topic Re: Why approval feels so good? in Credit Cards

Why approval feels so good?

Anonymous — Thu, 27 Feb 2020 05:18:45 GMT

After reading a few different threads this morning, just for fun and out of curiosity, I decided to go into my wallet and go through the Apple Card process to find out if I would be approved and what my sl and apr would be.

I have no intention of going through with the full app for the Apple Card. I already applied (and was approved) for two new cards this month: the Chase United Club Card and the Amex Everyday Card. I hadn't applied for a new card in over a year, but I did get a new mortgage last summer. Originally, I only meant to go for the United Card but after approval, decided to go for the ED as well just to establish a relationship with Amex as I've never had an Amex card before. I should add that I intended to be at AZEO but ended up AZ at the time of application which took a hit on my scores. I went ahead anyway.

United sl is 28,900 (which I changed to 25k after moving some of it to other chase cards) and the ED sl is 25k.

Then to Apple this morning. This is the message I received with my sl and apr:

I'm declining the Apple Card offer for now, for a lot of different reasons. But the thrill and rush of receiving the offer is very real. I can almost sense the shot of endorphins when I get approvals like this. Literally makes me feel a little high, which is hilarious to me. It's not about bragging rights or flexing. There's still some part of me that doesn't believe it, so there's a little befuddlement and amusement there. It would have been unimaginable for me a few years ago. Now, getting approvals and high starting limits is becoming commonplace for me to the point that I think I might be mad if I didn't receive one. Yet, I still get that rush that makes me want to giggle a little uncontrollably.

My fianće thinks I'm hilarious too and gave me an eye roll when I showed him my new starting limits and then the Apple approval this morning. He is 9 years my senior, has excellent credit, scores in the 800's, but he has only one active cc that he opened two decades ago. His AoOA and AAoA are great, but he's in a terrible position if he wanted to open new accounts and is rightly afraid to do so, (the house and mortgage are in my name). When I started my credit journey and found these forums a few years back, I only had one credit card with a 4K limit. I knew then that I didn't want to be in his situation and really wanted to learn how to strategically position myself to have a strong profile as I grew older. And thanks in part to all the wonderful advice I received here, that's exactly what I've done.

But there is something else I realized this morning, and here I'm gonna veer into a slightly more personal reflection. My mom passed away almost three years ago from ovarian cancer. That's really where my credit journey started. I had to handle and close her estate which took me over two years. Among the many, many things I had to do during this time, was reporting her death to all the credit card companies and all the CRAs and closing all of her 30+ accounts. I remember going over her very thick credit report with my attorney. I learned all sorts of things about her that I hadn't known before, discovered all sorts of questions I wished I could've asked her, and just generally really developed an even stronger appreciation for all the work she did and the good choices she made in her life. We should have talked more about money, personal finance, investing, credit, business, etc. She was one smart cookie.

Even though I had a credit card at the time of her death, I almost never used it. I preferred my debit card for daily transactions; that was something my mom used to (rightfully) nag me about. At the time, I didn't really have a comphrensive understanding of how credit worked or the benefits of credit cards over debit cards or the advantage of developing good payment history.

When I was very young, I had been burned by Wells when I was a student. I had a free student checking account with them, but every couple of months they would mysteriously charge me various fees. I would go into the branch and they would reimburse me, saying it was a mistake, and then a couple months later, more mysterious fees. Over and over again, until I finally closed my Wells checking account and credit card and moved to another bank. The way I was treated and my general experience in dealing with that headache left a bad taste in my mouth, and the financial crisis also left me (along with most of my millennial peers) with a distrust and suspicion of banks and large financial institutions as a young twenty-something.

So, I used my debit card, never opened new accounts, foolishly closed old ones, and generally resisted when my mom tried to encourage me to open new accounts and establish relationships with more banks.

