topic Re: Did They Make a Mistake? in Credit Cards

Did They Make a Mistake?

dgates01 — Thu, 23 Apr 2015 00:05:31 GMT

I recently got a couple of new credit cards after applying. A Discover for $4500 and Cap1 Quicksilver for $3000. After toiling in the subprime swamp for so long, it's good to finally emerge. These are the best CL's I've ever gotten. The biggest CL prior was a BofA for $1500, and that was a decade ogo. But slowly and surely, I"ve been diligent about getting my credit back on track.

Having said all that, does anyone else who has gotten a really good credit line for the first time feel like someone maybe pushed the wrong button, and those companies are going to quickly come to their senses? This is unchartered territory for me and I guess I'm a bit paranoid.

Re: Did They Make a Mistake?

Luscher — Thu, 23 Apr 2015 00:08:07 GMT

Congrats. Don't look back lol

Re: Did They Make a Mistake?

padme — Thu, 23 Apr 2015 00:13:37 GMT

i was wondering the same thing.. post BK7 i am...

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 00:38:44 GMT

Remember, you will also see plenty of stories here the other way! "I have 850 scores across the board, income of $2.5M and Bank X gave me a $1000 CL?????"

Re: Did They Make a Mistake?

Kostya1992 — Thu, 23 Apr 2015 00:49:01 GMT

With 2 months of Cap1 Journey 300CL reporting, I got in with Chase, Citi, Barclays. Cards are in sig. No previous credit history.

Re: Did They Make a Mistake?

FinStar — Thu, 23 Apr 2015 00:52:52 GMT

@Luscher wrote:
Congrats. Don't look back lol

Exactly.

OP, I wouldn't worry about it. Lenders appear to perceive you as less risky and it's likely you have reached a certain rebuilding milestone in your journey where those opportunities have become now more favorable.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 01:40:39 GMT

Congrats! Time to dump that bloodsucking Credit One card.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 01:51:10 GMT

@Anonymous wrote:
Congrats! Time to dump that bloodsucking Credit One card.

Agree.. Congrats OP..

Re: Did They Make a Mistake?

TitaniumCash — Thu, 23 Apr 2015 01:54:36 GMT

It's a good feeling to finally move on to something bigger and better, but I understand that paranoid feeling like it's too good to be true. But it is true, so enjoy it!

Re: Did They Make a Mistake?

CreditMagic7 — Thu, 23 Apr 2015 02:02:23 GMT

You are not dreaming OP, it's the real deal.

Improvements to your credit profile equate to better offers, terms,etc

So as someone already mentioned, charge on ahead and DON"T LOOK BACK.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 02:08:29 GMT

No worries! Hold your head up high & congrats! I agree on the Credit One card, time to shred it!

Re: Did They Make a Mistake?

TrulyyBlessed — Thu, 23 Apr 2015 02:13:59 GMT

@dgates01 wrote:
I recently got a couple of new credit cards after applying. A Discover for $4500 and Cap1 Quicksilver for $3000. After toiling in the subprime swamp for so long, it's good to finally emerge. These are the best CL's I've ever gotten. The biggest CL prior was a BofA for $1500, and that was a decade ogo. But slowly and surely, I"ve been diligent about getting my credit back on track.

Having said all that, does anyone else who has gotten a really good credit line for the first time feel like someone maybe pushed the wrong button, and those companies are going to quickly come to their senses? This is unchartered territory for me and I guess I'm a bit paranoid.

I remember receiving my first big credit line....I just felt as though my work was paying off. Don't second guess it. You have taken steps to improve your credit and higher credit limits are one of the rewards for doing so. Congrats!

Re: Did They Make a Mistake?

jamesdwi — Thu, 23 Apr 2015 02:35:55 GMT

No mistake, you made it...

Credit is insanity, once you make it to primeville, you will be blown away at times. Becareful of looking at your whole credit pictures after a couple of years you won't believe what you have accomplished from this point.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 03:12:06 GMT

@FinStar wrote:
@Luscher wrote:
Congrats. Don't look back lol
Exactly.

OP, I wouldn't worry about it. Lenders appear to perceive you as less risky and it's likely you have reached a certain rebuilding milestone in your journey where those opportunities have become now more favorable.

