topic Re: Alliant only aproved me for $500 with an 802 EQ Fico in Credit Cards

Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 12:11:42 GMT

I have a pretty thin credit file, but my EQ Fico is 802. Only approved for a $500 CL with Alliant. Not sure if I am going to accept the offer or not.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 12:48:29 GMT

Was this a preapproved offer that you received when you joined Alliant?

Or were you a member for a while and just now applied for the card?

Since you have a thin file but EQ FICO of 802, is that because you are an Authorized User on any cards, or is it all your own long but thin credit history?

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 12:53:02 GMT

A closed credit card account, which is my oldest of 11 and a half years, autrhorized user on another card, a car loan that was started 8 years ago and paid off 3 years ago, and a current open Macys card that is 10 months old.

Loan officer told me it is because I only have one active trade line that is less than a year old. I asked him if I could overpay my visa bill in order to be able spend more on it. I mostly wanted this because I am taking a trip to Ireland this summer. The LO said he would get back to me on the question of being able to overpay my bill.

Does anyone know how often you can get a CLI with Alliant? Its just that with a $500 CL, if I want the best FICO's I cant really utilize more than $50 of that CL.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 12:53:49 GMT

Oh, and it was not preapproved.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Itsmeagain — Fri, 19 Jun 2009 13:09:59 GMT

I would recommend that you keep the card. It will help your thin credit file. You have already suffered the hard pull and to close it now would be a waste. Plus; Alliant will grow with you and after about 6 mo. of on-time payments, you can request a CLI. If you use the card, try to PIF before the statement cuts. I believe this is on the 11th or 24th. I'm not sure when yours will be but a quick call to them and you can find out.

Good luck . . . that's an awsome credit score.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 13:13:51 GMT

Well the hard pull was for joining the credit union. There was no additional pull for the card. But if I only have a $500 card, which means I can hardly use it...I think the effect of opening the TL will negatively affect me too much compared to any plusses I get. I will drop my average age of accounts to 5 years, plus have the new credit account.

The Bank of America Preapproval tool gives me 3 good offers on cards....anyone know if that tool is accurate or not?

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 13:19:35 GMT

You should be able to PIF multiple times a month and be able to spend more than your credit limit even if they tell you not to overpay.

But $500 is a low, low CL from a CU. I don't know if Alliant will consider CLI at activation but you could try to ask.

***

Does anyone believe that PenFed would be more generous in this case?

Message Edited by refskuska on 06-19-2009 06:19 AM

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Itsmeagain — Fri, 19 Jun 2009 13:20:15 GMT

@Anonymous wrote:
I think the effect of opening the TL will negatively affect me too much compared to any plusses I get. I will drop my average age of accounts to 5 years, plus have the new credit account.

The Bank of America Preapproval tool gives me 3 good offers on cards....anyone know if that tool is accurate or not?

Since the account has already been opened, it will appear on your credit report for up to 10 years. Closing the account will not remove it. So, your AAoA will be affected regardless of whether you keep the card or not.
BoA pre-approval worked like a charm for me. I chose the Platinum Plus Visa and got a $7,500 CL. But this was in January . . . YMMV.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 13:23:31 GMT

I agree with the others. You've already taken the inq, and the account is going to report, you might as well keep it open.

Who knows, maybe if you spend a lot and PIF frequently they might surprise you with a nice CLI.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 13:27:12 GMT

The account is open yet though, Ive not yet accepted their offer...so there is no account to report as of yet.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Itsmeagain — Fri, 19 Jun 2009 13:49:41 GMT

In that case, I would suggest that you try for one of the BoA pre-approval offers and if it is more satisfactory, decline the Alliant offer. It will require another hard pull though, for the BoA application.

But in all cases, I recommend that you do what is best for you and not be tethered to the FICO monster. The inquiries may cost you a few (very few) points but it appears that you can afford that and FICO will recover in a short time with the new credit line(s).

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 13:56:12 GMT

I didn't accept the card for all the same reasons you've given...low credit limit combined with the effect it would have on my AAofAs...and no, it does not appear on my credit report.

When I applied for the card the day after being accepted as a member they told me application for the credit card would be an additional EQ pull and it was. They kept trying to tell me though that the pull for membership was a soft inquiry although I already knew that it had been a hard pull. So, I ended up with 2 new inquiries on EQ. and no card.

This was the right decision for me as I had just opened 3 new credit card accounts and had 9 much older cards.. You might want to go ahead and accept the card as you have so few other cards. I have read here from one other poster of a CL with Alliant growing quickly from the original $500 limit to,I believe, over $5000 in a relatively short amount of time.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 14:23:16 GMT

Well I applied to Bank of America through their preaproval offers. I applied for the Visa Rewards. Now the preapproval says its a $4,000 limit, though thats not a guarantee. It says though I should hear back from them in 7-10 days. So if I get a better offer from BOA I will go with them. If not I will get the Alliant Visa and try to grow the card over time.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

FocusOnFICO — Fri, 19 Jun 2009 16:30:14 GMT

I agree with the previous advice.

Keep the account. Store cash in the savings account that you would charge on the Visa. When the charges hit, transfer the money over to the Visa. Your line will be fully replenished.

This takes you to a more cash/carry type of existence with them, but it does work.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 16:43:33 GMT

I'm seeing a few recommendations to try the BofA preapproval. Anyone know who BofA pulls? How are they with score requirements? Are they bk friendly?

Thanks y'all.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 17:12:27 GMT

@utah2009 wrote:
I'm seeing a few recommendations to try the BofA preapproval. Anyone know who BofA pulls? How are they with score requirements? Are they bk friendly?

Thanks y'all.

I don't know if BK friendly, but definitely they blacklist if you've ever had a CO on either a BofA account or MBNA.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Fri, 19 Jun 2009 17:14:40 GMT

@Anonymous wrote:
Well I applied to Bank of America through their preaproval offers. I applied for the Visa Rewards. Now the preapproval says its a $4,000 limit, though thats not a guarantee. It says though I should hear back from them in 7-10 days. So if I get a better offer from BOA I will go with them. If not I will get the Alliant Visa and try to grow the card over time.

Congratulations on your new BofA account!

Re: Alliant only aproved me for $500 with an 802 EQ Fico

jaxstraw — Sat, 20 Jun 2009 12:49:13 GMT

Take the card !!

I was denied last June by Alliant for a $500 CC but was approved with a recon phone call.

Within two months I called back in and after talking with a loan officer had it increased to 5000 with scores lower than yours and a limited credit history.

They will work with you and they are one of the better CU's out there.

Re: Alliant only aproved me for $500 with an 802 EQ Fico

Anonymous — Sat, 20 Jun 2009 13:51:27 GMT

@jaxstraw wrote:
Take the card !!

I was denied last June by Alliant for a $500 CC but was approved with a recon phone call.

Within two months I called back in and after talking with a loan officer had it increased to 5000 with scores lower than yours and a limited credit history.

They will work with you and they are one of the better CU's out there.

Thanks Jax....You were the poster I was referring to above...just could not remember your name!

Re: Alliant only aproved me for $500 with an 802 EQ Fico

jaxstraw — Sat, 20 Jun 2009 13:58:24 GMT

Nice. Good memory.

They have been great to both DW and myself.

After NFCU , they were one of the few lenders to give her a decent CL with a BK. 5K also with EQ score in the high mid 600's.