It got me thinking a bit about how much we absorb as children and young adults about credit/finance/money habits from our parents and family in addition to our own experiences. Our expectations of ourselves and our relationship with money is so deeply rooted in these early years. I have so many memories that I've sifted through since my mom's passing. She really enjoyed having airline status and points, managed so many commercial loans and business decisions, and generally had such a good attitude about credit and personal finance, but she also had fun with it and enjoyed her successes. I remember that. Much of her advice is echoed here on the boards. I wish I could show her my recent approvals and starting limits and say 'hey, I was listening and you were right about so many things and look at me now'. Of course credit is only a very small slice of the pie when it comes to overall financial wellness. But in the last few years I've closed an estate, learned to manage a business, bought a house, and supported my family through major medical issues and expenses. There's always more to learn and my mom had so many more years of experience, but I'd like to think she'd be proud.

I like to imagine her smiling, even laughing with me, when I get these approvals. Seriously.

This morning, I realized that for me, that thrill and rush I have when I receive great approvals and sl's is somehow linked to her. It's really her approval I want. It's kind of embarrassing, but that's true. It's like I want a pat on the back for successfully 'adulting'. I guess I just miss her and I regret having been such a kid when she was still here. She just doesn't really get to see me as an adult, can't weigh in on big life decisions, can't celebrate my successes or vailidate my choices. But as silly as it is, I'm pretty sure she'd have been excited for my approvals and that makes me even more excited when I get them.

Sorry, that was more of a rant than I meant it to be.

Re: Why approval feels so good?

AverageJoesCredit — Mon, 24 Feb 2020 20:22:48 GMT

Wow, what a story. Thanks for sharing and am sorry to hear about the loss of your Mom.

Congrates on reaching the highest pinacle of credit. Most of us can only dream of getting approvals and limits like those you are getting. Amazing self control on the Apple app. Not many could resist that. Ive found that each of us have to find happyness in whatever success we find in our credit journeys. Being at the lower spectrum of credit profiles i often can find solace in what ive achieved on my level. Amazing stories are what really help build and maintain our wonderful community here at myFicoLand and appreciate you taking time out of your busy life to share AJC

Re: Why approval feels so good?

Anonymous — Mon, 24 Feb 2020 20:55:55 GMT

Good stuff, SG. Thanks for sharing.

Re: Why approval feels so good?

Anonymous — Mon, 24 Feb 2020 21:25:32 GMT

incredible story..thank you for sharing

Re: Why approval feels so good?

GApeachy — Mon, 24 Feb 2020 21:41:14 GMT

I enjoyed the read and can relate to what has made you stronger, a little more wiser and perhaps a little more satisfied & confident:

The death of a parent and handling their finances from Start to Finish. It's an emotional Eye-Opener and Spiritual Awakening.

When you go through something you know will eventually happen, but not fully wrapping your head around it until it does, you'll find that it is quite the Game Changer. Amazingly, You'll find you not only want to dig in whole-heartedly and do the right thing in your Mother's name, as she would have wanted; but in paying homage to her and her values you'll cross every T and dot every I in like manner...and that's when you know you are your Mothers' Daughter.

Her values will live on in you and you're indeed the wonderful Adult she grew you into. Congrats on your growth and successes

Re: Why approval feels so good?

Anonymous — Mon, 24 Feb 2020 21:54:28 GMT

Amazing story! Thanks for sharing! My condolences for the loss of your mom.

Re: Why approval feels so good?

newfossil — Mon, 24 Feb 2020 22:45:08 GMT

Congratulations on your offer, and thank you for sharing your story!

Re: Why approval feels so good?

donkort — Mon, 24 Feb 2020 23:32:03 GMT

Congratulations on the great offer. Condolences for the loss of your mother.

You should have taken the Apple Card-----you could have charged things right from your phone! And pay in full every month.

Re: Why approval feels so good?

