topic Re: Petal Visa! NO hp CC. position 9346 GP for data! in Credit Cards

Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 03:07:16 GMT

New Petal Visa Card! Their site indicates high limit CC with no credit scores!

Right....should be interesting on being early GP.

Will share data once I move thru my place on the pre-invite list.

Anyone else gonna get on pre-invite?

No hard pulls?? WOW

www.petalcard.com

GOOD LUCK GPs!

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Gmood1 — Mon, 18 Sep 2017 03:07:18 GMT

It says between $500 and $10,000 limits.
That's a pretty neat idea. Let's see how it plays out.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

happypill — Mon, 18 Sep 2017 03:27:44 GMT

I guess it could be interesting for someone new to credit who doesn't have any established credit. Doesn't really have any valuable features.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 03:35:50 GMT

Except no hard pull is of interest.

They decide your credit limit according to checking account info, payments made, etc ...prob a soft pull.

After EQ debacle - this could interest many. Obviously getting a possible 10k w/out hard pull even better.

I have over 300k in available credit and found it very interesting, it's innovative to say the least.

Obviously won't appeal to everyone, but caught my eye. 🙂

Re: Petal Visa! NO hp CC. position 9346 GP for data!

MrDisco99 — Mon, 18 Sep 2017 03:39:06 GMT

No rewards so I'll pass. Neat idea though.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

happypill — Mon, 18 Sep 2017 03:47:41 GMT

@Anonymous wrote:
Except no hard pull is of interest.

They decide your credit limit according to checking account info, payments made, etc ...prob a soft pull.

After EQ debacle - this could interest many. Obviously getting a possible 10k w/out hard pull even better.

I have over 300k in available credit and found it very interesting, it's innovative to say the least.

Obviously won't appeal to everyone, but caught my eye. 🙂

If you have $300k in credit, explain how this card could possibly be of any use to you. Will your financial profile change once you get to $310k?

If you really want another card, it's just one HP away, and for someone with $300k in credit, one HP will have precisely zero impact on your credit score (give or take about 1 point). I just app'd for 4 cards one week ago, two of which were double pulls and those inquiries had exactly zero impact on my scores; actually my EQ went up, but I'm sure that's related to something else that actually did impact my credit, as opposed to the HPs which had zero impact. I anticipate the new accounts have have some very minor impact on my scores (less than 5 points for sure) due to change in AAoA, but that would be the case with this petal card as well.

Now, if a card had a nice sign-on bonus or excellent rewards in a given category, I could see why it would interest someone with $300k in available credit. This card? Not unless you have a $310k purchase that you're just a little short on at the moment.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

K-in-Boston — Mon, 18 Sep 2017 03:48:33 GMT

Looks like it could be an OK option for builders and possibly rebuilders. Not sure how to put it more tactfully, but I don't consider their max to be a "high credit limit" or 18-25% APR on a no-frills card to be "great rates." Knowing what I know these days, I'd still steer someone toward a credit union card.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

CreditMagic7 — Mon, 18 Sep 2017 03:53:38 GMT

Nifty idea to do only a SP so prettty cool on that.

As a new account would still report so pass here too. On AAOA watch for awhile.

Now if it was a HTL? That's even better.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

K-in-Boston — Mon, 18 Sep 2017 04:04:39 GMT

@CreditMagic7 wrote:
Nifty idea to do only a SP so prettty cool on that.

As a new account would still report so pass here too. On AAOA watch for awhile.

Now if it was a HTL? That's even better.

Haha. HTL with no HP? I could imagine thousands of myFICO-driven apps alone, myself included!

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 04:06:18 GMT

happypill

thanks for the info on your personal credit profile and opins, hope it helps many here.

All credit journeys are different. This was of interest and being GP if it helps others on their journey, is well worth time spent on it.

Need to update my signature..had 83 accounts, trimmed to 31. Goal is moving existing to 10k or above, close that won't grow. Yes, aaoa could be impacted on my journey.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 04:09:45 GMT

I was out and about today. Lots of dead leaves on the roads as if fall has bypassed the usual beautiful leaf display.

Might want to wait until spring to hawk this to the masses.

Not falling for the HTL thing either.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 04:21:32 GMT

AZ weather far different..still sunny and bright.

