topic Re: omg OMG OMG is this reallll??????? $11,000 in Credit Cards

omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 05:55:07 GMT

Congratulations XXXX XXXXX, you're approved!

You've been approved for a the USAA Platinum MasterCard® . Please review your summary and find out what happens next.

SummaryPrint | Nov. 26, 2011
Approved Credit Limit   $11,000.00
Current APRs
Purchase APR
23.9% (Prime+20.65%)
Cash Advance and Balance Transfer APR
23.9% (Prime+20.65%)
Shipping Method   Expedited Mail + $8.00
Allow 2 to 3 business days for delivery.

i know what it says, but is it possible they just approved me for this high amount?

i have never in my life been approved for a card this high.......this cant be a dream. is there a way i can verify that the approval is not a mistake?

im just floored right now

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 05:49:41 GMT

i went into my usaa account management and yes, the credit card is showing up with my credit limit.

im surprised, but will feel better when i have the card in my hand.

if this is real, thank you myfico forum. if it wasnt for you i wouldnt have had the courage to try.

sorry for the thread, im just surprised and grateful. i have flawless payment history and i know i'll continue to do so with this card.

thanks again and my bad for the random thread.

Re: omg OMG OMG is this reallll??????? $11,000

jason86423 — Sat, 26 Nov 2011 06:12:49 GMT

Congrats on the Awesome starting line! I wouldn't revolve a balance at that rate but it surely will help the Utilization!

A lot of the banks seems to be in the holiday giving mood hoping people will spend! Enjoy your new card..

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 06:47:13 GMT

yeah the rates seems high, but i tend to pay my bills via the "amex" method; i try to pay off my balances without carrying anything over, and usually never more than 2 months worth of balances.

but what are "ideal" rates?

Re: omg OMG OMG is this reallll??????? $11,000

LS2982 — Sat, 26 Nov 2011 14:35:26 GMT

@quest208 wrote:

Congratulations XXXX XXXXX, you're approved!

You've been approved for a the USAA Platinum MasterCard® . Please review your summary and find out what happens next.

SummaryPrint | Nov. 26, 2011
Approved Credit Limit   $11,000.00
Current APRs
Purchase APR
23.9% (Prime+20.65%)
Cash Advance and Balance Transfer APR
23.9% (Prime+20.65%)
Shipping Method   Expedited Mail + $8.00
Allow 2 to 3 business days for delivery.

i know what it says, but is it possible they just approved me for this high amount?
i have never in my life been approved for a card this high.......this cant be a dream. is there a way i can verify that the approval is not a mistake?
im just floored right now

Congrats!

Awesome CL!

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 14:45:56 GMT

WOW, well done! Nice CL!!

You don't want to call them and re-negotiate your APR, 23.9%?

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 15:34:49 GMT

Super nice CL!!!

Congratulations!!!!!!

Re: omg OMG OMG is this reallll??????? $11,000

clocktick — Sat, 26 Nov 2011 15:42:05 GMT

Wow, congrats!!! That's a fantastic starting limit!

If you pay in full your APR doesn't matter. I don't know any of my cards APRs. I don't know the highest or lowest. I only know ones that are 0% to start off with.

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 16:06:32 GMT

Congrats, quest208!! Feels really good, doesn't it?

Stick with your "amex" mentality as far as payments. As others have said, no need to worry about the interest rates at all if you pay in full every month.

And welcome to the forums! Longtime lurker into brand new poster? Awesome!!

Glad you're here, and with good news!

Uborrow-Upay

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 16:36:18 GMT

quest, congrats!!! Nice CL!

Hope you don't mind me asking, but what was your credit profile like when you applied?

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 17:23:50 GMT

Yeah, I too would like to know that. I am a limited member at USAA but have often thought about applying for one of their credit cards next year. I know some of the best interest rates are given to people who are military, but like many have mentioned before if you pay in full, the apr does not matter.

Please, if you do not mind sharing, what was your utilization like, do you have any baddies, are you a limited member, what is your average age of accounts?

Your information will help serve as a reference point for many of us fico gazers out here!!!!!!

Again, congrats on the approval!!!!!!!

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 17:32:13 GMT

Congrats on the high CL! USAA gave me my largest initial CL when I opened a Visa with them at $8,000 (Prior to that was Amex at $2000)

Interest is high though. Mine is 11.9%.

What scores did you have?