This is true. Lenders will generally play more cautious than the other way around. If they are handing out higher CLs than you expected (especially multiple different lenders) that means they view you as less risky than the average and are happy to extend that large amount of credit to you. I would say it's basically a 0% chance any mistakes were made. Enjoy your new credit lines, be responsible, and be happy that you have entered a new stage in your life financially

EDIT: I went from 2.25k total CL (between two student cards) to getting a 10k Venture instant approval. I too thought it had to be a mistake... Until I app'd for 6 other cards, all instant approvals, and went from that 2.25k CL to over 25k CL overnight. This forum has helped hundreds just like me and you. We just have to look forward and be responsible with the new found freedom!

Re: Did They Make a Mistake?

takeshi74 — Thu, 23 Apr 2015 12:53:37 GMT

@dgates01 wrote:
Having said all that, does anyone else who has gotten a really good credit line for the first time feel like someone maybe pushed the wrong button, and those companies are going to quickly come to their senses? This is unchartered territory for me and I guess I'm a bit paranoid.

I'm sure there are those that do but I did not. I put in the time, effort and responsbility. If you're doing so yourself there's nothing to worry about.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 13:47:46 GMT

Same boat here! I went with no credit cards for over 6 years....close to 7. This past December I decided to get my credit scores back up to become homeowner again. First card was BoA and a partially secured card, no AF, 99/500 limits. Second card was $500 VS through shopping cart trick. For me I was just glad to start the journey again. I decided to do the Chase prequal and to my surprise they approved me for 2200 Freedom card which is now at 3k. Like you, that one blew me away and I kept thinking they made a mistake, lol.

Congratulations! Do get rid of that Credit One crappy card. All the best as you garden and see those new cards grow!

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 14:04:18 GMT

@dgates01 wrote:
I recently got a couple of new credit cards after applying. A Discover for $4500 and Cap1 Quicksilver for $3000. After toiling in the subprime swamp for so long, it's good to finally emerge. These are the best CL's I've ever gotten. The biggest CL prior was a BofA for $1500, and that was a decade ogo. But slowly and surely, I"ve been diligent about getting my credit back on track.

Having said all that, does anyone else who has gotten a really good credit line for the first time feel like someone maybe pushed the wrong button, and those companies are going to quickly come to their senses? This is unchartered territory for me and I guess I'm a bit paranoid.

When my Discover IT was approved last fall for $5500, my only other card was a $300 QS1. Like they said, you're on the right path.

Re: Did They Make a Mistake?

Anonymous — Thu, 23 Apr 2015 14:12:25 GMT

@dgates01 wrote:
I recently got a couple of new credit cards after applying. A Discover for $4500 and Cap1 Quicksilver for $3000. After toiling in the subprime swamp for so long, it's good to finally emerge. These are the best CL's I've ever gotten. The biggest CL prior was a BofA for $1500, and that was a decade ogo. But slowly and surely, I"ve been diligent about getting my credit back on track.

Having said all that, does anyone else who has gotten a really good credit line for the first time feel like someone maybe pushed the wrong button, and those companies are going to quickly come to their senses? This is unchartered territory for me and I guess I'm a bit paranoid.

You have come a long way OP! Congratulations... it does feel weird and awesome at the same time.... When I was blessed enough to venture in to Prime, I was saying to myself, "Am I really worthy?????????" .... don't look back and keep moving foward!!!!!!!!!!!!

Re: Did They Make a Mistake?

EdMan63 — Thu, 23 Apr 2015 16:49:50 GMT

I know the feeling OP. I had just had my bubble bursted this past Feb when my wife and I were considering purchasing a new home. I had done a settlement on a large 5 year old CO back in 9/14 that would hopefully pave the way. When BOA told me they wouldn't be able to do anything until 2018 I was crushed. Trying to make myself feel better, I had a pre approval from Amex for the Delta Gold Card I had received in the mail and had been putting off applying for. Not knowing what to expect I was instantly approved for 10k. This was my first app in years. I was still sad but feeling better and 2 days later apped for the Freedom card. So now I'm gardening to doing things slowly but I know my credit situation much better now and can plan for the future much more confindently.

Re: Did They Make a Mistake?

IncrsCredScore — Thu, 23 Apr 2015 16:50:11 GMT

dgates01, give yourself a big pat on the back and thank yourself for all the hard work you did to get to this wonderful point.