many hoops were jumped. I opened a Fidelity brokerage account and with $25K and a Cash Mgt account with $1k. I then applied for the Visa and got a 7-10 day message. They pulled TU. My CK TU FAKO score is 826, Discover TU (which seems to be pretty accurate) is 808. Annual income; 53K. Hard pulls TU = 1. New card in last year = 2.

I logged on today to discover they added my credit card to the dashboard. I excitedly clicked on it to find they gave me a $1k limit. My cards all have 10K or better limits and I can max the card out in a week, so needless to say – it’s getting canceled and I will chalk it up to stupidity. I feel dumb for wasting a TU pull, but so it goes.

This morning I got a new PenFed Power Cash Back (2% on everythign no limits APR 9.24) with a 12K limit, so in the end, I am VERY happy!

Re: Fidelity Visa Disappointment w/ Data Points

Aduke1122 — Thu, 23 Feb 2017 18:41:12 GMT

Sorry OP wow that's a bummer but maybe it will grow fast for you

Re: Fidelity Visa Disappointment w/ Data Points

gdale6 — Thu, 23 Feb 2017 18:41:32 GMT

Its US Bank and they are very conservative, I would first try and get the limit raised as the card is going to report whether or not you close it. Grats on the Pen Fed card nice SL

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Thu, 23 Feb 2017 18:44:06 GMT

@gdale6 wrote:
Its US Bank and they are very conservative, I would first try and get the limit raised as the card is going to report whether or not you close it. Grats on the Pen Fed card nice SL

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Thu, 23 Feb 2017 23:31:35 GMT

+2 US Bank can be conservative but once they know you generally they will love you!

Re: Fidelity Visa Disappointment w/ Data Points

kdm31091 — Fri, 24 Feb 2017 00:31:42 GMT

As much as I get the viewpoint that the card will report anyway, I probably would have done the same thing. I get that US Bank is conservative but with that kind of score, etc, that limit is kind of an insult.

Anyway, you replaced it with a 2% card with a much higher limit, so not much point in keeping it around (IMO - but I'm one for a smaller lineup of cards).

Re: Fidelity Visa Disappointment w/ Data Points

precision — Fri, 24 Feb 2017 04:31:41 GMT

It makes no sense to close a card that one just opened. You are going to take the HP and the AAoA hit regardless.

Let it age and take your lumps. It is what it is at this point.

I really have never understood when people don't get the limit that they want they decide to immediately close the card. Do people think that by closing the card they are demonstrating something to the bank. They are cutting off their nose to spite their face.

Keep the card. Make it comfy with the socks. Live and learn.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Fri, 24 Feb 2017 05:23:39 GMT

I am super confused. They gave you a $1000 limit with an 808 score?? US Bank is a very conservative lender but that's absurd. I have 3 cards with them that were all opened with $5000 limits and my scores aren't anywhere near 808 lol
Very strange indeed.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Fri, 24 Feb 2017 05:41:03 GMT

Call the lending back door line. I'm sure you can recon the sl with ease based on your situation

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Fri, 24 Feb 2017 09:27:42 GMT

I agree that is a crappy limit for your scores. That being said US Bank is great once you are a customer and gain history with them. I started with a 500 Cash+ card on recon. In one year it has 10X my limit, I've had preapprovals for a CC and a PLOC, and all since I opened my checking & 2 savings. Stick with them for a year. Then close if you want to.

Plus-USB is the one lender I know of that uses SageStream and ARS. Freeze them both and then ask for a CLI and you will be amazied. Doctor of Credit has a good article on this. I couldn't find it this early but search and read it. He was spot on-froze them both for free (even in the states that charge for the main 3) and my CLI was rockin' good.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sat, 25 Feb 2017 15:31:32 GMT

I might recon and see what they say, perhaps get more insight into the low $1K limit. Also, I may just use it to get the $100 bonus and then cancel sometime after that. I would NEVER have applied for the Fidelity card had I seen the advert for the new Penfed card. Live and learn!

