topic Re: Went on app spree and score went up.... in Credit Cards

Went on app spree and score went up....

Anonymous — Sat, 28 Mar 2009 22:09:12 GMT

Well, I have been on a recent app hunt (spree). I have made 4 apps: CapOne, Alliant, PenFed and Pertuity Direct.

At time of Apps my TU was 803 and EQ was 808. Today after apps and inquiries my TU is at 814 and EQ at 810.

The only difference: a lousy $2 balance that reported on my BoA last month gave me two cc's with a balance ($2 and $44). Now I only have 1 acct with a balance (plus my auto loan) and my score is up even with apps.

So, lesson learned: a $2 balance has more FICO power than 2 new inquiries.

I now have 1 inquiry on TU in past 2 years, 2 on EX and 2 on EQ. I'm looking for one more good app that only pulls TU that is a good Reward card with reasonably high limits (want $10k or more). Any suggestions? I'm being told that Discover will only pull TU if I live in Texas....anyone else familiar with that?

Message Edited by txjohn on 03-28-2009 03:09 PM

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 02:53:44 GMT

This might be coincidental or incidental, whichever you like. I wouldn't count on this and go overboard

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 02:58:31 GMT

Nope, I don't. I was just amazed that a $2 balance created an additional account balance. My apps are done.

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 03:14:37 GMT

@Anonymous wrote:
Nope, I don't. I was just amazed that a $2 balance created an additional account balance. My apps are done.

Yeah, weird stuff like that happens occassionally and I have never found the true rhyme or reason behind it but I have noticed sometimes false assumptions come back to bite. That's why I said be careful, just a friendly heads up. Like when my EX, the worst score jumped 88 points to become my highest and I couldnt' understand why, hauling tried to figure it out with me but we never could find out what happend and the next score pull, bam back to the lower gutters of my score board. No rhyme or reason AT ALL.

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 11:59:41 GMT

Well, I know the inquiries didn't help my score or raise it. The only other item that changed was my BoA went from $2 balance to zero and my Chase went from $44 to $121......so just a bit more util but only 1 balance.

However, even though the inquiries didn't seem to really affect the score, I know that once the new accounts "hit" the CR, my CR will take a "hit" cause right now only the inqs are showing, not the accounts. I'm guessing that 5 new accounts is going to nail me at least 50 points.

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 13:20:26 GMT

@Anonymous wrote:

I'm guessing that 5 new accounts is going to nail me at least 50 points.

..~~or more~~.(Edit: Oops, you already said that) I got nailed 53 points for just three new accts.

The points came back about 4 months later, though.

Message Edited by Uborrow-Upay on 03-29-2009 09:20 AM

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 14:52:00 GMT

When you got hit 53 points, what was your FICO at before the hit?

And I agree on the "more," I just used 50 as an absolute min, but fully realize it could be 100.

Message Edited by txjohn on 03-29-2009 07:52 AM

Re: Went on app spree and score went up....

Anonymous — Sun, 29 Mar 2009 17:54:23 GMT

Before the apps, 767. After, 714. Back up to 775 four months later.

I was just tracking one CRA at the time, TU.

Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 18:26:25 GMT

Hold the press! The CSR at Discover told me a $5k CL. When I got an email it had a check status link, so I just visited it to see what site showed and it said that I had been approved for only $2k.

I tried the recon backdoor number to ask, but said call normal hours. If that is really the limit, then I am considering to decline the account so that I only have a single TU inq and not a new account. If the limit is that low, it does me no real good as a Reward card. I applied for the ESCAPE card (Miles with an AF and unlimited double miles, no min spending, etc.) But with $2k I can't run the volume I wanted to get accumulated rewards for year end. I planned to move some reimbursable work expenses and other things to it to generate the rewards on items all ready paying cash for or just not getting any reward.

I had also applied and been approved for Cap One Miles Reward Ultra (double miles) with AF. I haven't learned the limit, just approval status. If that comes in with a lousy CL I will probably decline CapOne also and just stick with Alliant and PenFed and later see about BoA converting to Reward.

Message Edited by txjohn on 03-29-2009 11:26 AM

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 18:33:59 GMT

txjohn, Discover is good to have at any limit.