Lol..not sure we even get a fall season.

No hawking, thought an innovative concept. 😄

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Anonymous — Mon, 18 Sep 2017 04:34:49 GMT

I had a fraternity brother in college who came to North Carolina from Florida.

He said he chose to come to college in NC because he wanted to see the seasons change.

Sounds like he should have been a geography major, although he chose the milder climate side of the state. There was no snow in eastern NC while there was lots of snow in western NC. Never did you have to scrape ice off your windshield on the east coast but every morning in western NC you had to crank your car and turn the heat on and scrape your windshild.

Sometimes we (I) don't realize everybody's situation is not like ours.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

BurgeoningHope — Mon, 18 Sep 2017 04:48:27 GMT

@Anonymous wrote:
New Petal Visa Card! Their site indicates high limit CC with no credit scores!

...
No hard pulls?? WOW

That's an interesting offering - thanks for sharing it.

I'm not able to find where they say that it's only a soft pull. In fact, this quote from the FAQ suggests they do pull a credit report, though it doesn't specify the pull: "We use machine learning to analyze your digital financial record, rather than just your credit score..." Also in the FAQ they mention that they do report.

I'm in the garden, but it might be an interesting option for others. However, HPs are more of a big deal with thin credit profiles, so I think it's important to nail this down if possible.

Has anyone found anything on the Petal website that states definitively "no hard pull"?

Re: Petal Visa! NO hp CC. position 9346 GP for data!

CreditMagic7 — Mon, 18 Sep 2017 05:56:29 GMT

@K-in-Boston wrote:
@CreditMagic7 wrote:
Nifty idea to do only a SP so prettty cool on that.

As a new account would still report so pass here too. On AAOA watch for awhile.

Now if it was a HTL? That's even better.
Haha. HTL with no HP? I could imagine thousands of myFICO-driven apps alone, myself included!

Well, dunno about thousands but if this is SP only with chance to pull on 5-10K line, we can expect the approvals forum to fill up soon for this one as is.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

AverageJoesCredit — Mon, 18 Sep 2017 12:18:49 GMT

Lol, if they check our financial records i might get lucky and pull in a $10 credit limit

Re: Petal Visa! NO hp CC. position 9346 GP for data!

dlm0820 — Mon, 18 Sep 2017 13:16:05 GMT

Why on Earth would you even CONSIDER giving your bank statements to a card company for "possible" high limit on a credit card?

Even for rebuilders it isn't worth it. Save up some money and open a secured card. And if that isn't possbile, keep rebuilding.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

CreditMagic7 — Mon, 18 Sep 2017 13:42:05 GMT

@dlm0820 wrote:
Why on Earth would you even CONSIDER giving your bank statements to a card company for "possible" high limit on a credit card?

Even for rebuilders it isn't worth it. Save up some money and open a secured card. And if that isn't possbile, keep rebuilding.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

K-in-Boston — Mon, 18 Sep 2017 13:55:02 GMT

Was there mention of providing bank statements to them? I took the "We look at the money you make and the bills you already pay to help you qualify instantly." part to imply that they would be looking at one or more of the other credit reporting agencies that tracks things like utility bills, cell phone bills, cable bills, rent-to-own companies, payday lending companies, rent payments, etc... - you know, the accounts that don't report to The Big Three, but make you miss security questions like what your phone number was when you lived in Toledo, Ohio, back in 1973, even though you've lived in California your entire life.

Re: Petal Visa! NO hp CC. position 9346 GP for data!

Creditaddict — Mon, 18 Sep 2017 15:10:38 GMT

@K-in-Boston wrote:
Was there mention of providing bank statements to them? I took the "We look at the money you make and the bills you already pay to help you qualify instantly." part to imply that they would be looking at one or more of the other credit reporting agencies that tracks things like utility bills, cell phone bills, cable bills, rent-to-own companies, payday lending companies, rent payments, etc... - you know, the accounts that don't report to The Big Three, but make you miss security questions like what your phone number was when you lived in Toledo, Ohio, back in 1973, even though you've lived in California your entire life.

I would think they would use the systems like some of the personal loan companies and Kabbage like lending systems that you log into your bank account and they grab the info they need and spit out approval. Usually done in about 10 seconds and covers just 3 months.