EdMan63 — Mon, 24 Feb 2020 23:32:51 GMT

I really enjoyed your story. So sorry for the loss of your mom. The main thing is it appears her lessons really did take hold and are bearing fruit whether you realized at the time or not. Best of luck in your future endeavors.

Re: Why approval feels so good?

mikesonthemend — Tue, 25 Feb 2020 00:53:41 GMT

@Anonymous

Awesome post. Smiling wide for having read it. Thanks.

Re: Why approval feels so good?

NoMoreE46 — Tue, 25 Feb 2020 02:02:34 GMT

A lot of info but I only recall:
$30k SL for the Apple card at the lowest rate.

Congrats on the approval / and your decision to not accept.......

Re: Why approval feels so good?

Anonymous — Tue, 25 Feb 2020 02:54:10 GMT

Wow, thank you @averagejoescredit @james_a @fredzos @gapeachy @angelwingz @newfossil @donkort @edman63 @mikesonthemend @nomoree46

Thanks so much for the kind words, condolences, and support. My post started as one thing and kind of evolved into something else. I almost didn't post it. Really appreciate your responses.

@nomoree46 😂 You cracked me up. Guess I should explain. I have a commercial re-fi coming up in a few months and I don't need more inquiries on my report or to lower my AAoA anymore than I have. I took a calculated risk in opening 2 new cards this month because my scores are pretty strong and I'm in good shape to position myself well in the coming months to get a good rate for the re-fi. When it comes to having more cards for fun versus preparing for a business loan, business wins hands down. It's not even close. Plus, the next couple of cards I want are Hyatt and Freedom Unlimited, both from Chase, so I have to be calculating about my strategy from here. Besides, I have a feeling that Apple offer will be there waiting for me when I'm ready, fingers crossed. 🤞 But you know, maybe I can get some feedback on what going for the Apple Card now in addition to the other two new accounts would hypothetically do to my scores. Just have a feeling it's safer to wait but maybe I'll start a new thread with data points.

Re: Why approval feels so good?

NoMoreE46 — Thu, 27 Feb 2020 05:16:42 GMT

@Anonymous wrote:
Wow, thank you @averagejoescredit @james_a @fredzos @gapeachy @angelwingz @newfossil @donkort @edman63 @mikesonthemend @nomoree46

Thanks so much for the kind words, condolences, and support. My post started as one thing and kind of evolved into something else. I almost didn't post it. Really appreciate your responses.

@nomoree46 😂 You cracked me up. Guess I should explain. I have a commercial re-fi coming up in a few months and I don't need more inquiries on my report or to lower my AAoA anymore than I have. I took a calculated risk in opening 2 new cards this month because my scores are pretty strong and I'm in good shape to position myself well in the coming months to get a good rate for the re-fi. When it comes to having more cards for fun versus preparing for a business loan, business wins hands down. It's not even close. Plus, the next couple of cards I want are Hyatt and Freedom Unlimited, both from Chase, so I have to be calculating about my strategy from here. Besides, I have a feeling that Apple offer will be there waiting for me when I'm ready, fingers crossed. 🤞 But you know, maybe I can get some feedback on what going for the Apple Card now in addition to the other two new accounts would hypothetically do to my scores. Just have a feeling it's safer to wait but maybe I'll start a new thread with data points.

Glad you got my snarkiness!
Based on your current cards' limits- as well as your sick Apple Card offer, you are doing

very, very well in managing your credit life.

I am sure you could get some simulations on how your recent openings and how a third card would affect your scores. Given that the refi is your next goal, IMHO, it would be better to Garden until you close.

Cheers

ps, you never really need to justify opening a card here from what i have gathered 👍🏼

Re: Why approval feels so good?

NoMoreE46 — Thu, 27 Feb 2020 05:18:56 GMT

And condolences about your Mum.

Re: Why approval feels so good?

Anonymous — Fri, 06 Mar 2020 00:31:58 GMT

Profound read. Thank you for sharing this, and my condolences for your loss.