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 17:55:13 GMT

i will be glad to share my experience and my scores.

usaa membership

first, as to being a usaa member, ive had my checking account since.....im guessing april 2011. i put in about $25 into my checking account and let the account sit dormant. i used the debit card once to buy groceries then left $9 in my checking account and i have not touched it.

i have been using the usaa credit monitoring premium since march 2010. there were a few months when i stopped using the credit monitering, but i pretty much saved the pdf versions of my credit report on my drive so i know ive been using them for a loooooong time.

scores (fico, fako)

as for my scores, i pulled my usaa FAKO scores right before i applied, just to be sure. my scores are Experian 735, Equifax 721, Transunion 730. usually, i know from experience that my FICO scores are close to my usaa FAKO scores, so lately i dont bother paying for the FICO scores. (i do not know what my FICO scores are right now)

utilization

my utilization, based on my 11/26/2011 report is 0%. it is been 0% for a month. i have recently bought groceries, but the charge is on my credit card but has not shown up as utilization on my credit report as of 11/26.....(i thought it was showing up)

inquiries

right now my inquiries are as follows: 5 Experian, 5 equifax, and 2 Transunion

I have 1 inquiry that falls off after the month of november and 3 inquiries that fall off after the month of April 2012, so im trying to keep my inquiries at bay.

length of credit history/age

Lastly, the age of my credit is pretty slim. i have a closed account from years ago, (chase) the 3 credit cards i have now were opened in february and march 2010, so just shy of 2 years.

my rewardzone bestbuy was opened in march 2010 with a $100 credit limit. they have refused to increase it.

my orchard bank mastercard was opened in february 2010. it was $500, at some random point in 2011 they automatically increased it to $700.

my office depot store card was opened in march 2011, credit limit $500.

i have a CLOSED chase credit account still showing up in good standing, it was closed in 2001, credit limit was $3900. this helps the age and history of my file.

hope this helps, please ask if there are further questions. you have helped me so i am only looking to help anyone with any little information i can provide.

i know the interest rate is pretty darn high, but i would only carry balances for 2 months max as i usually do.

my wife's credit is borderline 800 or above, and im hoping to join her soon.

again, thank you all so much.

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 18:01:29 GMT

the amex issue, i will probably start a new thread about this, but i cant apply for an amex card yet because i had an amex card back in 1997 - 2002 and the account was closed due to my inability to pay off the card balance. the balance on the card is about $1500. amex has not sued me or sent debt collection letters over the years, they have been silent, but they have been doing soft pulls on my credit report.

i called amex to ask about the account, and whether i would be able to apply for a new card. they said because i had an account that went into default and i never paid it, they will not extend credit to me. i would have to pay off the old balance before applying.

my question is, should i pay off the balance and apply all in one phone call, or should i pay off the balance then wait a few months, then apply for a new card? or should i do a balance transfer now that i have a new card, then apply for amex?

the amex account is not showing up anywhere on my credit reports, and it has not been on my credit report in over 6 years, i just know i owe some money and at this point i just want an amex card again

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 18:09:53 GMT

Amex has a program that allows repayment and ultimately membership again.

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 18:17:44 GMT

is this something i need to call for or is it on their website?

my goal is to just pay off the balance in one shot or transfer that amount to my new usaa card, then pay off that usaa balance in one or two large payments.

but im interested in that program so i can gain membership

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 18:23:11 GMT

I was able to find these three numbers on Oasis through searching here. It may be a matter of calling, asking, and then being sent an invitation.

888-232-3261

800-843-2273

800-700-7619

Some have even had success getting accounts backdated, following rehabilitation.

From what I've read (online), Amex never sells accounts.

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 19:21:27 GMT

thank you. that's good enough for me, i will use what you've given.

im going to try and wait until my new card shows up on my credit reports, or does anyone think i should do it now before anything shows up.

Re: omg OMG OMG is this reallll??????? $11,000

Anonymous — Sat, 26 Nov 2011 19:46:24 GMT

Are you a full member or a limited member?

Re: omg OMG OMG is this reallll??????? $11,000

quest208 — Sat, 26 Nov 2011 20:40:09 GMT

Forgive my ignorance but i dont know what that means.

I have had a checking account with usaa for months now and i have a debit card (although the account has less than $20.)
I also use their monitering program.

I dont know what it means to be a "full member" or limited member.