topic Re: What happens when? in Credit Cards

What happens when?

Anonymous — Mon, 19 Nov 2018 07:05:22 GMT

What happens when a person with seriously excellent credit like, 800+, no baddies ever, multiple lines of credit, no to very low utilization, 10+ years AAoA, and no recent inquiries applies and gets accepted for like a starter card, for example, Capital One Platinum, Capital One Secured or some stupid Credit One card (I believe I got cancer from saying Credit One)?

What kind of credit limit do they get? Security deposit refunded? Card gets canceled?

Re: What happens when?

Anonymous — Mon, 19 Nov 2018 07:19:23 GMT

Hey,

First, I don't know why someone with that type of credit profile would ever apply for a "starter" credit card and waste a HP but here it goes, haha!

As far as I know nothing would happen, of course you would increase your overal credit line, take a HP, reduce the average age of your accounts and that's pretty much it. If you applied for a secured credit card (again, why?!) you'd have to get a product change or cancel your card to get the money back, I believe. I can't answer your question about credit lines, sorry. About "cards being cancelled" you mean your other card? No, not al all, haha!

Re: What happens when?

Brian_Earl_Spilner — Mon, 19 Nov 2018 07:27:19 GMT

The same thaing that happens when anyone applies for credit. The computer sees if you meet their criteria and spits out a decision. Someone with a perfect score could be denied by credit one because they aren't the type of person they want as a client. And even if they were approved, credit one isn't going to give them a $50k line of credit if their product caps out at $5k.

Re: What happens when?

Jnbmom — Mon, 19 Nov 2018 10:41:55 GMT

Why on earth would someone with that type of profile apply for a secured or a subprime card in the first place?

Re: What happens when?

UpperNwGuy — Mon, 19 Nov 2018 11:48:01 GMT

Why? Why? Why?

Re: What happens when?

AverageJoesCredit — Mon, 19 Nov 2018 11:51:27 GMT

They would become K-in-Boston Superhero😄

Re: What happens when?

SBR249 — Mon, 19 Nov 2018 13:21:40 GMT

A universe-ending paradox would ensue whereby Credit One's computers would attempt to divide by zero before auto-destructing and bringing down the Klingon Empire.

Or Capital One will likely reject said app like they have with many recent stellar applicants because they do not fit their target client profile. If the app is successful, it might raise some eyebrows with discerning UWs down the road should any future apps end up going for manual review.

Re: What happens when?

Anonymous — Mon, 19 Nov 2018 13:59:48 GMT

Much better card options for seriously excellent credit

Re: What happens when?

staticvoidmain — Mon, 19 Nov 2018 14:23:40 GMT

They would be sent to a mental institution because clearly, they've lost their minds.

Re: What happens when?

xaximus — Mon, 19 Nov 2018 16:36:35 GMT

As others have stated - with a profile like that, getting a sub-prime/starter card would go against their profile as it would be of no use. It is something I wouldn't recommend nor would many/if not all the users here. Those cards are usually for those that are either rebuilding, new to credit or BK users. As far as limits go - this would be limited to what the card can support and by computers/UW making that judgement. With high scores, it might lead to a denial as it doesn't fit the person's profile and especially with Cap1 - the 3 HP - it is definitely a no-go. I would definitely look at some of the other cards available besides these.

Re: What happens when?

Anonymous — Mon, 19 Nov 2018 18:27:18 GMT

Nobody with that profile would even consider doing that. I would know as what you've described is who I am.

Re: What happens when?

Anonymous — Mon, 19 Nov 2018 23:59:09 GMT

I actually beg to differ 12v

I was talking to someone in this range who has a mortgage in the 15th year (always paid on time), has a couple credit cards Amex (a REALLY old one that I don't think has rewards? It's from 2001), Chase Freedom, and Slate card. Shockingly he has a 20k limit on his Slate and a 15k limit on the Freedom, (he has never logged on to Amex online so he doesn't know his amount and didn't have a bill with him). But he uses the Slate more often and never carries a balance. He was asking me about rewards cards and I said I liked the Chase Freedom (to which he replied "I have that one I think") then he said he didn't want an annual fee and liked to keep things tidy. Afterwards, I suggested he should just use his Freedom card more than his slate and he will be perfectly happy. Well during the conversation I mentioned Capital One and sorted a list on my phone of no fee credit cards from them. Platinum was on there and I said it didn't have any rewards otherwise who knows maybe he would have applied for it lol...