Run it to the max a few times, pay off and recycle. In six months (not a day less), go to the automated phone system (the famous #5) and I'll bet they offer up at least another 5k to you, if you ask for another 7k.

No hard pull on the automated system, either, if you accept that offer. And six months later, do it all again!

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 18:48:05 GMT

So you don't recommend I talk to recon now about it.....just keep it, use it and wait?

Do you think I should consider converting it to the More or standard Miles cards with no AF?

The standard Miles card doesn't have nearly as good a reward as the one I app'ed. I am trying to use Rewards to pay toward year end vacation. My wife complains we don't go (just the two of us) often enough, and I'm just conservative enough I hate to spend a lot on vacations, preferring those things you can do for little or free. But wifey likes the fluffy stuff once in a while....this seemed like a great way to please her and not cost much out of pocket, just the AF.

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 18:54:09 GMT

I'm not familiar with all they offer over there, so I hesitate to make any recommendation other than the Discover brand in general.

By the way, Las Vegas is a great deal these days, you might want to consider that as a destination for your vacation (if it's still there at year end...)

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 19:05:28 GMT

Yeah, I actually own a timeshare there....but we don't use it too often. I figured the reward card could pay the flight and car rental.

Re: Discover CSR told me $5k, but system is saying now only $2k

haulingthescoreup — Sun, 29 Mar 2009 23:10:54 GMT

Unfortunately, once you app'd, you got the inq, and once they approved, you got the new account on your history.

Might as well make a space in your wallet for it. Closing or refusing to activate it won't make any difference. Uborrow-Upay seems to know what makes them happy.

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 23:20:41 GMT

I was going by what the CSR told me on the phone, that once I receive the card and read the terms, if I don't accept them and do not use/activate the card I am able to cancel/reject.

So far, haven't I only applied? I give them info, they say you are approved. Is this different than auto or mortgage in which you can be approved, but no loan is official until "closing?"

Being that they do not provide full terms of account until you get the card, I would have thought that you have a small window to decline and effectively not have an account. Generally the cards say something like, activation and use constitute acceptance and bind.

Please accept this post as a question and inquiry of subject (I'm a detail guy), not of argument on point. I am just trying to determine what the legal basis for Discover would be to state that I have an account with them? when so far I have not been provided full terms nor actually signed anything nor agreed to terms upon disclosure.

Re: Discover CSR told me $5k, but system is saying now only $2k

haulingthescoreup — Sun, 29 Mar 2009 23:26:44 GMT

You're able to cancel/ reject and not have the account, but I have always understood that it will pop up on your reports, showing "closed", and wave merrily at you for the next ten years. But I just had my brain re-arranged on a different thread , so I'm having one of those days where I'm not certain of anything any more.

Any other members: were you approved for a card, but declined it before activating? Did it show on your reports as a new account?

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 23:38:48 GMT

Just as an abstract theory, I think you would at least have an argument for removal/dispute if they did report it. Of course, it may require the services of an attorney to get their attention and action to do so.....and this again is conjecture soley based upon my crazy antics

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 23:38:59 GMT

@haulingthescoreup wrote:
You're able to cancel/ reject and not have the account, but I have always understood that it will pop up on your reports, showing "closed", and wave merrily at you for the next ten years. But I just had my brain re-arranged on a different thread , so I'm having one of those days where I'm not certain of anything any more.

Any other members: were you approved for a card, but declined it before activating? Did it show on your reports as a new account?

This is a yes for me. I was accepted for a card, when it came in I was unhappy with the terms. I never activated it, and I cancelled right away. However, the item still appears on my report. (And I think it will be there for atleast 7 1/2 more years.)

Re: Discover CSR told me $5k, but system is saying now only $2k

Anonymous — Sun, 29 Mar 2009 23:44:18 GMT

hmmmm, maybe we have a test case here, if miahmarie is interested in such an experiment.

My theory is that an account is not actually an account until activated and a loan is not a loan until is closes.

Message Edited by txjohn on 03-29-2009 04:44 PM

Re: Discover CSR told me $5k, but system is saying now only $2k

clocktick — Sun, 29 Mar 2009 23:51:59 GMT

I seem to recall reading that some cards you do not need to call and activate at all (I was doing a search for something else). When I went on my app spree I remember being surprised that there was one card, cannot remember which, I did not have to physically activate.