Re: Fidelity Visa Disappointment w/ Data Points

Meanmchine — Sun, 26 Feb 2017 03:15:01 GMT

BoA has their 99/500 card and I guess Fidelity has a 25k/1k card

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 04:40:54 GMT

I would recommend calling customer service to confirm what your actual CL is going to be. Here is the reason why I say this.....

I applied for this same card on February 7th 2017. I received an email with an offer... spend $500 and receive a $75 bonus. I also received the 7-10 day message after applying. A few days later I logged into my Fidelity account and saw the Visa Signature card in my list of accounts. It showed that my CL was $1.2k. I was a bit annoyed and was kicking myself for even applying.

A few days later I received the card in the mail and my CL was actually $4.2k. The $1.2k that I saw online was my"available credit". I totally forgot that when I applied for the card I requested a balance transfer (they were offering 0% APR on balance transfers). They reduced my available credit by the amount of the balance transfer plus the fee. All of my other credit accounts distinguish between the actual CL vs the available credit. When I log into my Fidelity account it does not which is why I thought MY CL was only $1.2k.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 15:33:47 GMT

In another thread, you stated that you received a $3k SL on your new Power Cash and then transferred $9k from another PenFed card. That is NOT a $12k SL - that is a $3k SL. I'm not going to try to tell you what to do but the rule of thumb I have seen on this board is that if your approvals are decreasing and not increasing or remaining the same, then it may be time to slow down on the applications.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 16:04:41 GMT

@Anonymous wrote:
In another thread, you stated that you received a $3k SL on your new Power Cash and then transferred $9k from another PenFed card. That is NOT a $12k SL - that is a $3k SL. I'm not going to try to tell you what to do but the rule of thumb I have seen on this board is that if your approvals are decreasing and not increasing or remaining the same, then it may be time to slow down on the applications.

Very valid point

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 17:37:16 GMT

Thanks for correcting that. Did not mean to mislead. FWIW, the last CC I applied for was last June. I have a total of 7 cards (including the Fidelity which i have not received yet). Total of 6 hard Pulls - 2 with each bureau. So I am not a mega apper like a lot of folks here. After this I will not be applying for anything for a long time... I really just wanted a 2% card and screwed up. Had I been aware of the penfed i would have just applied for that. But I think the outcome of 3K would have been the same.

I am also curious as to the lowering starting lines. I have great scores. Low amount of HPs. No big debt. I have a paid off mortgage, no car payment. I have a small HELOC with a modest balance kept mainly as a tax deduction. My annual income is 53k.... My credit use runs from 1to 2%... so not sure what the deal is? Again, no big deal since I will be gardening for a while.

Edited due to problems typing on my mobile. Sorry guys.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 17:31:30 GMT

7 cards with Fidelity? If you haven't omitted anything and all the other data points are still current then I would wonder if you're reaching exposure limits with Fidelity. PenFed is normally generous but have been known to decline for "pyramid debt structure". While not declined they seemed to be very cautious with you on that app. I support the gardening idea as well. After building some history I can't see PenFed, at least, be more than generous with your credit profile.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 17:37:49 GMT

OMG NO, NOT 7 cards with fidelity. This is what happens when you try typing on your phone. I will edit that now.

I have 7 cards in TOTAL. Period.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Sun, 26 Feb 2017 17:42:02 GMT

As for history. I have history.

TBH, they may not like me because I typically PIF and do not see me as profitable. Who knows.

Re: Fidelity Visa Disappointment w/ Data Points

Anonymous — Wed, 01 Mar 2017 17:40:20 GMT

Update, the card came in mail yesterday. 5 days after I applied. I can confirm the SL is $1000. I called to verify the spending bonus of $1k/$100 so I plan to use it for that period, perhaps hang on to it a few months and cancel. Figure $100 is worth the headache and TU pull. LOL. Also I am not all that impressed with the Fidelity Web Portal and how it opens pop up windows to the Elan site. Also cannot seem to get it to work on my Personal Capital account, I will keep trying though. I will have the spend bonus done in less than a month and I will move to break in my PenFed Power card.